The Union Cabinet of India has approved the PM Vidyalakshmi Scheme to enhance access to quality higher education for middle-class youth. This initiative targets families with an annual income below Rs 8 lakh, offering collateral-free loans up to Rs 10 lakh with an interest subsidy. The scheme aims to simplify the loan process for students in institutions ranked under the National Institutional Ranking Framework (NIRF). With an initial budget of Rs 3,600 crore, it is expected to benefit 22 lakh students annually, particularly those in technical and professional courses.
The Union Cabinet of India has approved the PM Vidyalakshmi Scheme to enhance access to quality higher education for middle-class youth. This initiative targets families with an annual income below Rs 8 lakh, offering collateral-free loans up to Rs 10 lakh with an interest subsidy. The scheme aims to simplify the loan process for students in institutions ranked under the National Institutional Ranking Framework (NIRF). With an initial budget of Rs 3,600 crore, it is expected to benefit 22 lakh students annually, particularly those in technical and professional courses.
•Targets families with annual income below Rs 8 lakh.
•Offers collateralfree loans up to Rs 10 lakh with interest subsidy.
•Simplifies loan process for students in NIRFranked institutions.
•Initial budget of Rs 3,600 crore to benefit 22 lakh students annually.
•Focus on technical and professional courses with interest support.