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Thanking Prime Minister Narendra Modi for the approval of the PM Vidyalakshmi scheme, Uttarakhand Chief Minister on Wednesday said that this step is an important and revolutionary initiative in the field of education.
"This step is definitely an important and revolutionary initiative in the field of education. This historic decision will pave the way for a bright future for poor and meritorious students. By getting a loan of up to Rs 10 lakh at a low interest rate, students will not face any kind of financial obstacle in pursuing higher education," said the Uttarakhand Chief Minister. Under the scheme, any student admitted to a higher education institution can apply for an education loan via the PM Vidyalaxmi scheme. "These loans will be collateral-free and guarantor-free," stated Union Information Minister Ashwini Vaishnaw to reporters following the Cabinet meeting. The scheme will benefit up to one lakh students each year. Students with an annual family income of up to Rs 8 lakh are eligible for a three per cent interest subsidy on education loans of up to Rs 10 lakh. Additionally, a full interest subsidy is available to students with an annual family income of up to Rs 4.5 lakh. The government has emphasised that no deserving student will be denied higher education due to financial constraints. Each year, the Department of Higher Education will compile a list of high-quality institutions, including the top 100 ranked institutes in overall, category-specific, or domain-specific rankings in the NIRF, the top 200 state/UT government HEIs in the NIRF, and other HEIs under the Government of India. Loan applications will be processed, approved, monitored, and disbursed through the PM Vidyalaxmi portal. Loans of up to Rs 7.5 lakh will be eligible for a credit guarantee covering 75 per cent of any outstanding default. (ANI)
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