PM Vidyalaxmi Scheme: A Boost for Students
Introduction
The PM Vidyalaxmi scheme has been approved, and UGC Chairman M Jagadesh Kumar expressed his gratitude to Prime Minister Narendra Modi. This initiative aims to help students from socially and economically disadvantaged backgrounds pursue higher education.
Key Features of the Scheme
The scheme offers loans up to Rs 7.5 lakh without the need for a guarantor. Students admitted to higher education institutions can apply for these collateral-free loans through the PM Vidyalaxmi portal.
Eligibility and Benefits
Students with an annual family income of up to Rs 8 lakh can receive a three per cent interest subsidy on loans up to Rs 10 lakh. Those with an income of up to Rs 4.5 lakh are eligible for a full interest subsidy. The scheme aims to support up to one lakh students each year.
Government’s Commitment
The government is committed to ensuring that no deserving student is denied higher education due to financial constraints. The Department of Higher Education will list high-quality institutions eligible for the scheme.
Conclusion
This initiative is a significant step towards making higher education accessible to all, regardless of financial background.
Doubts Revealed
PM Vidyalaxmi Scheme -: The PM Vidyalaxmi Scheme is a program started by the Indian government to help students from poor families get money for higher education. It provides loans to students so they can pay for college or university.
UGC -: UGC stands for University Grants Commission. It is an organization in India that looks after the standards of universities and colleges, making sure they provide good education.
M Jagadesh Kumar -: M Jagadesh Kumar is the Chairman of the University Grants Commission (UGC) in India. He is responsible for overseeing higher education institutions in the country.
Guarantor -: A guarantor is a person who promises to pay back a loan if the borrower cannot. In the PM Vidyalaxmi Scheme, students can get loans without needing someone to be a guarantor.
Interest subsidies -: Interest subsidies mean that the government helps pay part of the interest on a loan, making it cheaper for students to borrow money for their education.