PM Vidyalaxmi Scheme: A Step Towards Affordable Education

Pradhan Mantri Vidya Lakshmi Yojana is an unprecedented initiative of the Government of India, designed 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 accessing quality education by providing education loans without the need for a guarantor. In today’s article, we will discuss all these points like what the PM Vidyalaxmi Scheme, how it started, and what are its main features.

PM Vidyalaxmi Scheme: 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 do not face any financial hindrance in their education. The goal of this scheme is that no financial problem comes in the way of students getting quality education, and they can realize their dreams.

Objective of the Scheme

The objective of Pradhan Mantri Vidya Lakshmi Yojana is to provide education loan to students across the country, so that they can access the financial resources required for higher education. The scheme is in line with the National Education Policy 2020, which recommended that financial assistance be provided to students in higher education institutions. It aims to ensure that no student faces any hindrance in admission and study in higher education due to financial difficulties.

Key Features of PM Vidyalaxmi Scheme

Education loan without guarantor: The biggest benefit 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, making it transparent and easy.

Loan limit and credit guarantee

Under this scheme, students will be able to get a loan of up to Rs 7.5 lakh. Along with this, a 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 that banks provide loans to students easily.

Interest discount and financial assistance

 Under this scheme, 3% interest discount will be given to those students whose annual family income is up to Rs 8 lakh. Apart from this, students who are not able to get benefits under any other government scholarship scheme will be given this waiver 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 the Pradhan Mantri Vidya Lakshmi Yojana will be completely digital. Students will get the opportunity to apply online for education loan and interest waiver. Apart from this, 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, giving easy access to students and they can get information about loans and scholarships.

Long Term Objective

The aim of Pradhan Mantri Vidya Lakshmi Yojana is not only 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, which prepares the young generation for 21st century employment. This scheme will help students become self-reliant and groom their career.