Eligibility Criteria for the PM Vidya Lakshmi Yojana: Are You Eligible for Financial Support?

The PM Vidya Lakshmi Yojana is designed to support the Central Sector Interest Subsidy (CSIS) and the Credit Guarantee Fund Scheme for Education Loans (CGFSEL), which are part of the PM-USP. These schemes are managed by the Department of Higher Education.

The PM Vidya Lakshmi Yojana, launched by the Government of India on Wednesday, is designed to provide financial aid to students pursuing higher education. The initiative aims to ensure that financial constraints do not hinder students from enrolling in prestigious institutions.

Key Features of the PM Vidya Lakshmi Yojana: Eligibility for Loans

+ Students who have secured admission to top-ranking universities, as per the National Institutional Ranking Framework (NIRF), can apply for loans under this scheme.

+ Eligible institutions include the top 100 ranked government and private universities, along with state universities ranked between 101-200, and central universities.

+ The list of qualifying universities will be updated annually.

Loan Benefits: No Collateral Required: Loans will be granted without the need for collateral or a guarantor. The loan amount will cover the entire tuition fee and additional academic expenses.

For loans up to Rs 7.5 lakh, the government will provide a 75% credit guarantee to banks, minimizing the risk of defaults.

Interest Subsidy: An interest subsidy will be provided to make the loans more affordable for students, ensuring financial relief throughout their education.

Also Read: JEE-Main 2025 Session 1 Registration Begins From October 28, 2024 at jeemain.nta.nic.in