The central government has implemented the PM-Vidyalakshmi scheme. The cabinet approved this project today. So, what is PM-Vidyalakshmi Yojana?
Who is eligible? How to apply for this? Here is the information.
The Union Cabinet has approved the PM-Vidyalakshmi Yojana, a central government program to provide financial assistance to deserving students.
This will help those who cannot pursue higher education due to financial problems.
Press Information Bureau (PIB) today issued a press release on the launch of PM- Vidyalakshmi Scheme.
Students taking admission in Quality Higher Education Institutions (QHEIs) under the PM- Vidyalakshmi Scheme are eligible for collateral-free, guarantor-free loans from banks and financial institutions to cover the full tuition fee and other expenses related to the course.
The Department of Higher Education has a unified portal called “PM-Vidyalakshmi” where students can apply for education loans and interest concessions through a simplified application process for all banks to use.
Payment of interest subsidy is done through e-voucher and Central Bank Digital Currency (CBDC) wallets.
How to Apply for PM-Vidyalakshmi Scheme?
Department of Higher Education releases a unified portal. Department of Higher Education is introducing an integrated portal called “PM-Vidyalaxmi”. There students can apply for education loan and interest concession under Vidyalakshmi Yojana.Subvention payment will be made through e-voucher and Central Bank Digital Currency (CBDC) wallets.
Who is eligible for PM Vidyalakshmi Yojana?:
The scheme is applicable to higher education institutions ranked among top 100 in NIRF ranking. Also it will be applicable to students who wish to study in NIRF 101-200 in State Government HEIs and all Central Government Institutions.Such students will get full interest concession during the moratorium period for education loans.
The scheme offers 3% interest concession on loans up to Rs 10 lakh for students with annual family income up to Rs 8 lakh. 1 lakh students will be given subsidy every year.
The scheme is complementary to Central Sector Interest Subsidy (CSIS) and Credit Guarantee Fund Scheme for Education Loans (CGFSEL), students with annual family income up to Rs 4.5 lakh and pursuing technical or vocational course from approved institutes.Such students will get full interest concession during the moratorium period for education loans.
Students can also get a credit guarantee of 75% outstanding against default for loans up to Rs 7.5 lakh. The scheme provides support to banks to make education loans available to students.