The central government of India has launched the PM Vidyalaxmi Scheme 2024. Yesterday on 6th November, the Union Cabinet of India came together and approved the launch of the scheme for all the students in India. Under this scheme, the central government of India will set up banks and financial institutes to provide educational loans to financially unstable students. The central government of India will also provide subvention on the interest to provide great relief to all the students during the repayment of the loan. All the students who are pursuing their higher education from Quality Higher Education Institutions (QHEIs) are eligible to avail the benefits of the scheme
About PM Vidyalaxmi Scheme?
To uplift the social status and standard of living of all the students of India who belong to financially weak households the authorities launched the PM Vidyalaxmi Scheme. All the students who will get selected under the scheme can receive an educational loan of up to INR 10 lakh from the government. As per the information from the government a total of 22 lakh students will receive the benefits under the PM Vidyalaxmi Scheme. The loans under the scheme will be collateral-free and guarantor-free. By launching this scheme the Government of India will make sure that no meritorious students will leave their higher studies due to economic troubles.
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PM Vidyalaxmi Scheme Eligibility
- The student’s family must have a valid income certificate.
- The student must be studying in a Quality Higher Education Institution (QHEIs).
- The student must be a permanent resident of India and studying in Indian Institute.
- The annual income of the student’s family must not exceed INR 4.5 lakh per year.
Required Documents (Expected)
- Aadhaar Card
- College ID Card
- Income Certificate
- Education Certificates and Documents
- Bonafide Certificate
- Bank Account Number
- Photograph
- Mobile Number
- Email ID
Benefits of PM Vidyalaxmi Scheme
- Educational loans of up to INR 10 lakh will be given to the selected students for pursuing higher education.
- The loan amount will be transferred directly to the selected beneficiary bank account.
- To make the repayment process easy and affordable the central government of India also put a subvention on interest.
- A total of 22 lakh students across India will avail the benefits of the PM Vidyalaxmi Scheme.
- With the help of this scheme, the students can complete their higher education without worrying about financial troubles.
No of Students
- A total of 22 lakh students across India will be selected under the PM Vidyalaxmi Scheme.
Educational institutions Covered
- According to the information the scheme will be available to all the highest quality universities including all government and private in India.
- HEIs that place in the top 100 overall, category-specific, and domain-specific rankings; state government HEIs that place 101–200 in the NIRF; and all institutions under central government control.
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Loan Amount and Interest Subvention
- For all the students whose annual income is less than or equal to INR 8 lakh per year, the scheme will also provide a 3% interest subvention on loans of up to INR 10 lakh.
- This is in addition to the full interest subvention already offered to students with up to INR 4.5 lakh and your income.
Salient Features
- Budget: The central government of India has set up a total budget of INR 36000 crore for the smooth implementation of the PM Vidyalaxmi Scheme.
- Make education affordable: With the help of this scheme, the Government of India will make sure that all meritorious students will receive higher education regardless of their income.
- Total student selection: The central government of India will select a total of 22 lakh students across the country under this scheme.
- Interest subvention: To provide relief to all the students during the payback of the educational loan the Government of India also set up a subvention on interest.
Required Documents
- Aadhaar Card
- College ID Card
- Income Certificate
- Education Certificates and Documents
- Bonafide Certificate
- Bank Account Number
- Photograph
- Mobile Number
- Email ID
Application Process
STEP 1: All the Students who clear the eligibility criteria are requested to visit the official website and fill out the application form to avail the benefits of the PM Vidyalaxmi Scheme.
STEP 2: Once the students reach the homepage of the official website they must locate and click on the option called “Apply now”.
STEP 3: The application form will now appear on your desktop screen the students must enter all the details that are asked and attach all the necessary documents.
STEP 4: After entering all the details the students must quickly review it and click on the option of “submit” to complete their process.
FAQs
How many institutes are shortlisted by the government of India under the PM Vidyalaxmi Scheme 2024?
A total of 860 institutes are shortlisted by the government of India under the PM Vidyalaxmi Scheme 2024.
When was the PM Vidyalaxmi Scheme approved?
The scheme was approved by the Union Cabinet of India on 6th November 2024.
What is the total budget set by the government of India for the implementation of the PM Vidyalaxmi Scheme 2024?
INR 36000 crore was the budget set up by the central government of India for the implementation of the PM Vidyalaxmi Scheme 2024.