Central government PM Vidyalaxmi Scheme has been started by. Do you know about this great scheme? Let us tell you that under PM Vidyalakshmi Scheme, any student who takes admission in higher education can take loan from banks and financial institutions to cover the entire amount of tuition fees and other expenses related to the course under this scheme, without any guarantor. Will be eligible to get loan of Rs. Let us take detailed information about this scheme.
Education loan under PM Vidyalakshmi scheme
The scheme will be available to students who enroll in the top 860 Quality Higher Education Institutions (QHEIs) in India as per the National Institutional Ranking Framework (NIRF). Family income will not be a hindrance for taking loan under this scheme. Students of all income groups will be eligible to take loan under this scheme.
How to apply for loan under PM Vidyalakshmi Scheme?
The Higher Education Department will launch a platform called “PM-Vidyalakshmi”, through which students will be able to easily apply for loans and interest subsidy. All banks will use this platform. The interest subsidy will be paid using e-vouchers and Central Bank Digital Currency (CBDC) wallets.
How much loan will I get and what will be the interest rate?
There is no upper limit on the education loan you can get under PM Vidyalakshmi Yojana. This will depend on the course fees and other fees charged by the higher education institution and the appropriate amount of mess, hostel fees and living expenses required by the student during the course. Whereas, a student whose annual family income is up to Rs 8 lakh and who is pursuing a course from a good higher education institute will be eligible to get 3% interest subvention on education loan up to Rs 10 lakh. If the education loan amount exceeds Rs 10 lakh, interest subvention will be provided on the total principal amount of the loan up to Rs 10 lakh.
Image Credit: India_Tv.