Union Minister for Education Dharmendra Pradhan praised the Union Cabinet’s approval of the PM Vidyalaxmi scheme on Wednesday. This initiative aims to financially support meritorious students. The scheme will reduce financial barriers and expand higher education access for India’s youth.
“With a fund allocation of Rs 3,600 crore, PM Vidyalaxmi will empower India’s youth to pursue their dreams without limits,” Pradhan stated, stressing the government’s focus on education for all.
Under PM Vidyalaxmi, students from families earning up to Rs 8 lakh annually can get a 3% interest subsidy on loans up to Rs 10 lakh. Loans up to Rs 7.5 lakh will also have a 75% credit guarantee. Pradhan noted that these loans will remove financial constraints for deserving students. The process will be digital, transparent, and simple to use for students across all banks.
Pradhan highlighted that PM Vidyalaxmi meets a key recommendation from the National Education Policy (NEP) 2020. This policy calls for financial aid for talented students. The scheme will support students in the top 860 educational institutions based on NIRF rankings, benefiting over 22 lakh students each year.
The Department of Higher Education will also launch a unified ‘PM-Vidyalaxmi’ portal. Students will use this platform to apply for loans and interest subsidies online. “PM Vidyalaxmi will uplift millions from poor and middle-class families,” Pradhan concluded.
Also Read: Supreme Court Dismisses Review Petition For NEET UG 2024 Exam Re-Test
Pope Francis, the first Latin American pontiff, was laid to rest in a humble ceremony…
The Bihar police have taken swift action in arresting a man accused of raping a…
PM Modi distributed 51,236 appointment letters to newly-recruited candidates in central government departments and organisations…
The Indian Embassy in Berlin organised a solemn memorial service to honour the victims of…
Pop star Joe Jonas recently performed his latest single, Heart by Heart, to a phone-free…
CSK captain Mahendra Singh Dhoni has openly acknowledged the team's ongoing struggles in the 2025…