Who is Eligible for the PM Vidya Lakshmi Scheme and What is the Loan Amount?
The Pradhan Mantri Vidya Lakshmi Yojana is a significant initiative aimed at supporting financially weaker students pursuing higher education in India. This scheme provides affordable education loans , offering relief to those from families with an annual income of less than Rs 8 lakh.
Who Can Benefit from the Scheme?
The Pradhan Mantri Vidya Lakshmi Yojana is designed to help students from economically disadvantaged backgrounds who aspire to pursue higher education. The scheme is targeted at:
Loan Amount and Interest Subsidy
Under this scheme, eligible students can secure an education loan of up to Rs 10 lakh. The government offers a significant benefit in the form of an interest subsidy:
Priority for Technical and Vocational Courses
Priority is given to students enrolling in technical or vocational courses at government institutions. This ensures that students pursuing education in fields that are critical to national development get the necessary financial support.
Application Process and Eligibility
To apply for the scheme, students must visit the PM Vidya Lakshmi Portal and fill out the Common Education Loan Application Form. The eligibility criteria include:
With an expected reach of around one lakh students annually, the scheme is a vital step toward making higher education accessible to all.
Who Can Benefit from the Scheme?
The Pradhan Mantri Vidya Lakshmi Yojana is designed to help students from economically disadvantaged backgrounds who aspire to pursue higher education. The scheme is targeted at:
- Students whose family income is under Rs 8 lakh annually
- Those seeking admission to recognized, high-quality educational institutions
Loan Amount and Interest Subsidy
Under this scheme, eligible students can secure an education loan of up to Rs 10 lakh. The government offers a significant benefit in the form of an interest subsidy:
- Full interest waiver for students from families earning up to Rs 4.5 lakh annually
- 3% interest subsidy for loans up to Rs 10 lakh for students from families with an income between Rs 4.5 lakh and Rs 8 lakh
Priority for Technical and Vocational Courses
Priority is given to students enrolling in technical or vocational courses at government institutions. This ensures that students pursuing education in fields that are critical to national development get the necessary financial support.
Application Process and Eligibility
To apply for the scheme, students must visit the PM Vidya Lakshmi Portal and fill out the Common Education Loan Application Form. The eligibility criteria include:
- A family income of less than Rs 8 lakh annually
- Admission to recognized educational institutions offering high-quality courses
With an expected reach of around one lakh students annually, the scheme is a vital step toward making higher education accessible to all.
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