The PM Vidyalaxmi Scheme is an innovative Central Sector initiative designed to provide essential financial support to meritorious students pursuing higher education. This scheme aims to empower students by facilitating access to quality education through manageable financial assistance.
Students who secure admission in any of the 860 Quality Higher Education Institutions (QHEIs), which include both government and private institutions, are eligible for this scheme. This broad eligibility ensures that a diverse range of students can benefit.
The scheme offers collateral-free and guarantor-free loans from banks and financial institutions. These loans are aimed at covering tuition fees and other course-related expenses, making higher education more accessible to all.
Under the PM Vidyalaxmi Scheme, students can avail loans up to INR 7.5 lakh. There is a 75% credit guarantee provided by the government, ensuring that banks and financial institutions are more willing to lend to students.
This initiative is expected to benefit a total of 22 lakh students, with approximately 7 lakh new students projected to utilize the scheme each year from 2024 to 2031. This vast reach highlights the government's commitment to enhancing educational opportunities.
The total financial outlay for the PM Vidyalaxmi Scheme is set at INR 3,600 crore, covering the period from 2024-25 to 2030-31. This substantial investment underscores the importance of education in nation-building.
As Nelson Mandela once said, “Education is the most powerful weapon you can use to change the world.” The PM Vidyalaxmi Scheme exemplifies this belief by providing the necessary financial support to ensure that aspiring students can access quality higher education.
Q1. What is the primary goal of the PM Vidyalaxmi Scheme?
Answer: The primary goal of the PM Vidyalaxmi Scheme is to provide financial support to meritorious students pursuing higher education through loans without collateral or guarantors.
Q2. Who can apply for loans under the PM Vidyalaxmi Scheme?
Answer: Students who secure admission in any of the 860 Quality Higher Education Institutions (QHEIs) are eligible to apply for loans under the PM Vidyalaxmi Scheme.
Q3. How much financial assistance can a student receive?
Answer: Under the PM Vidyalaxmi Scheme, students can receive loans up to INR 7.5 lakh to cover their tuition fees and other related educational expenses.
Q4. What is the expected impact of the PM Vidyalaxmi Scheme?
Answer: The PM Vidyalaxmi Scheme is expected to benefit approximately 22 lakh students, helping them pursue higher education from 2024 to 2031, enhancing educational access.
Q5. What is the total investment for the PM Vidyalaxmi Scheme?
Answer: The government has allocated INR 3,600 crore for the PM Vidyalaxmi Scheme, supporting educational loans from 2024-25 to 2030-31.
Question 1: What is the maximum loan amount under the PM Vidyalaxmi Scheme?
A) INR 5 lakh
B) INR 7.5 lakh
C) INR 10 lakh
D) INR 15 lakh
Correct Answer: B
Question 2: How many students are expected to benefit annually from this scheme?
A) 5 lakh
B) 7 lakh
C) 10 lakh
D) 15 lakh
Correct Answer: B
Question 3: What type of loans does the PM Vidyalaxmi Scheme offer?
A) Secured loans
B) Collateral-free loans
C) Personal loans
D) Business loans
Correct Answer: B
Question 4: What is the total financial outlay for the PM Vidyalaxmi Scheme?
A) INR 2,000 crore
B) INR 3,600 crore
C) INR 5,000 crore
D) INR 10,000 crore
Correct Answer: B
Question 5: Which institutions are included in the PM Vidyalaxmi Scheme?
A) Only private institutions
B) Only government institutions
C) Quality Higher Education Institutions (QHEIs)
D) Vocational institutions
Correct Answer: C
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