Empowering India's Youth: PM-Vidyalaxmi Scheme's Educational Revolution

The Union Cabinet approved the PM-Vidyalaxmi scheme, granting financial support for students attending quality higher education institutions. This initiative provides collateral-free loans to over 22 lakh students annually, ensuring access to education. An outlay of Rs 3,600 crore is set for its implementation between 2024 and 2030.

The Union Cabinet has recently given the green light to the PM-Vidyalaxmi scheme, aimed at supporting meritorious students seeking quality higher education. This initiative will allow students admitted to top-ranking institutions access to collateral-free and guarantor-free loans, covering full tuition and related expenses.

Prime Minister Narendra Modi emphasized the scheme's significance, stating that it marks a further boost to empower the nation's youth. With an approved funding of Rs 3,600 crore, the project anticipates aiding more than 22 lakh students annually, contributing to a brighter national educational future.

Notably, the scheme includes provisions for students from families with an annual income of up to Rs 8 lakh, offering interest subvention benefits on educational loans. This critical measure ensures that financial barriers do not hinder deserving students from chasing their academic aspirations.

(With inputs from agencies.)