Pradhan Mantri Vidya Lakshmi Yojana is an unprecedented initiative of the Government of India, created to provide financial assistance to economically disadvantaged and meritorious students to pursue higher education. The scheme aims to remove financial barriers that may prevent students from receiving quality education by providing education loans without the need for a guarantor. In today’s article, we will discuss all these points, what is PM Vidyalakshmi Yojana, how it started and what are its main features.
PM Vidya Lakshmi Yojana: A step towards affordable education
Pradhan Mantri Vidya Lakshmi Yojana is an important initiative of the Government of India, which aims to provide financial assistance to economically weaker and meritorious students in pursuing higher education. Under this scheme, students will be able to get education loan without guarantor, so that they will not have to face any kind of financial obstacle in their education. The aim of this scheme is that no financial problem should come in the way of students getting quality education and they can realize their dreams.
objective of the plan
Pradhan Mantri Vidya Lakshmi Yojana aims to provide education loans to students across the country, so that they can access the necessary financial resources for higher education. The scheme is in line with the National Education Policy 2020, which recommends that financial assistance be provided to students in higher education institutions. Its objective is to ensure that no student faces any barriers to entry and study in higher education due to financial difficulties.
Key Features of PM Vidyalakshmi Yojana
Education loan without guarantor: The biggest advantage of Pradhan Mantri Vidya Lakshmi Yojana is that under this, students will get education loan without guarantor. This will provide great relief to those students who do not have guarantors available. This loan will be given through a completely digital process, which will make it transparent and easy.
Loan Limit and Credit Guarantee
Under this scheme, students will be able to get loan up to Rs 7.5 lakh. Along with this, credit guarantee of up to 75% will also be given, which will ensure that more and more students can get loans. The purpose of this guarantee is to enable banks to easily provide loans to students.
Interest subvention and financial assistance
Under this scheme, 3% rebate in interest will be given to those students whose annual family income is up to Rs 8 lakh. Additionally, students who are not able to avail benefits under any other government scholarship scheme will be given this relaxation on loans up to Rs 10 lakh. This facility will be available to one lakh students every year, especially students studying in technical and professional courses will be given priority.
E-Voucher and Digital Application Process
The application process under Pradhan Mantri Vidya Lakshmi Yojana will be completely digital. Students will get the opportunity to apply online for education loan and interest waiver. Additionally, students will also be able to receive their interest waiver payment through e-voucher during this process.
Smart Platform and Scholarship Features
Pradhan Mantri Vidya Lakshmi Portal is a smart and integrated platform where students can apply for education loans and scholarships. This portal is linked to various banking institutions and government departments, allowing easy access for students and they can get information about loans and scholarships.
long term objectives
Pradhan Mantri Vidya Lakshmi Yojana not only aims to provide financial assistance to students, but it also works for inclusion and expansion of opportunities in the field of education. This scheme is part of Prime Minister Narendra Modi’s initiative in the field of education and skill development to prepare the young generation for 21st century employment. This scheme will help students to become self-reliant and enhance their career.
