- By Ritesh Kumar
- Thu, 07 Nov 2024 12:15 PM (IST)
- Source:JND
PM Vidyalaxmi Scheme Benefits: The government has introduced the PM Vidyalaxmi scheme, ensuring financial challenges do not hinder students from pursuing higher education. This initiative offers meritorious students loans of up to Rs 10 lakh, enabling them to meet the costs of quality education. A budget allocation of Rs 3,600 crore has been sanctioned for the scheme, covering the period from 2024-25 to 2030-31. Approved by the Union Cabinet led by PM Modi, the scheme aims to provide financial assistance to approximately 22 lakh students.
Eligibility And Coverage
Under the PM Vidyalaxmi scheme, students admitted to recognised higher education institutions (HEIs) will be eligible for a collateral-free, guarantor-free loan. This loan will cover tuition fees and other education-related expenses. The application and loan disbursal process is designed to be student-friendly, fully digital, and transparent, making it easy for students to access support.
Applicable Institutions
The scheme covers both government and private institutions ranked within the top 100 in the National Institutional Ranking Framework (NIRF) across overall, category-specific, and domain-specific lists. Moreover, it includes state government HEIs ranked between 101-200 in NIRF as well as all central government institutions.
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Loan Benefits And Credit Guarantee
- Loan Coverage: Loans up to Rs 10 lakh are available under this scheme. For loans up to Rs 7.5 lakh, students will receive a credit guarantee covering 75 per cent of the outstanding default.
- Interest Subvention: Students from families with an annual income of up to Rs 8 lakh, who are not beneficiaries of any other government scholarship, can avail of a 3 per cent interest subvention on loans up to Rs 10 lakh. This interest benefit will be extended to 1 lakh students annually, with preference for students enrolled in government institutions and technical or professional courses.
Apply Online At vidyalakshmi.co.in
Eligible students can apply for the education loan and interest subvention through a dedicated portal, ‘PM-Vidyalaxmi,’ hosted by the Department of Higher Education. Students can apply online at vidyalakshmi.co.in.
