What is PM Vidyalaxmi? PM Modi-led Cabinet approves new scheme for collateral-free loans up to Rs 10 lakh for higher education - check details

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Times of India 2w ago

What is PM Vidyalaxmi? PM Modi-led Cabinet approves new scheme for collateral-free loans up to Rs 10 lakh for higher education - check details - Times of India

Quick Summary:

PM Vidyalaxmi: The Cabinet has given its nod to the PM Vidyalaxmi scheme, allocating Rs 3,600 crore to aid 7 lakh students seeking higher education loans.

Students can apply for loans and interest benefits through the unified "PM-Vidyalaxmi" portal, utilizing a simplified application process across all banks.

The scheme will include a 3% interest subsidy and e-vouchers for one lakh students each year.