PM-Vidyalaxmi Scheme: Empowering Meritorious Students for Higher Education
| Aspect | Details |
|---|---|
| Date of Approval | November 6, 2024 |
| Scheme Name | PM-Vidyalaxmi Scheme |
| Objective | Provide collateral-free, guarantor-free education loans to meritorious students. |
| Loan Coverage | Full tuition fees and other course-related expenses for students in top 860 QHEIs. |
| Total Outlay | ₹3,600 crore (2024-25 to 2030-31) |
| Eligibility | Students admitted to top 860 QHEIs based on NIRF rankings. |
| Institutions Covered | Top 860 institutions (government and private) ranked in NIRF (overall, category-specific, and domain-specific). |
| Loan Amount | Up to ₹7.5 lakh |
| Credit Guarantee | 75% credit guarantee for defaults on loans up to ₹7.5 lakh. |
| Interest Subvention | 3% interest subvention on loans up to ₹10 lakh for students with family income ≤ ₹8 lakh. |
| Target Beneficiaries | 22 lakh students annually, including 7 lakh new students and 1 lakh receiving interest subvention. |
| Digital Platform | Unified portal 'PM-Vidyalaxmi' for loan applications and interest subvention. |