PM-Vidyalaxmi scheme: Now the promising students of the country will not have to leave their studies midway due to lack of money. In fact, in the cabinet meeting held on Wednesday under the chairmanship of Prime Minister Narendra Modi, a new scheme PM Vidyalakshmi has been approved, which aims to provide financial assistance to meritorious students. Through this scheme, loans up to Rs 10 lakh will be easily made available to eligible students.
Under this scheme, students from families with an annual income of less than 8 lakhs will be given an education loan of up to Rs 10 lakh. Information about this decision taken in the cabinet meeting has been given by Union Minister Ashwini Vaishnav. He said that the government will also provide a subsidy of 3 percent interest on this. Ashwini Vaishnav said that many students taking admission for higher education will get the benefit of this scheme. Also, students do not need any guarantor to take a loan under this scheme.
Eligibility for Prime Minister Vidya Lakshmi Scheme
- The institute in which the student wants to take admission for higher studies should be in the All India 100 and State 200 rankings in the NIRF rankings and it should be a government institute.
- The student’s family income should be less than Rs 8 lakh per annum.
- Every year 1 lakh students will get the benefit of this scheme.
- The Government of India will provide 75 percent credit guarantee for loans up to Rs 7.5 lakh.
PM-Vidyalaxmi Scheme to make higher education more accessible.
Collateral-free loans, easy digital applications and interest support.🧵Details below!👇 pic.twitter.com/surp193Fjz
— Ashwini Vaishnaw (@AshwiniVaishnaw) November 7, 2024
You can apply in this way
Students can apply online for the Pradhan Mantri Vidyalakshmi Yojana. Ashwini Vaishnav said that this loan process will be done through means like DigiLocker. He said that 1 lakh students will be able to take education loan under this scheme. For this, one has to apply on  https://www.vidyalakshmi.co.in/ .
22 lakh students will come under its purview
More than 22 lakh students of 860 major higher institutes will come under the purview of Pradhan Mantri Vidyalakshmi Yojana. Under this scheme, students from families with an annual income of up to Rs 4.5 lakh will also get full interest subsidy. PM Vidyalakshmi Yojana is an extension of the National Education Policy 2020.
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