Under the chairmanship of Prime Minister Narendra Modi, the Union Cabinet has approved a new scheme called PM Vidya Lakshmi Yojana. The objective of the scheme is to provide financial assistance to meritorious students, so that no student is deprived of higher education simply because of lack of financial resources. vidya lakshmi portal 2024
The PM Vidya Lakshmi Yojana, an important part of the National Education Policy 2020, provides various financial assistance to gifted students in both government and private colleges.
Under this scheme, eligible students, who are enrolled in Quality Higher Education Institutions (QHEIs), can avail loans from banks and financial institutions for tuition fees and other educational expenses without any guarantor or collateral. This set will be run without complications and is based on a completely digital built system.
Will PM Vidya Lakshmi Yojana be implemented?
The scheme will be applicable to the best higher education institutions across the country, which will be updated every year based on the new NIRF rankings. Initially 860 eligible institutions are included in the scheme, and around 22 lakh students will be able to benefit from it.
PM Vidya Lakshmi Yojana Interest Subvention System
Further, if a student pays Rs. 7.5 lakhs, will be eligible for the benefit of credit guarantee of 75% default amount. Besides, the annual family income is Rs. Students with up to 8 lakhs, if they are not availing any other subvention scheme, will get 3% interest subsidy on loans up to 10 lakhs. This subsidy will be paid during the moratorium period.
One lakh students will benefit from this assistance every year, with priority given to students pursuing technical or vocational courses in government institutions. The scheme will cost Rs 3,600 crore from 2024-25 to 2030-31, and around 7 lakh new students will get interest subsidy.
How to get PM Vidya Lakshmi Yojana Education Loan?
Students will be able to apply for loans and subsidies from all banks in a simple process through the PM-Vidya Lakshmi portal. Subvention payments will be made through e-vouchers and Central Bank Digital Currency (CBDC) wallets.
The scheme, integrated with PM-USP, will extend the Vidya Lakshmi Education Loan and the second leg of PM-USP, the Central Sector Interest Subsidy (CSIS) and Credit Guarantee Fund Scheme (CGFSEL), by providing comprehensive assistance to all eligible candidates.
10,700 crore for PM Vidya Lakshmi Yojana FCI
The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi has approved Rs 10,700 crore for the Food Corporation of India (FCI) for the financial year 2024-25, which will strengthen the country's agriculture sector and farmers' welfare.
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