The Union Cabinet has approved the PM Vidyalaxmi, a new Central Sector program designed to give financial aid to deserving students so that no one is prevented from pursuing higher education by financial limitations.
The Press Information Bureau (PIB) issued a press release regarding the launch of PM Vidyalaxmi scheme on November 6, 2024.
What is the PM Vidyalaxmi scheme
Under the PM Vidyalaxmi scheme, any student who gets admission in quality Higher Education Institution (QHEIs) will be eligible to get collateral free, guarantor free loan from banks and financial institutions to cover full amount of tuition fees and other expenses related to the course.
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PM Vidyalaxmi scheme: Which educational institutions ar applicable
The scheme will be applicable to the top quality higher educational institutions of the nation, as determined by the NIRF rankings - including all HEIs, government and private, that are ranked within the top 100 in NIRF in overall, category-specific and domain specific rankings; state government HEIs ranked in 101-200 in NIRF and all central government governed institutions.
What is the loan amount sanctioned under PM Vidyalaxmi scheme
For loan amount up to Rs 7.5 lakhs, the student will also be eligible for a credit guarantee of 75% of outstanding default. This will give support to banks in making education loans available to students under the scheme.
Annual family income of up to Rs 8 lakhs
In addition to the above, for students having an annual family income of up to Rs 8 lakhs, and not eligible for benefits under any other government scholarship or interest subvention schemes, 3 percent interest subvention for loan up to Rs 10 lakhs will also be provided during moratorium period.
Interest subvention support
The interest subvention support will be given to one lakh students every year. Preference will be given to students who are from government institutions and have opted for technical/ professional courses. An outlay of Rs 3,600 Crore has been made during 2024-25 to 2030-31, and 7 lakh fresh students are expected to get the benefit of this interest subvention.
PM Vidyalaxmi scheme: Where can a student apply
The Department of Higher Education will have a unified portal “PM-Vidyalaxmi” on which students will be able to apply for the education loan as well as interest subvention, through a simplified application process to be used by all banks. Payment of interest subvention will be made through E-voucher and Central Bank Digital Currency (CBDC) wallets.
Who is eligible for PM Vidyalaxmi scheme
Under the PM Vidyalaxmi scheme, any student who gets admission in quality Higher Education Institution (QHEIs) will be eligible to get collateral free, guarantor free loan from banks and financial institutions to cover full amount of tuition fees and other expenses related to the course.
Under the PM-USP CSIS, students with annual family income up to Rs 4.5 lakhs and pursuing technical/ professional courses from approved institutions get full interest subvention during moratorium period for education loans up to Rs 10 lakhs. Thus, PM Vidyalaxmi and PM-USP will together provide holistic support to all deserving students to pursue higher education in quality HEIs and technical/ professional education in approved HEIs.
The Press Information Bureau (PIB) issued a press release regarding the launch of PM Vidyalaxmi scheme on November 6, 2024.
What is the PM Vidyalaxmi scheme
Under the PM Vidyalaxmi scheme, any student who gets admission in quality Higher Education Institution (QHEIs) will be eligible to get collateral free, guarantor free loan from banks and financial institutions to cover full amount of tuition fees and other expenses related to the course.
Prime Minister Internship Scheme 2024: Who is eligible, last date to register, how to enroll for PM Internship Scheme (PMIS) online
PM Vidyalaxmi scheme: Which educational institutions ar applicable
The scheme will be applicable to the top quality higher educational institutions of the nation, as determined by the NIRF rankings - including all HEIs, government and private, that are ranked within the top 100 in NIRF in overall, category-specific and domain specific rankings; state government HEIs ranked in 101-200 in NIRF and all central government governed institutions.
What is the loan amount sanctioned under PM Vidyalaxmi scheme
For loan amount up to Rs 7.5 lakhs, the student will also be eligible for a credit guarantee of 75% of outstanding default. This will give support to banks in making education loans available to students under the scheme.
Annual family income of up to Rs 8 lakhs
In addition to the above, for students having an annual family income of up to Rs 8 lakhs, and not eligible for benefits under any other government scholarship or interest subvention schemes, 3 percent interest subvention for loan up to Rs 10 lakhs will also be provided during moratorium period.
Interest subvention support
The interest subvention support will be given to one lakh students every year. Preference will be given to students who are from government institutions and have opted for technical/ professional courses. An outlay of Rs 3,600 Crore has been made during 2024-25 to 2030-31, and 7 lakh fresh students are expected to get the benefit of this interest subvention.
PM Vidyalaxmi scheme: Where can a student apply
The Department of Higher Education will have a unified portal “PM-Vidyalaxmi” on which students will be able to apply for the education loan as well as interest subvention, through a simplified application process to be used by all banks. Payment of interest subvention will be made through E-voucher and Central Bank Digital Currency (CBDC) wallets.
Who is eligible for PM Vidyalaxmi scheme
Under the PM Vidyalaxmi scheme, any student who gets admission in quality Higher Education Institution (QHEIs) will be eligible to get collateral free, guarantor free loan from banks and financial institutions to cover full amount of tuition fees and other expenses related to the course.
Under the PM-USP CSIS, students with annual family income up to Rs 4.5 lakhs and pursuing technical/ professional courses from approved institutions get full interest subvention during moratorium period for education loans up to Rs 10 lakhs. Thus, PM Vidyalaxmi and PM-USP will together provide holistic support to all deserving students to pursue higher education in quality HEIs and technical/ professional education in approved HEIs.
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