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The PM Vidyalaxmi scheme was approved by the Union Cabinet under Prime Minister Narendra Modi to support meritorious students pursuing higher education.
PM-Vidyalaxmi scheme
It aims to help students by providing collateral-free, guarantor-free loans for their education in top-quality institutions.
Eligibility: Students who secure admission in one of the top 860 Quality Higher Education Institutions (QHEIs) (both government and private).
Loan Features:
Provides full tuition fees and course-related expenses.
Collateral-free and guarantor-free loans.
Loans up to ₹7.5 lakh come with a 75% credit guarantee, making it easier for banks to offer loans.
Funding: An outlay of ₹3,600 crore for the period 2024-25 to 2030-31.
The scheme is expected to benefit 22 lakh students, with 7 lakh fresh students receiving support annually.
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