PM VidyaLakshmi Education Loan Yojana: The cabinet led by Prime Minister Narendra Modi has approved the Pradhan Mantri Vidyalakshmi Yojana. With this scheme, the government will ensure that no meritorious student is deprived of higher education due to financial constraints.
Under the PM Vidyalakshmi Yojana, the government is guaranteeing every youth that if he has got admission in a good college, then he will not be deprived of education due to financial constraints. In this, a loan of up to 10 lakhs will be given easily.
The Union Cabinet on Wednesday (6 November) approved the PM Vidyalakshmi Yojana, under which meritorious students will get education loan without guarantee for higher education. Under this, students from families with annual income up to Rs 8 lakh will get the benefit of 3 percent interest subsidy on loans up to Rs 10 lakh.
PM Vidyalakshmi Yojana will be implemented through the government portal. Through this, students taking admission in Quality Higher Education Institutions (QHEI) will be eligible to get loans from banks and financial institutions without any guarantee. The loan will cover the entire amount of tuition fees and other expenses for the course. For students with annual family income up to Rs 8 lakh, this scheme will provide 3% interest subsidy on loans up to Rs 10 lakh.
Apart from this, students can also get a credit guarantee of 75% of the outstanding default for loans up to Rs 7.5 lakh. This will help banks in providing education loans to students under the scheme. At least more than 22 lakh students will be able to avail the benefits of this scheme.
