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PM-Vidya Laxmi Scheme 2024
November 12 , 2024
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- The Union cabinet approved the PM-Vidyalaxmi scheme that aims to cover over 22 lakh students a year.
- The scheme will provide the financial support to meritorious students so that financial constraints do not prevent anyone from pursuing higher studies.
- For students looking at loans of up to Rs 7.5 lakh, the government will provide credit guarantees to the tune of 75 per cent of the outstanding defaults.
- Students belonging to economically-weaker families with an annual income of up to Rs 8 lakh — will be entitled to a three per cent interest subvention on loans of up to Rs 10 lakh.
- The ministry’s department of higher education will set up a unified portal, PM-Vidyalaxmi.
- This will allow the students to apply for the education loan as well as interest subvention to all the banks.
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