Modi-led central government has approved the PM Vidyalaxmi scheme. The scheme aims to make sure that financial limitations don’t stop students from pursuing higher education. The program offers loans for higher education up to Rs 10 lakh to deserving candidates. The center has allocated Rs 3,600 crore under this new central scheme for 2024–2025 to 2030–2031 years.
Nearly 22 lakh students are expected to receive financial support under the plan, which was approved by the union cabinet led by Prime Minister Modi.
What is PM Vidyalaxmi Yojana?
Under the PM Vidyalaxmi plan, any student who is accepted into a reputable university would be entitled to receive a loan from a bank or other financial institution that does not require collateral or guarantors in order to pay for all of their tuition costs and other course-related expenses.
This scheme will provide much-needed financial assistance to college students.
Which Educational Institutions are Eligible?
The scheme applies to top-ranking Higher Education Institutions (HEIs), including government and private colleges, that rank within the top 100 in the National Institutional Ranking Framework (NIRF) for overall, category-specific, and domain-specific rankings. State government HEIs ranked 101-200 in NIRF and all central government institutions are also included.
Key Features of PM Vidyalaxmi Yojana
Check the key features of the newly launched scheme below:
Student Reach: The scheme aims to support over 22 lakh students, helping them access financial aid for higher education.
Loan Coverage and Guarantees: Students can receive loans up to Rs 10 lakh. For loans up to Rs 7.5 lakh, students are eligible for a 75% credit guarantee on any outstanding amount in default.
Interest Subsidy: Students with an annual family income up to Rs 8 lakh and who don’t qualify for other government scholarships can receive a 3% interest subsidy on loans up to Rs 10 lakh.
Support for One Lakh Students Annually: The interest subsidy will be provided to one lakh students each year, prioritizing those from government institutions and enrolled in technical or professional courses.
Students who meet the requirements can apply for interest subsidies and education loans through the Department of Higher Education's unified portal, PM-Vidyalaxmi.
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