Cabinet Approves Vidyalaxmi Scheme for Students to Avail Easy Loans for Higher Education
First Published: 6th November, 2024 16:44 IST
A student having annual family income up to Rs 8 lakh shall be eligible to get three per cent interest subvention for education loans up to Rs 10 lakh.
Union Cabinet has approved a new scheme PM Vidyalaxmi, targeting middle-class students who wish to get admission into higher educational institutions but face financial constraints.
Any student who secures an admission to higher education Institutions and wishes to avail education loans to pursue higher education in these institutions will be eligible to get the loan through the PM Vidyalaxmi scheme
“Such loans will be collateral-free and guarantor-free” Union Information Minister Ashwini Vaishnaw informed reporters after the Cabinet meeting.
A maximum of one lakh students each year will be covered under the scheme.
A student having annual family income up to Rs 8 lakh shall be eligible to get three per cent interest subvention for education loans up to Rs 10 lakh.
This is in addition to the full interest subvention already offered to students with up to Rs. 4.5 lakh annual family income.
The government said that no meritorious student will be denied of higher education due to financial constraints.
The Department of Higher Education will prepare a list of high-quality Institutions every year that will include Top 100 ranked institutes in the overall/ category-specific and/or domain specific rankings in NIRF; plus Top 200 ranked HEIs of the State/UT Govt. in NIRF; plus all remaining HEls under Gol.
Loan applications shall be processed for approval, monitoring and disbursal through the PM-Vidyalaxmi portal.
Loans up to Rs 7.5 lakh shall be eligible for a credit guarantee of 75 per cent of outstanding default. (ANI)
Also raed: Nifty, Sensex Gain Amid Ongoing US Election, Experts Noted Volatility to Continue
COMMENTS
TOPMOST STORY NOW
Live Wife of Missing Manipuri Man Refuses to End Protest, Demands His Safe Return
03rd December 2024
Live Hornbill Festival 2024: Union Minister Gajendra Singh Shekhawat Joins Log Drum Pulling Ceremony
03rd December 2024
Live Second Round of Talks On TIPRASA Accord Ends, Consensus on Key Issues: Sources
03rd December 2024
Live Insurgent Outfit NSCN (K-YA) Issues Extortion Note of Rs 20 Lakh from Oil India Limited
03rd December 2024
WE RECOMMEND
Cyclone Fengal: Puducherry declares holiday for schools and colleges on December 3
The cyclone resulted in extremely heavy rainfall in coastal regions of north Tamil Nadu and Puducherry.
03rd December 2024
Uttar Pradesh declares Maha Kumbh area new district
The upcoming Maha Kumbh, held once every 12 years, is scheduled to begin on January 13 and conclude on February 26, 2025.
02nd December 2024
Cyclone Fengal: Coastal areas witness changes in weather with high tides, rain in Tamil Nadu
Cyclone Fengal is expected to bring heavy rainfall, strong winds, and possible flooding to Tamil Nadu's coastal regions.
30th November 2024
Delhi Police bans use of laser lights and drones near IGI airport till Jan 26
The order, which came into effect on November 28, will remain in force till January 26, 2025 (both dates inclusive).
30th November 2024
MoS Margherita inaugurates 3rd ASEAN-India Music Festival
The event was attended by top officials, including the Ambassadors of ASEAN member countries.
30th November 2024