PM-Vidyalaxmi scheme a step towards Yuva Shakti empowerment: PM Modi

Prime Minister Narendra Modi connected Wednesday hailed the Union Cabniet's determination to o.k. the PM-Vidyalaxmi scheme, saying that it is simply a measurement towards Yuva Shakti empowerment. “The Cabinet has approved the PM-Vidyalaxmi strategy to enactment youngsters with prime education. It is simply a important measurement towards empowering the Yuva Shakti and gathering a brighter aboriginal for our nation,” PM Modi wrote connected X.

He added that the measurement volition beryllium a large boost successful making acquisition much accessible.

Earlier, the Union Cabinet approved the PM-Vidyalaxmi strategy to supply fiscal enactment to meritorious students successful a ngo mode.

The mechanics volition facilitate and thrust the hold of acquisition loans to meritorious students who get admittance successful the apical 860 prime higher acquisition institutions of the nation, translating to covering much than 22 lakh students each year.

These students volition beryllium eligible to get collateral-free, guarantor-free loans from banks and fiscal institutions to screen the afloat magnitude of tuition fees and different expenses related to the course.

According to the Cabinet, for indebtedness amounts up to Rs 7.5 lakh, the pupil volition besides beryllium eligible for a recognition warrant of 75 per cent of outstanding default.

"This volition springiness enactment to banks successful making acquisition loans disposable to students nether the scheme," it said.

In addition, for students having an yearly household income of up to Rs 8 lakh, and not eligible for benefits nether immoderate different authorities assistance oregon involvement subvention schemes, 3 per cent involvement subvention for loans up to Rs 10 lakh volition besides beryllium provided during the moratorium period.

"The involvement subvention enactment volition beryllium fixed to 1 lakh students each year. Preference volition beryllium fixed to students who are from authorities institutions and person opted for technical/ nonrecreational courses," according to a Cabinet note.

An outlay of Rs 3,600 crore has been made from 2024-25 to 2030-31, and 7 lakh caller students are expected to get the payment of this involvement subvention during the period. This is successful summation to the afloat involvement subvention already being offered to students with up to Rs 4.5 lakh yearly household income.

PM-Vidyalaxmi is different cardinal inaugural stemming from the National Education Policy, 2020, which had recommended that fiscal assistance should beryllium made disposable to meritorious students done assorted measures successful some nationalist and backstage higher acquisition institutions (HEIs).

The strategy volition beryllium applicable to the apical prime higher acquisition institutions of the nation, arsenic determined by the NIRF rankings - including each HEIs, authorities and private, that are ranked wrong the apical 100 successful NIRF successful overall, category-specific and domain-specific rankings; authorities authorities HEIs ranked successful 101-200 successful NIRF, and each Central authorities governed institutions.

The Department of Higher Education volition person a unified portal “PM-Vidyalaxmi” connected which students volition beryllium capable to use for the acquisition indebtedness arsenic good arsenic involvement subvention, done a simplified exertion process to beryllium utilized by each banks. Payment of involvement subvention volition beryllium made done E-vouchers and Central Bank Digital Currency (CBDC) wallets.