Delhi- The government is taking new steps to empower India’s youth. In this context, the approval of Prime Minister Vidya Laxmi Yojana is a historic step towards empowering the youth of India. This bold initiative is a testament to the government’s unwavering commitment to providing equal access to quality education to all Indian youth at this time. At a time when the world is developing rapidly, the PM Vidya Lakshmi Yojana could not have come at a better time. This policy is set to transform India’s educational landscape, giving students from all backgrounds a fair chance to pursue their dreams without financial constraints.
India has long been a bastion of intelligence and innovation, and its thriving young population is its most valuable asset. However, many talented students face the difficult reality of financial constraints that prevent them from enrolling in high-quality higher education institutions. The vision of providing loans without collateral or guarantors is an important step in addressing this challenge. The plan embodies the spirit of the National Education Policy 2020, in which access to education is guaranteed. And financial inclusion has been cited as a key element in promoting success. By providing opportunities to bright students, regardless of their economic background, we are laying the foundation for a more inclusive and prosperous India.
Chief Minister Vidyalakshmi Special Feature
Let us tell you that a special feature of PM Vidyalakshmi is that it aims to provide access to loans to students enrolled in top-ranked institutions across the country, as determined by NIRF ranking. With a special focus on quality, the scheme covers the top 100 ranked institutions, including public and private higher education institutions, as well as state government institutions and central government institutions ranked in the range 101-200. This initiative will initially benefit over 22 lakh students from 860 eligible institutions and will bring a transformative change in the way students approach higher education financing in India.
Also, the provision of 75% credit guarantee for loans up to Rs 7.5 lakh is a masterstroke. This initiative will encourage banks to provide loans to students with minimum hesitation, allowing them to pursue their dreams without worrying about the burden of repayment during their years of study. Additionally, the scheme offers 3% interest subvention on loans up to Rs 10 lakh for students from families with annual income up to Rs 8 lakh. For the first time, a plan so generously addresses the needs of low-income students, allowing them to thrive in an academic environment without the shadow of debt.
