Check out who qualifies for the PM Vidya Laxmi Scheme, which provides financial support. 

 

PM-Vidya Laxmi Scheme:The PM-USP's Central Sector Interest Subsidy (CSIS) and Credit Guarantee Fund Scheme for Education Loans (CGFSEL), which are both managed by the Department of Higher Education, would be increased by this program.

 

 

According to NIRF rankings, the scheme will be provided to India's best higher education institutions (HEIs) .

 

A new Central Sector program called the PM Vidyalaxmi Scheme was introduced on Wednesday with the goal of giving students financial support  so that no one is discouraged from pursuing higher education by financial limitations. 

Any student who is accepted into a Quality Higher Education Institution (QHEI) under the PM Vidyalaxmi scheme is eligible to receive loans from banks and other financial institutions that are free of securities and guarantors in order to pay for all of the tuition fees as well as other course-related expenses. 

 

 

Who can apply for the PM Vidyalaxmi Scheme? 

 

According to NIRF rankings, the program will be offered to India's best higher education institutions (HEIs). State government HEIs ranked between 101 and 200, all central government-governed institutions, and all government and private HEIs ranked in the top 100 overall, category-specific, and domain-specific NIRF rankings are eligible. Every year, the most recent NIRF rankings will be used to update this list. In order to give interested students possible access to benefits, PM-Vidyalaxmi will initially feature 860 qualified institutions, serving over 2.2 million students. 

 

Students can earn a 75% credit guarantee on outstanding failures for loans up to Rs 7.5 lakh, which helps banks offer these educational loans under the program. 

Additionally, during the moratorium period, students who are not eligible for other government scholarships or interest subsidies and have an annual family income of up to Rs 8 lakh can receive a 3% interest subsidy on loans up to Rs 10 lakh. 100,000 students will receive this interest subsidy annually, with preference given to students attending government schools and those enrolled in technical or professional programs. A budget of Rs 3,600 crore has been set aside for 2024–2025 to 2030–2031; during this time, it is anticipated that 7,00,000 additional students will receive interest concessions. 

 

 

Implementing the PM Vidyalaxmi Scheme :

 

Students can apply for school loans and interest subsidies through a simplified application process that is available to all banks through the Department of Higher school's new uniform portal, PM-Vidyalaxmi. The Central Bank Digital Currency (CBDC) wallets and E-vouchers will be used to distribute the interest subsidy.

To apply for the Vidyalaxmi Scheme, take the following actions: 

 

Step 1: The candidate must sign up and access the Vidya Lakshmi portal.

Step 2: Provide the required information on the Common Education Loan Application Form (CELAF).

Step 3: The applicant can look for an educational loan and apply based on his or her needs, eligibility, and convenience after completing the form.

As an alternative, after logging in, the applicant can look for an educational loan and use the CELAF to apply for the right one. 

 

With a concentration on increasing access to high-quality higher education for India's youth, PM-Vidyalaxmi seeks to extend and enhance the effects of the government's financial inclusion and education programs from the previous ten years. The PM-USP's Central Sector Interest Subsidy (CSIS) and Credit Guarantee Fund Scheme for Education Loans (CGFSEL), which are both managed by the Department of Higher Education, would be enhanced by this program.

 

Students enrolling in technical or professional courses at authorized institutions who have a yearly family income of up to Rs 4.5 lakh are eligible for full interest concessions on education loans up to Rs 10 lakh during the moratorium period through the PM-USP CSIS.