PM-Vidyalaxmi Scheme Offers Collateral-Free Loans To Students

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The Union Cabinet, led by Prime Minister Narendra Modi, has approved PM Vidyalaxmi, a Central Sector scheme aimed at providing financial support to meritorious students

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A mission-mode mechanism will extend education loans to meritorious students admitted to the nation's top 860 higher educational institutions, covering over 22 lakh students annually

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A special loan product will offer collateral-free, guarantor-free education loans through a simple, transparent, and fully digital application process

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Loan amounts up to Rs 7.5 lakh will be provided with a 75% credit guarantee by the Government of India, to support banks in expanding coverage

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The scheme will also provide a 3% interest subsidy on loans up to Rs 10 lakh for students with an annual family income of up to Rs 8 lakh

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This is in addition to the full interest subsidy already available to students with an annual family income of up to Rs 4.5 lakh

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Preference will be given to students who are from government institutions and have opted for technical/ professional courses

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An outlay of Rs 3,600 crore has been allocated for 2024-25 to 2030-31, and 7 lakh new students are expected to benefit from this interest subsidy during this period

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