Central government is soon going to invite PM Vidyalaxmi Scheme 2024 registration / application form. Union Cabinet has approved the PM Vidyalaxmi Yojana on 6 November 2024. Under PM-Vidyalaxmi scheme, the central govt. will provide monetary support to meritorious students in the form of education loans in both public and private institutions. Read this article till the end to know how to apply online for PM-Vidyalaxmi scheme, what is loan amount & interest subvention and list of institutes eligible under the scheme.
What is PM Vidyalaxmi Scheme 2024?
Under PM-Vidyalaxmi Scheme, any meritorious student who gets admission to quality higher educational institutions will be eligible for a collateral-free and guarantor-free loan from banks and financial institutions. The loans will cover the full tuition fees and other expenses related to the course.
According to a government communication, an outlay of Rs. 3,600 crore has been set aside for 2024-25 to 2030-31. The scheme is expected to cover over 2.2 million students who can potentially avail PM-Vidyalaxmi benefits every year.
PM Modi on PM-Vidyalaxmi Scheme Cabinet Approval
PM Narendra Modi on 6th Nov 2024 wrote on X “A big boost to making education more accessible. The Cabinet has approved the PM-Vidyalaxmi scheme to support youngsters with quality education. It is a significant step towards empowering the Yuva Shakti and building a brighter future for our nation”.
“The Cabinet has approved the PM-Vidyalaxmi scheme to provide financial support to meritorious students so that financial constraints do not prevent any youth of India from pursuing quality higher education,” Union Information and Broadcasting Minister said at a press conference.
Under the PM Vidyalaxmi scheme, loan amounts of upto Rs 7.5 lakh will be provided at 75% credit guarantee by the central government. It will support banks to expand coverage under the PM-Vidyalaxmi Yojana. The payments of interest subvention will be made through e-voucher and Central Bank Digital Currency (CBDC) wallets.
Furthermore, for students having an annual family income up to Rs 8 lakh, the scheme will offer a 3% interest subvention on loans up to Rs 10 lakh. The subvention support will be offered to 100,000 students every year. It is worth noting that both government and private banks and financial institutions will be able to participate in PM-Vidyalaxmi Scheme.
PM Vidyalaxmi Portal to Launch Soon
PM Vidyalaxmi scheme will be implemented via a unified government portal. Through this dedicated PM Vidyalaxmi portal, students who get admission to quality institutes would be able to apply for education loans and interest subvention.
List of Institutes Eligible under PM-Vidyalaxmi Scheme
The criteria of institutes covered under the PM Vidyalaxmi Scheme 2024 includes those determined by the NIRF as the top 100 in overall, category-specific and domain-specific rankings. The scheme will also extend to state government-run institutes ranked between 101 and 200 in the NIRF and higher educational institutions of the central government.
PM Vidyalaxmi Yojana aims to supplement the Central Sector Interest Subsidy (CSIS) and Credit Guarantee Fund Scheme for Education Loans (CGFSEL), the two components of the PM-USP scheme being implemented by the Department of Higher Education.
PM Vidyalaxmi Scheme Apply Online
As we have told you earlier, Department of Higher Education will launch a unified portal PM-Vidyalaxmi for scheme implementation. On this official website, students will be able to apply for the education loan as well as interest subvention, through a simplified application process to be used by all banks. Payment of interest subvention will be made through E-voucher and Central Bank Digital Currency (CBDC) wallets.
Overview of PM Vidyalaxmi Scheme
Name of Scheme
PM Vidyalaxmi Scheme
Type of Scheme
Education Loan Scheme
Cabinet Approval Date
6 November 2024
Objective
To provide monetary support to meritorious students in the form of education loans in both public and private institutions
Outlay
Rs. 3600 crore
Scheme Duration
2024-25 to 2030-31
Total Number of Students to Benefit
2.2 million
Loan Amount
Upto Rs. 7.5 lakh at 75% credit guarantee
Interest Subvention
3% interest subvention on loans upto Rs. 10 lakh for students having an annual family income upto Rs. 8 lakh
