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The Prime Minister has approved the PM VidyaLakshmi Scheme for meritorious students, providing a significant boost to their educational aspirations. The Union Cabinet chaired by PM Narendra Modi approved it. Madhya Pradesh Chief Minister Dr. Yadav expressed that the scheme will pave the way for students to progress and actively contribute to the vision of a developed India. The scheme aims to offer financial assistance to students for pursuing higher education at reputed institutions.
The PM VidyaLakshmi Scheme, students will be able to avail loans from financial institutions and banks to cover tuition fees and other associated costs related to their studies in Quality Higher Education Institutions (QHEI). The loans, provided without any collateral, will be available to over 22 lakh students each year. The government will also provide a 75% credit guarantee on these loans.
Union Minister Ashwini Vaishnav explained that students from families earning ₹8 lakh or less annually, who are not already benefiting from government scholarships or other interest subsidy schemes, will be eligible for up to ₹10 lakh in loans with a 3% interest subsidy. The scheme prioritizes students pursuing technical or professional courses. For the period from 2024-25 to 2030-31, the government will allocate ₹3,600 crores for the scheme.
How to Apply for the PM VidyaLakshmi Scheme? To benefit from the PM VidyaLakshmi Scheme, students must register on the official VidyaLakshmi Portal. The portal will display two options: one for students and another for banks. Students should first enter their email ID, create a password, and log in. After logging in, they can apply for loans and scholarships.
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