November 7, 2024

By Nandini Tyagi

What is Vidya Lakshmi education loan scheme?

Nov 07, 2024

nandinityagi

The Union Cabinet approved the PM-Vidya Lakshmi scheme which will provide collateral-free and guarantor-free loans to students admitted to Quality Higher Education Institutions (QHEIs)

Photo -  Freepik

A budget of Rs 3,600 crore has been allocated for the scheme, covering the period from 2024-25 to 2030-31

Photo -  Freepik

 The scheme aims to benefit around 7 lakh new students providing a 75% credit guarantee for loans up to Rs 7.5 lakh

Photo -  Freepik

 A 3% interest subvention will also be provided for loans up to Rs 10 lakh during the moratorium period. This is aimed at students with annual family income up to Rs 8 lakh

Photo -  Freepik

The scheme will provide interest subvention to 1 lakh students pursuing technical and professional courses in government institutions

Photo -  Freepik

Students from 860 higher education institutions will be eligible for this scheme. QHEIs are identified on the basis of NIRF rankings and the list will be updated accordingly

Photo -  Freepik

Students can apply for the scheme through the Vidya Lakshmi portal - vidyalakshmi.co.in

Photo -  Freepik

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