PM Vidyalakshmi Scheme: A Landmark Move for India’s Education Sector

New Delhi: Union Home Minister Amit Shah expressed his admiration for Prime Minister Narendra Modi’s approval of the “PM Vidyalakshmi” Scheme, aimed at supporting middle-class students in overcoming financial barriers to higher education.

The Union Cabinet approved the scheme, which offers students collateral-free and guarantee-free educational loans, ensuring that financial constraints will not deprive deserving students of education.

In a post on X (formerly Twitter), Shah emphasized the importance of this initiative, stating, “PM Modi has ensured that financial limitations will not prevent any student from receiving the education they deserve.”

This scheme will eliminate a major obstacle on their path to success.” The Home Minister praised the visionary approach of the Modi government in securing a future for youth, calling it a “landmark decision” for the nation’s progress.

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The scheme will cater to students from families earning up to Rs 8 lakh annually, offering a 3% interest subvention for education loans up to Rs 10 lakh. This is in addition to the full interest subvention for those with annual family incomes of Rs 4.5 lakh or less. The government has also set a target to cover up to one lakh students annually under the PM Vidyalakshmi scheme.

Loans under this initiative will be available for students admitted to recognized higher education institutions, and they will be processed through the PM-Vidyalaxmi portal. In a step to ensure quality education, the Department of Higher Education will release a list of high-quality institutions, including top-ranked universities as per the National Institutional Ranking Framework (NIRF).

By eliminating financial barriers, the PM Vidyalakshmi Scheme empowers India’s youth, offering them opportunities to excel academically and drive the nation’s growth.