Note4Students
From UPSC perspective, the following things are important :
Prelims level: PM-Vidyalaxmi Scheme
Why in the News?
The Union Cabinet has approved a new Central Sector Scheme named PM Vidyalaxmi to provide financial assistance to meritorious students pursuing higher education.
About the PM Vidyalaxmi Scheme:
| Details | |
| Objective | To provide financial assistance to meritorious students pursuing higher education in quality institutions. |
| Eligible Students | Students gaining admission to the top 860 Quality Higher Education Institutions (QHEIs), including government and private institutions. |
| Annual Family Income Criteria | Up to ₹8 lakh for students who do not qualify for other government scholarships or interest subsidies. |
| Eligibility Based on NIRF Rankings | • Top 100 institutions in overall, category-specific, and domain-specific NIRF lists. • State government-run institutions ranked 101-200. • All Central government-governed institutions. |
| Loan Amounts | • Loans up to ₹7.5 lakh with a 75% credit guarantee. • For loans up to ₹10 lakh, 3% interest subvention during the moratorium period. |
| Target Beneficiaries | Approximately 1 lakh students each year, with preference for students in technical or professional courses from government institutions. |
| Financial Outlay | ₹3,600 crore for the period from 2024-25 to 2030-31. |
| Expected Impact | Benefit for 7 lakh new students through interest subvention during the scheme’s duration. |
| Application Process | Applications can be submitted via the PM-Vidyalaxmi portal for loans and interest benefits. |
| Payment Processing | Interest support payments through e-vouchers and Central Bank Digital Currency (CBDC) wallets. |
| Significance | Aims to enhance access to higher education for meritorious students, reducing financial barriers. |
PYQ:[2016] Pradhan Mantri MUDRA Yojana is aimed at: (a) bringing the small entrepreneurs into formal financial system |
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