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PM-Vidyalaxmi Scheme

  • 08 Nov 2024
  • 2 min read

Source: PIB 

The Union Cabinet has approved the Pradhan Mantri Vidyalaxmi scheme, designed to provide financial assistance to meritorious students for higher education. 

  • Objective: It aligns with the National Education Policy (NEP) 2020 and aims to provide collateral-free, guarantor-free loans to students. 
  • Eligibility Criteria: Students enrolled in institutions ranked within the top 100 by the National Institutional Ranking Framework (NIRF), and those in the 101-200 range from state government and all central government governed institutions. 
  • Beneficiaries: It can benefit over 22 lakh students, with the list updated annually based on the latest NIRF rankings. 
  • Procedure: The Department of Higher Education will launch the "PM-Vidyalaxmi" portal for students to apply for education loans and interest subvention, with payments made via E-voucher and Central Bank Digital Currency (CBDC) wallets. 
  • Supplementing Existing Schemes: The scheme supplements the two components, Credit Guarantee Fund for Education Loans (CGFSEL) and Central Sector Interest Subsidy (CSIS), under the existing PM-Uchchatar Shiksha Protsahan (PM-USP) scheme. 
  • PM-USP CSIS offers full interest subvention for loans up to Rs 10 lakh to students with family income up to Rs 4.5 lakh, pursuing technical courses.

Read more:  Revamping India's Higher Education System

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