PM Vidyalaxmi Scheme: The union cabinet chaired by Prime Minister Narendra Modi has approved a new scheme PM Vidyalaxmi. This scheme will provide financial assistance to meritorious students so that no one is deprived of higher education due to financial constraints. PM Vidyalakshmi is another important initiative of the national education policy 2020. It recommended that financial assistance should be provided to meritorious students in higher educational institutions in both public and private sectors through various measures.
Under the PM Vidyalaxmi Yojana any student who tax admission in a quality higher education institution will be able to get a loan without any guarantor and collateral from banks and Financial institutions to meet the tuition fees and other course related expenses. The scheme will be operated through a simple, transparent and student friendly system which will be completely digital.
PM Vishwakarma Kaushal Samman Yojana
PM Vidyalaxmi Scheme Details 2024
| Scheme name | PM Vidyalaxmi Scheme |
| Launched by | Central government |
| Beneficiaries | The students who want to pursue higher education. |
| Objective | Provide financial assistance |
| Benefits | The students can apply for an education loan up to 10 lakh rupees |
| Year | 2024-25 |
| Application process | Online |
| Official website | will be launched soon |
Objective of PM Vidyalaxmi Scheme
The main objective of PM Vidyalaxmi Scheme is to provide financial assistance to the meritorious students of the country. Through this scheme, students will be given education loan to complete their higher education without any financial hindrance. This scheme aims to cover around 22 lakh students every year.
Under this program 75% credit guarantee will be provided by the government to India on loan amount up to Rs 7.5 lakh. Students whose annual family income is up to Rs 8 lakh will be provided 3% interest to discount on loans up to Rs 10 lakh. Overall, this scheme will bring a big change in the field of education.
Interest Subsidy Scheme
The student will also be eligible for a credit guarantee of 75% of the outstanding default amount for loan amounts up to Rs 7.5 lakh. This will help banks in providing education loans to students under the scheme. In addition, students whose annual family income is up to Rs 8 lakh and who are not eligible for benefits under any other Government scholarship or interest subvention schemes will also be 3% interest subvention for loans up to Rs 10 lakh during the moratorium period.
One lakh students will be given interest subvention assistance every year. Reference will be given to students who are from government institutions and have opted for technical/professional courses.
Budget for PM Vidyalaxmi Scheme
The budget of this scheme is estimated to be around Rs 3600 crores to benefit students who wish to pursue higher education.
Benefits of PM Vidyalaxmi Scheme
- Under this scheme, students wishing to pursue higher education after completing class 12th will get financial assistance.
- Under this scheme, students can apply for education loan up to Rs 10 lakh.
- The applicant whose family income is Rs 8 lakh per annum will be provided 3% interest subsidy under this scheme.
- Thanks to this scheme, students do not have to worry about their financial condition to complete their higher education.
PM Vidyalaxmi Scheme Eligibility Criteria
- The blind must be a permanent resident of India.
- The applicant who tags admission in quality higher education institutions and wants to get education loan to pursue higher education will will to get loan under Vidyalakshmi scheme.
- The student must have passed the 12th class examination to apply for this scheme.
Required Documents
- Aadhar card
- Domicile certificate
- Marksheet of class 11th and 12th
- Admission letter
- Mobile number
- Email ID
- Bank account passbook
- Passport size photograph
PM Vidyalaxmi Scheme Apply Online
Till now, PM Vidyalaxmi Scheme has been announced only by the Prime Minister of the country, Narendra Modi. Sundar official website and application process of this scheme will also be started. As soon as the official of this scheme is started we will update you through our article. If you want to take advantage of this scheme they stay with us.
FAQs
What is the PM Vidyalaxmi Scheme?
Makes students who get admission in quality higher education institutions eligible for a collateral free and guarantor free education loan.
What is the interest rate of Vidyalaxmi Scheme?
Start at 8.40% and can go up to 18%.
What are the benefits of this scheme?
Under this scheme, the students can apply for education loans.