New Delhi:
The federal government has authorised PM Vidyalaxmi scheme with an intention to make sure that monetary constraints don’t forestall any scholar from pursuing greater schooling. Underneath the scheme, meritorious college students will probably be provided loans upto Rs 10 lakh for greater schooling. An allocation of Rs 3,600 crore has been made by the centre for 2024-25 to 2030-31 underneath the brand new central scheme. The scheme was authorised by union cupboard chaired by PM Modi and targets to supply monetary assist to almost 22 lakh college students.
Underneath the PM Vidyalaxmi scheme, any scholar who will get admission in high quality greater schooling establishment will probably be eligible to get collateral free, guarantor free mortgage from banks and monetary establishments to cowl full quantity of tuition charges and different bills associated to the course. The scheme will probably be administered by way of a easy, clear and student-friendly system that will probably be inter-operable and fully digital.
Key options of the scheme:
The scheme will probably be relevant to the HEIs, authorities and personal establishments which might be ranked inside the high 100 in NIRF in general, category-specific and area particular rankings.
The scheme can even cowl state authorities HEIs ranked in 101-200 in NIRF and all central authorities ruled establishments.
The scheme is predicted to learn over 22 lakh college students who will be capable of probably acquire from PM-Vidyalaxmi.
For mortgage quantity as much as Rs 7.5 lakhs, the scholar can even be eligible for a credit score assure of 75 per cent of excellent default.
College students having an annual household revenue of as much as Rs 8 lakhs, and never eligible for advantages underneath another authorities scholarship, can avail a 3 per cent curiosity subvention for mortgage as much as Rs 10 lakhs.
The curiosity subvention assist will probably be given to 1 lakh college students yearly. Desire will probably be given to college students who’re from authorities establishments and have opted for technical/ skilled programs.
and eligible college students can apply for the schooling mortgage in addition to curiosity subvention, by way of a unified portal ‘PM-Vidyalaxmi’ on Division of Increased Training.