Education Loan Scheme: As you all know very well, higher education is becoming too expensive in today’s times because of increasing costs and inflation. Hence, recently the Government of India has launched the Pradhan Mantri Vidyalakshmi Yojana. Under this scheme, education loans will be provided to needy students for higher studies. Those applying under this scheme will get an educational loan availed of up to Rs 10 lakhs. Let us tell you about the scheme in detail.
PM Vidyalakshmi Scheme
In view of rising inflation and educational expenmentations, the Central Government has recently assigned the PM Vidyalakshmi scheme to facilitate the pursuit of studies to those needy students who require it. Students can take loans ranging from Rs 5 lakh to Rs 10 lakh for various higher studies through the initiatives of the Ministry of Education. Currently, the Ministry is focusing on simplifying the application procedure more and more under this scheme, while more updates have also been provided in the portal.
To provide assistance to a very maximum number of students venturing for a loan under this scheme, the government has tied up with many government and private banks. It could be availed in any government and private bank.
What Is PM Vidyalakshmi Scheme?
The aims of this scheme are to provide a loan without any university guarantee to qualified needy children in India. Under this scheme, the amount of education loan granted to needy students would be Rs 7.5 lakh, while special interest subsidy of 3% would be granted on the education loan of Rs 10 lakh to those who come under the annual family income limit of Rs 8 lakh.
As per the latest updates we have, the budget for this scheme is something close to Rs 36,000 crore. Although the portal is not live so far and, according to reports, will be so sometime in January 2025.
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