Summary:

The Union Cabinet, led by Prime Minister Narendra Modi, has approved the PM Vidyalaxmi plan, a Central Sector initiative designed to provide financial assistance to deserving students. The initiative ensures that financial constraints do not prevent students from pursuing higher education. It offers collateral-free, guarantor-free loans to students admitted to top-ranked Higher Education Institutions (HEIs), as assessed by the National Institutional Ranking Framework (NIRF), to cover tuition and course fees.

The PM Vidyalaxmi initiative will benefit high-performing HEIs, both public and private, ranked in the top 100 by NIRF, as well as state government institutions ranked 101-200. Initially benefiting 22 lakh students from 860 institutions, it provides a 75% credit guarantee for loans up to Rs. 7.5 lakh. Students with household incomes less than Rs. 8 lakh will receive a 3% interest subsidy on loans up to Rs. 10 lakh.

Source: IBEF 

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