The year 2025 is here, but 2024 has significantly influenced the development of New India. During 2024, both central and state governments introduced numerous major initiatives aimed at not only achieving the vision of a developed India but also empowering women financially and promoting self-employment. Additionally, the Government of India approved programs like the Pradhan Mantri Vidya Laxmi Yojana to advance youth education in the country. These initiatives are set to enhance the nation’s infrastructure, benefiting nearly every segment of society. Today, we will delve into this noteworthy scheme.
PM Vidya Laxmi Yojana
The Pradhan Mantri Vidya Laxmi Yojana offers students enrolled in reputable higher education institutions access to loans from banks and financial institutions without the need for collateral to cover tuition and other expenses. This scheme received approval during a cabinet meeting led by Prime Minister Narendra Modi on November 6.
Through this initiative, students can secure loans of up to Rs 10 lakh without any collateral. Furthermore, the government provides a credit guarantee of up to 75 percent for loans up to Rs 7.5 lakh. Students from families earning Rs 4.5 lakh annually will receive a complete interest subsidy, while those from families with an income of up to Rs 8 lakh will benefit from a 3 percent interest subsidy on loans up to Rs 10 lakh.
How to apply?
1. The Department of Higher Education will introduce a portal named PM-VidyalayaLakshmi, where students can apply for education loans and interest subsidies.
2. The application process will be streamlined, and the portal will be accessible to all banks. Interest subsidies will be provided through e-vouchers and Central Bank Digital Currency (CBDC) wallets.
3. Applicants must first register on the Vidya Lakshmi portal and log in.
4. Complete the Common Education Loan application.
