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.
Does this central scheme cover middle-income students?
Yes, the scheme covers middle-income students with an annual family income of up to ₹8 lakh.
It provides a 3% interest subvention on loans up to ₹10 lakh during the moratorium period, benefiting up to one lakh students each year.
Does it depend on NAAC and NBA certifications?
No, the PM Vidyalaxmi scheme does not depend on NAAC and NBA accreditations.
Instead, it focuses on institutions ranked by the National Institutional Ranking Framework (NIRF), including top-ranked government and private institutions.
Reasons for Exclusion of Some Institutions
Many institutions have been excluded because only those ranked in the NIRF (top 100 in overall or specific categories) are eligible.
Some institutions are ranked in multiple categories, making the total number of eligible institutes appear smaller
Institutions must register for NIRF ranking to be considered.
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