PM Vidyalakshmi Yojana: Government is giving loan up to Rs 10 lakh to poor students for studies, know the scheme

A large population of the country is of economically weaker people. These people have to face many difficulties in living their lives. Apart from this, these people also face many financial difficulties in educating their children. Many students have to leave their education midway due to financial constraints. In view of this, the Government of India has started a very wonderful scheme.

The name of this scheme is Pradhan Mantri Vidya Lakshmi Yojana. This scheme was approved in the cabinet meeting held on 6 November under the chairmanship of Prime Minister Narendra Modi. Under this scheme, the government will provide financial assistance for education to the economically weaker students of the country. In this episode, let us know what is Pradhan Mantri Vidya Lakshmi Yojana and how can you take advantage of this scheme?

What is Pradhan Mantri Vidya Lakshmi Yojana?

Under the Pradhan Mantri Vidya Lakshmi Yojana, students taking admission in quality higher education institutions will get loans from banks and financial institutions without guarantee for fees and other expenses.

Under this scheme, students can take loans up to Rs 10 lakh without guarantee. On the other hand, students will get up to 75 percent credit guarantee from the government on loans up to Rs 7.5 lakh.

Under the scheme, students whose family income is Rs 4.5 lakh per annum will get full subsidy on interest. Apart from this, students from families with an annual income of Rs 8 lakh will be given a subsidy of 3 percent interest on loans up to Rs 10 lakh.

The application process in Pradhan Mantri Vidya Lakshmi Yojana is quite easy. You will not have to face any kind of problems in this. You can easily apply in the scheme by visiting the official website of this scheme https://www.vidyalakshmi.co.in/Students/.

(PC: Adobe stock)