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Educating India's young population
Hindustan Times Rajasthan
|December 27, 2024
The Vidyalaxmi scheme seeks to democratise higher education by allowing young Indians to choose a quality college of their choice
On November 6, 2024, the Union Cabinet approved the path-breaking PM Vidyalaxmi scheme to financially support meritorious students who secure admission to India's top higher education institutions. In one stroke, it offers possibilities for a generation of young Indians to choose a high-quality college of their choice. By providing collateral-free, guarantor-free education loans, and interest subventions by income level, the scheme aims to cover over 22 lakh students (roughly 22% of all students enrolling in colleges each year) enrolling in the top 860 higher education institutions - across private, state-run and centrally governed institutions - based on the National Institutional Ranking Framework (NIRF). Students who apply for a loan amount up to ₹7.5 lakh will be eligible for a credit guarantee of 75%. Students with a family income of up to ₹8 lakh who are not eligible for benefits under any other government scholarships and interest subventions, will receive a 3% interest subvention for a loan amount up to ₹10 lakh during the moratorium period.
This story is from the December 27, 2024 edition of Hindustan Times Rajasthan.
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