How does Cabinet-approved PM-Vidyalaxmi help 22 lakh deserving students annually?
Banks and other financial organizations will offer “collateral free, guarantor free” loans to any student who is accepted into a recognized, high-quality higher education school.
The Awadh Times – New Delhi: PM-Vidyalaxmi, a new central government program designed to give financial aid to deserving students so they can attend 860 of the best universities in the nation, was authorized by the Cabinet on Wednesday.
Over 22 lakh students are anticipated to gain annually from PM-Vidyalaxmi, which was first suggested in the budget that Union Finance Minister Nirmala Sitharaman presented in July.
Any student who is accepted into a reputable higher education institution (HEI) approved by the Union Ministry of Education will be qualified to receive a “collateral free,” “guarantor free” loan from banks or other financial institutions to pay for all of their tuition costs and other course-related expenses, according to a statement released on Wednesday.
For the initiative, which would be run digitally, a total of Rs 3,600 crore has been allocated over seven years (FY 2024–2025 to FY 2030–31).
The National Education Policy, 2020, which suggested that financial aid be made available to deserving students through a variety of ways in both public and private HEIs, is the source of PM-Vidyalaxmi, another important effort, according to the statement released on Wednesday.
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