​Pradhan Mantri Vidyalaxmi Scheme

On 6th Nov 2024, the Union Cabinet approved the PM-Vidyalaxmi scheme to provide collateral-free loans and interest subvention for meritorious students enrolling in quality higher educational institutions across India.

  • It aligns with the National Education Policy (NEP) 2020 and aims to provide collateral-free, guarantor-free loans to students.

Objective

  • Facilitate access to quality higher education by removing financial barriers for students

Salient Features

  • Coverage: Targets top 860 institutions as per NIRF rankings, benefiting over 22 lakh students annually.
  • Loan Features: Collateral-free and guarantor-free loans for tuition and related expenses.
  • Government Support:
    • 75% credit guarantee for loans up to Rs. 7.5 lakh.
    • 3% interest subvention for ....

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