PM Vidyalaxmi: Empowering India’s Youth with Accessible Education Loans! Check Here! Now Everyone Can Study!
Prime Minister Narendra Modi’s latest initiative, PM Vidyalaxmi, is set to revolutionize the education landscape in India. Approved by the Union Cabinet on November 6, 2024, this Central Sector Scheme aims to provide financial support to meritorious students pursuing higher education.
Key Features of PM Vidyalaxmi
- Eligibility: Students admitted to 860 quality higher education institutions, as ranked by the National Institutional Ranking Framework (NIRF), are eligible for collateral-free and guarantor-free loans.
- Loan Amount: Up to ₹7.5 lakh, with a 75% credit guarantee.
- Interest Subvention: 3% interest subvention for loans up to ₹10 lakh, for students with annual family income up to ₹8 lakh.
- Beneficiaries: 22 lakh students potentially covered, with 7 lakh fresh students expected to benefit from interest subvention.
Before proceeding further, take a look at: NTA Rejects Thousands of JEE Mains Application Form 2025: Know Why, How to Avoid Rejection and Step-by-Step Guide to Fill!
How PM Vidyalaxmi Differs from Previous Schemes
- Digital Application Process: Simplified loan applications through the dedicated Vidyalaxmi portal.
- Expanded Eligibility: Middle-income families are now included, irrespective of caste or other factors.
- Reduced Institution List: 860 NIRF-ranked institutions, down from 20,000 previously eligible.
Eligible Institutions
- Top 100 institutions in NIRF rankings (overall, category-specific, and domain-specific)
- State government-run HEIs ranked 101-200
- All Central government-governed institutions
Do not miss out on reading: Accelerate Your Engineering Degree: VTU Introduces 7-Semester Program for Outstanding Students
Expert Insights
Professor O R S Rao, Chancellor of ICFAI University, Sikkim, praises the scheme’s interest subsidies, digital-first approach, and collateral-free loans. However, he emphasizes the need for speedier approval and disbursement, as well as clarity on loan application approval and beneficiary selection.
if any official information pops up then we will update you in minutes! If you want all the latest updates on time then join our student community on WhatsApp!
Choose the right career for you by booking personal guidance from professionals on Mytagapp.com!
