PM Vidyalakshmi Yojana was approved in the Modi cabinet meeting on Wednesday 6 November. Under this, financially poor students will get loan up to Rs 10 lakh without any guarantee. Apart from this, the Government of India will give 75% credit guarantee on loans up to Rs 7.5 lakh. That means, if the student is unable to repay the loan, the government will pay 75% of the money to the bank.
Under this scheme, students from families with annual income of Rs 4.5 lakh will be given subsidy on entire interest. Along with this, children from families with annual income of Rs 8 lakh will be given 3% interest subsidy on loans up to Rs 10 lakh.
More than 22 lakh students of the country will come under the scope of this scheme.
Under this scheme, interest subsidy will be given to students from families with annual income of Rs 4.5 lakh and students from families with annual income of Rs 8 lakh. There will be help in taking education loan under this scheme directly from banks.
The thing to keep in mind is that this loan will be given only to those students who are not taking advantage of any government scholarship.
At the same time, the first 3% interest subsidy will be available on loans up to Rs 10 lakh. PM Vidyalakshmi Yojana is an extension of the National Education Policy 2020.
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