Last Updated Nov - 06 - 2024, 05:42 PM | Source : CNBC TV | Visitors : 53
The PM-Vidyalaxmi scheme, approved by the Union Cabinet, aims to make higher education accessible by offering collateral-free loans, interest subvention, and cr
The Union Cabinet, led by Prime Minister Narendra Modi, on Wednesday, November 6, approved the PM-Vidyalaxmi scheme to make higher education accessible to more Indian youth.
This effort is to give financial assistance to deserving students, removing any financial hurdles that may impede their academic ambitions.
The initiative is intended to help nearly 2 million students each year, allowing them to get loans for tuition and related fees without the requirement for collateral or guarantors.
Students admitted to any of India's 860 top-ranked quality higher education institutions (QHEIs), including those listed in the top 200 by the National Institutional Ranking Framework (NIRF), would be eligible.
The scheme's coverage will be revised yearly depending on the most recent NIRF rankings.
Key benefits of the PM-Vidyalaxmi scheme include:
Collateral-Free Loans: Students can apply for loans covering the entire cost of tuition and related expenses without needing collateral or guarantors.
Credit Guarantee: For loans up to ₹7.5 lakh, the government will offer a 75% credit guarantee, encouraging banks to extend loans to more students.
Interest Subvention: Students from families with annual incomes up to ₹8 lakh can receive a 3% interest subvention on loans up to ₹10 lakh during the moratorium period. Priority will be given to students in government institutions pursuing technical or professional courses.
With an allocation of ₹3,600 crore for the period 2024-2031, the scheme is expected to benefit seven lakh new students annually.
The Department of Higher Education will streamline applications via a unified "PM-Vidyalaxmi" portal.
READ MORE| Education Ministry : Six States Outside BJP Spectrum Avoid Achievement Survey
Mar - 31
The Karnataka Secondary Education Examination Board has declared the 1st PUC 2026 results for exams held from February 12 to February 27, 2026. Stu... Read More
Mar - 31
Delhi School Annual Result 2026 (Class 9, 11 OUT): The Directorate of Education has announced the Class 9 and Class 11 annual results today, March ... Read More
Mar - 26
The Ministry of Education on Monday clarified that there are currently no plans to restore the one-year duration of the Bachelor of Education (B.Ed... Read More
