PM Vidyalaxmi Scheme: Boosting Higher Education with Collateral-Free Loans
The government has approved the PM Vidyalaxmi scheme to provide financial assistance to students. Minister Ashwini Vaishnaw announced that students will be eligible for collateral-free and guarantor-free loans to pursue higher education.
The scheme aims to ensure that financial constraints do not hinder students from pursuing quality education.
The government is offering a 75% credit guarantee for education loans up to ₹7.5 lakhs, making higher education more accessible.
Students from families with an annual income of up to ₹8 lakhs can also benefit from a 3% interest subsidy on loans up to ₹10 lakhs during the moratorium period. This initiative aims to support 7 lakh students.
