Centre clears edu loan plan for bright students
PM VIDYALAKSHMI SCHEME
TIMES NEWS NETWORK 07.11.2024
New Delhi : To make quality higher education more accessible to India’s middle-class youth, the Union Cabinet on Wednesday approved the PM Vidyalakshmi Scheme, which is designed to ease financial burden of students from families with an annual income be low ₹8 lakh.
Under this scheme, eligible students will be able to secure collateral-free and guarantor-free education loans of up to ₹10 lakh, backed by an interest subsidy. It aims at simplifying the education loan process for students admitted to institutions ranked under the National In stitutional Ranking Framework (NIRF), including the top 860 Quality Higher Education Institutions (QHEIs). With an initial outlay of ₹3,600 crore for two years, the scheme is expected to impact up to 22 lakh students annually.
In a post on X, PM Narendra Modi said, “This scheme is a big boost to making education more accessible. It empowers the Yuva Shakti, building a brighter future for our nation.” The scheme’s impact will be felt especially among students at central and state govt institutions and private institutions ranked in the NIRF’s top 200. A unified portal will streamline the application process, allowing students to access both the loan and interest subsidy through a simple digital platform
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