The Government has approved the PM-Vidyalaxmi scheme to provide financial support to meritorious students.
Briefing media in New Delhi today on the decisions taken in the Cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw said, students will be eligible to get collateral-free and guarantor-free loans to pursue higher education. He said the scheme has been introduced so that financial constraints do not prevent any youth of India from pursuing quality higher education.
As per the scheme, loan amounts up to 7.5 lakhs will be provided 75 percent guarantee by the government to support banks to expand coverage. Three percent interest subvention for loans up to 10 lakh rupees will also be provided during the moratorium period for students with an annual family income of upto eight lakh rupees. This scheme is expected to benefit seven lakh students. To avail the benefit of the scheme, the students can apply on the unified portal PM Vidyalaxmi for an education loan.
