{"id":169147,"date":"2024-11-06T11:11:05","date_gmt":"2024-11-06T11:11:05","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/06\/what-is-pm-vidyalaxmi-pm-modi-led-cabinet-approves-new-scheme-for-collateral-free-loans-up-to-rs-10-lakh-for-higher-education-check-details-times-of-india\/"},"modified":"2024-11-06T11:11:05","modified_gmt":"2024-11-06T11:11:05","slug":"what-is-pm-vidyalaxmi-pm-modi-led-cabinet-approves-new-scheme-for-collateral-free-loans-up-to-rs-10-lakh-for-higher-education-check-details-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/06\/what-is-pm-vidyalaxmi-pm-modi-led-cabinet-approves-new-scheme-for-collateral-free-loans-up-to-rs-10-lakh-for-higher-education-check-details-times-of-india\/","title":{"rendered":"What is PM Vidyalaxmi? PM Modi-led Cabinet approves new scheme for collateral-free loans up to Rs 10 lakh for higher education &#8211; check details &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"400\" height=\"225\" src=\"https:\/\/i3.wp.com\/static.toiimg.com\/thumb\/msid-115014969,imgsize-30242,width-400,resizemode-4\/115014969.jpg?fit=400,225&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"What is PM Vidyalaxmi? PM Modi-led Cabinet approves new scheme for collateral-free loans up to Rs 10 lakh for higher education &#8211; check details &#8211; Times of India\" title=\"What is PM Vidyalaxmi? PM Modi-led Cabinet approves new scheme for collateral-free loans up to Rs 10 lakh for higher education &#8211; check details &#8211; Times of India\" \/><\/div><p> <br \/>\n<\/p>\n<div data-articlebody=\"1\">\n<div class=\"_s30J clearfix  \">\n<div class=\"MwN2O\">\n<div class=\"T22zO\">\n<section class=\"D3Wk1  clearfix id-r-component leadmedia undefined undefined  VtlfQ\" style=\"top:0px\">\n<div class=\"D3Wk1\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">\n<div class=\"zPaFh\">\n<div class=\"wJnIp\"><\/div>\n<\/div>\n<\/div>\n<div class=\"cj2hz img_cptn\"><span title=\"The new scheme aims to provide loans of up to Rs 10 lakh for higher education in domestic institutions. (Image source: Freepik)\">The new scheme aims to provide loans of up to Rs 10 lakh for higher education in domestic institutions. (Image source: Freepik)<\/span><\/div>\n<\/section>\n<\/div><\/div>\n<p>PM Vidyalaxmi<!-- --> approved by Cabinet: Prime Minister Narendra Modi-led Cabinet on Wednesday approved the <!-- -->PM Vidyalaxmi scheme<!-- -->. The government has allocated Rs 3,600 crore for 2024-25 to 2030-31, aiming to assist 7 lakh new students with the new scheme.<br \/>The new scheme aims to provide loans of up to Rs 10 lakh for higher education in domestic institutions. The scheme will include a 3% interest subsidy and e-vouchers for one lakh students each year. The announcement for this was made by FM Nirmala Sitharaman in her Union Budget speech.<br \/>Students can apply for loans and interest benefits through the unified &#8220;PM-Vidyalaxmi&#8221; portal, utilizing a simplified application process across all banks. Interest support payments will be processed through E-voucher and Central Bank Digital Currency (CBDC) wallets.<\/p>\n<p><h2>What is the PM Vidyalaxmi scheme?<\/h2>\n<\/p>\n<p>PM Vidyalaxmi is a new Central Sector initiative providing financial assistance to deserving students pursuing higher education.<\/p>\n<div class=\"cdatainfo modify_cdata_list_style id-r-component \" data-pos=\"16\">\n<ul>\n<li>This program, developed from the National Education Policy 2020, aims to ensure that students admitted to quality Higher Education Institutions (QHEIs) can access collateral-free, guarantor-free loans covering tuition fees and course-related expenses. The implementation will occur through a digital, transparent, and student-friendly system.<\/li>\n<li>The program targets top-tier educational institutions, identified through <keyword keytype=\"General\" smid=\"0\" usetype=\"2\" botkeyword=\"false\" source=\"keywords\" keywordseo=\"NIRF-rankings\" actualkeyword=\"NIRF rankings\">NIRF rankings<\/keyword>, including both government and private institutions ranked in the top 100 overall, category-specific, and domain-specific rankings.<\/li>\n<li>State government institutions ranked 101-200 and all central government institutions are also eligible. The annual updates based on NIRF rankings currently include 860 QHEIs, potentially benefiting over 22 lakh students.<\/li>\n<li>For loans up to Rs 7.5 lakhs, students will receive a 75% credit guarantee on outstanding defaults, encouraging banks to provide educational loans under this scheme.<\/li>\n<li>Students from families with annual income up to Rs 8 lakhs, who don&#8217;t qualify for other government scholarships or interest benefits, can receive 3% interest support during the moratorium period for loans up to Rs 10 lakhs.<\/li>\n<\/ul>\n<\/div>\n<p>This support targets one lakh students annually, prioritizing government institution students in technical\/professional courses.<\/div>\n<\/div>\n<p><script>\nvar _mfq = window._mfq || [];\n_mfq.push([\"setVariable\", \"toi_titan\", window.location.href]);\n!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n         function setAttributes() {\n                    var prime_user_status = window.isPrime ? 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(Image source: Freepik) PM Vidyalaxmi approved by Cabinet: Prime Minister Narendra Modi-led Cabinet on Wednesday approved the PM Vidyalaxmi scheme. The government has allocated Rs 3,600 crore for 2024-25 to 2030-31, aiming to assist 7 lakh [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":169148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static.toiimg.com\/thumb\/msid-115014969,imgsize-30242,width-400,resizemode-4\/115014969.jpg","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[5960,289,5099,2313,131156,2098,1652,6572,131154,273,5957,25174,14721,92676,131153,131152,8940,272,131155,131151],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/169147"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=169147"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/169147\/revisions"}],"predecessor-version":[{"id":169149,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/169147\/revisions\/169149"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/169148"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=169147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=169147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=169147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}