New Delhi . Union Education Minister Dharmendra Pradhan has appreciated the approval of PM Vidyalakshmi Yojana by the Union Cabinet. This scheme is an important step towards providing financial assistance to meritorious students under the Central Sector.
Giving information about the scheme, Education Minister Dharmendra Pradhan said that PM Vidyalakshmi Yojana will be helpful in universalizing access to 21st century higher education for the talented youth of India.
He further said, “With an outlay of Rs 3,600 crore, the scheme will remove barriers to higher education and enable the youth power of the country to fulfill their dreams.”
Collateralfree and guarantorfree education loans under PM Vidyalakshmi Yojana will ease access to higher education for meritorious students and ensure that financial barriers do not prevent students from pursuing education.
Students whose annual family income is up to Rs 8 lakh will be eligible to get 3 percent interest subvention on education loans up to Rs 10 lakh and 75 percent credit guarantee on loans up to Rs 7.5 lakh.
Regarding the scheme, Union Minister Dharmendra Pradhan said that the education loan will be provided through a transparent, studentfriendly and digital application process.
Under the scheme, education loan facility will be provided to students who get admission in top 860 higher educational institutions on the basis of NIRF. More than 22 lakh students will be benefited from this scheme every year.
Financial aid to meritorious students is, in fact, a major recommendation of the National Education Policy 2020. PM Vidyalakshmi NEP is being considered as a concrete step in this direction. PM Vidyalakshmi Yojana will play an important role in empowering lakhs of poor and middle class students.
Under the scheme, the Higher Education Department will have a portal 'PMVidyalakshmi' on which students will be able to apply for education loan as well as interest subsidy through the same application process used by all banks.
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Image Credit: KhasKhabar.