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Prime Minister Narendra Modi's government has approved a new scheme PM Vidyalakshmi, which has been created to provide financial assistance to meritorious students. The aim of this scheme is to ensure that children from economically weaker families are not deprived of higher education. Now any student who wants to take admission in quality educational institutions will be able to get a loan without any hassle.
Who are its characters?
This scheme is for students taking admission in premier educational institutions across the country. These institutions have been selected on the basis of NIRF ranking. Initially 860 institutions have been included in it, and this number will increase every year. Overall, this scheme will benefit 22 lakh students who want to pursue higher education.
How to get education loan?
Now students will be able to get loans without guarantor and collateral. They will get this loan for tuition fees and course related expenses. The loan process will also be completely digital, so students will not face any difficulty in getting the loan.
Interest Discount!
Students whose annual income is up to Rs 8 lakh will be given 3% interest subvention. Apart from this, students will also get 75% credit guarantee on loans up to Rs 7.5 lakh. This means that it will be easier for students to get and repay the loan.
How will the loan application be done?
Students will have to apply for loan through PM VidyaLakshmi portal. The process of taking loan from banks on this portal will be very easy and transparent. Also, interest subsidy will be paid through e-voucher and CBDC wallet.
Profit Estimates and Future
The government has set a budget of Rs 3,600 crore for this scheme in the next 7 years. It is expected that 7 lakh students will get interest rebate on loans. This scheme is a great opportunity for poor and meritorious students, through which they can complete their education and fulfill their dreams.
It is worth noting that the Pradhan Mantri Vidyalakshmi Yojana has brought a big relief to the students. This scheme is an important step towards increasing inclusion in the field of education, which provides financial assistance to meritorious students and gives them an opportunity to move towards a bright future.
