Pradhan Mantri Vidyalakshmi Yojana: How to take advantage of this scheme
Pradhan Mantri Vidyalakshmi Yojana: The Pradhan Mantri Vidyalakshmi Yojana has been authorized by the national government. It was established with the intention of giving deserving students financial aid for their further studies. so that financial constraints do not prevent any student from pursuing higher education.
The National Education Policy of 2020 is the subject of this PM Vidyalakshmi effort. It was suggested that deserving students seeking higher education in both the public and commercial sectors be given financial aid.
A loan without a guarantor will be offered
The Pradhan Mantri Vidyalakshmi Yojana is available to all students who enroll in reputable universities. A bank or other financial institution will be able to lend the student money for all of the costs associated with continuing their education without requiring collateral.
Financial aid is available to students who apply online. For pupils, its method has been made very simple and clear. This is capable of digital operation.
The amount of the loan that will be accessible
Students will be eligible for a Rs 10 lakh loan under this initiative. Students will also be eligible to get a credit guarantee for loan default up to Rs 7.5 lakh, or 75% of the total amount. In other words, if seventy-five percent of the student loan balance is paid back.
There will also be an interest discount
During the moratorium period, students who are not qualified for any other scholarship program or whose family’s yearly income is less than Rs 8 lakh will also get a three percent interest reduction on loans up to Rs 10 lakh.
Priority will be given to these pupils
An estimated one lakh students would annually benefit from the interest savings under this program. Students enrolled in technical or professional courses at government institutions will be given preference for these.
Rs 3600 crore would be spent on this plan during the fiscal years 2024–2025 and 2030–2031 according to the government’s budget. During this time, financial aid would be provided to at least seven lakh new students.
