SME Times is powered by   
Search News
Just in:   • Embedded finance to unlock $25 bn revenue opportunity for India’s platforms by 2030  • Hyderabad fastest-growing among 6 Indian cities amid real estate surge  • Celebration of Indian culture in Brazil: PM Modi  • Delhi chokes under ‘severe plus’ air quality amid dense fog  • High-street fashion players looking at India for manufacturing: Report 
Last updated: 07 Nov, 2024  

dp Rs 3,600 crore PM Vidyalaxmi scheme to help talented youth: Dharmendra Pradhan

IANS | 07 Nov, 2024

Union Minister for Education Dharmendra Pradhan on Wednesday lauded the Union Cabinet's approval of the PM Vidyalaxmi scheme, a significant initiative to provide financial support to meritorious students under the central sector.

The minister said the scheme will help universalise access to 21st-century higher education for India’s talented youth.

“With an outlay of Rs 3,600 crore, the scheme will remove obstacles to higher education and enable the Yuva Shakti of the country to pursue their dreams,” said the minister.

Collateral-free and guarantor-free education loans under PM Vidyalaxmi will maximise access to higher education for meritorious students and ensure that financial constraints do not prevent students from pursuing education, Pradhan added.

Students having annual family income of up to Rs 8 lakh will be eligible to get 3 per cent interest subvention on education loans up to Rs 10 lakh and loans up to Rs 7.5 lakh shall be eligible for 75 per cent credit guarantee.

“Education loans will be facilitated through a transparent, student-friendly and digital application process that will be common to all banks,” the minister noted.

Pradhan further stated that education loans under PM Vidyalaxmi will be facilitated to students securing admissions in the top 860 higher educational institutions based on NIRF. This will cover more than 22 lakh students every year.

The financial assistance to meritorious students is a key recommendation of the National Education Policy (NEP) 2020 and PM Vidyalaxmi is another concrete step towards implementation of NEP.

“PM Vidyalaxmi will empower millions of students from the poor and middle class,” said the minister.

Meanwhile, the Department of Higher Education will have a unified portal ‘PM-Vidyalaxmi’ on which students will be able to apply for the education loan as well as interest subvention, through a simplified application process to be used by all banks.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Will the new MSME credit assessment model simplify financing?
 Yes
 No
 Can't say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter