Revolutionizing Education Access: PM Vidyalakshmi Scheme Unveiled

Uttarakhand Chief Minister lauds PM Modi for the PM Vidyalakshmi scheme, a transformative initiative ensuring affordable education for underprivileged students with loans up to Rs 10 lakh. The scheme offers collateral-free loans with interest subsidies, benefiting one lakh students annually, aiming to eliminate financial obstacles in higher education.

The PM Vidyalakshmi scheme has been heralded as a landmark move in India's education sector, receiving praise from Uttarakhand Chief Minister Trivendra Singh Rawat, who regards it as a transformative initiative poised to offer financial aid to meritorious students. The program offers loans of up to Rs 10 lakh at low-interest rates, paving the way for underprivileged students to pursue higher education without financial impediments.

Union Information Minister Ashwini Vaishnaw announced that the scheme allows any student enrolled in a higher education institution to apply for a collateral and guarantor-free education loan. This initiative stands to benefit as many as one lakh students annually, with eligibility for a three per cent interest subsidy for families earning up to Rs 8 lakh annually, and a full interest subsidy for incomes up to Rs 4.5 lakh.

The government has emphasized its commitment to ensuring that no student is denied education because of financial constraints, with the Department of Higher Education set to compile a list of top institutions guiding applicants. Loans, processed through the PM Vidyalakshmi portal, will include a credit guarantee covering 75 per cent of any outstanding default for loans up to Rs 7.5 lakh, marking a significant step in supporting students' academic journeys.

(With inputs from agencies.)