PM Vidyalaxmi Scheme: The Prime Minister’s Cabinet has approved the PM-Vidya Lakshmi Scheme to provide financial assistance to meritorious students. The objective of this scheme is to help any youth of India in getting quality higher education due to financial constraints. More than 22 lakh students across the country will be covered under this scheme. This scheme will enable completely guarantor free education loan. It has been made very simple through student friendly and digital application process, so that more and more students can avail the benefit of this scheme. Let us know how students will benefit from this scheme.
The recommendation was made under the National Education Policy
PM Vidya Lakshmi is another important initiative emanating from the National Education Policy, 2020, which recommended that financial assistance should be provided to meritorious students in both public and private higher education institutions. Pradhan Mantri Vidya Lakshmi Yojana has been approved on Wednesday in an important cabinet meeting chaired by Prime Minister Narendra Modi. This is a new central scheme whose objective is to provide financial assistance to the meritorious students of the country, so that no student is deprived of higher education due to financial constraints.
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Loan facility will be available without collateral or guarantor
Under PM Vidya Lakshmi Yojana, any student seeking admission in a quality higher education institution is eligible to obtain a loan from banks and financial institutions without any collateral or guarantor to cover the entire amount of tuition fees and other expenses related to the course. Will be eligible. Pradhan Mantri Vidya Lakshmi Yojana will be operated through a simple, transparent and student friendly system which will be inter-operable and completely digital.
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Three percent interest rebate will be available on loans up to Rs 10 lakh
Under the scheme, students will also be eligible for credit guarantee of 75% of the outstanding default for loan amounts up to Rs 7.5 lakh. This will help banks to provide education loans to students under the scheme. Additionally, students whose annual family income is Rs 8 lakh or less and who are not eligible for benefits under any other government scholarship or interest subvention scheme. They will also be provided three percent interest rebate on loans up to Rs 10 lakh during the moratorium period.
One lakh students will get benefits every year
Interest waiver assistance will be given to one lakh students every year. Preference will be given to those students who are from government institutions and who have opted for technical/professional courses. The government will spend Rs 3600 crore on this scheme during the financial year 2024-25 to 2030-31 and seven lakh new students are expected to get the benefit of this interest subvention during this period. Students who pass class 10th and 12th with 50 percent marks will be given the benefit of this scheme.
How to get education loan
The Higher Education Department will have an integrated portal ‘PM-Vidya Lakshmi’ on which students will be able to apply for education loan along with interest subvention through the simplified application process used by all banks. Interest subvention will be paid through e-voucher and Central Bank digital currency wallet.
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