Empowering Education: PM-Vidyalaxmi Scheme Revolutionizes Student Access to Higher Learning

The Union Cabinet has approved the PM-Vidyalaxmi scheme, designed to provide financial support to meritorious students, ensuring access to higher education without financial constraints. Offering collateral-free loans covering tuition and related expenses, the initiative aims to benefit over 22 lakh students annually through a Rs 3,600 crore fund.

The Union Cabinet has given a green light to the PM-Vidyalaxmi scheme, a groundbreaking initiative to support meritorious students pursuing higher education. Under this scheme, students gaining admission to top Quality Higher Education Institutions (QHEIs) can obtain collateral-free and guarantor-free loans to cover full tuition fees and related expenses.

The scheme, applauded by Prime Minister Narendra Modi as a significant step toward empowering India's youth, will benefit over 22 lakh students annually with a substantial Rs 3,600 crore outlay. Gaining admission to the top 860 QHEIs, as identified by the National Institutional Ranking Framework (NIRF), qualifies students for these financial benefits.

Additional support includes a 75 percent credit guarantee on loans up to Rs 7.5 lakh and a 3 percent interest subvention for students with annual family income up to Rs 8 lakh. Education Minister Dharmendra Pradhan emphasized the scheme's role in maximally facilitating equal educational access for the nation's talented youth.

(With inputs from agencies.)