The Union Cabinet has approved a new Central Sector Scheme, PM Vidya Lakshmi
The PM-Vidyalaxmi scheme has been recently approved by the Union Cabinet with the primary aim of providing financial support to meritorious students in India, thereby ensuring that financial constraints do not hinder their pursuit of quality higher education. This initiative is particularly focused on enabling access to higher education for those from economically challenged backgrounds.
A unified online portal named ‘PM-Vidyalaxmi’ will be launched where students can apply for education loans and interest subventions through a simplified process accessible to all banks. Payments for interest subventions will be processed via digital means, enhancing the efficiency of fund disbursement.
The scheme’s benefits will be available for institutions ranked within the top categories according to the National Institutional Ranking Framework (NIRF). This includes all government and private institutions in the top 100 categories, state government institutions ranked between 101 and 200, along with all central government-run institutions. The list of eligible institutions will be updated annually based on new NIRF rankings.
By addressing the financial barriers that students face in accessing higher education, the PM-Vidyalaxmi scheme exemplifies the Indian government’s commitment to empowering youth and fostering equitable educational opportunities across the country. The initiative aims to bring about a transformative change, ensuring that no meritorious student is denied quality education due to financial constraints, thus encouraging a generation of well-educated and skilled individuals ready to contribute to the nation’s development.
