The Government of India runs many schemes for the people of the country. Most of the government schemes are for the poor and needy people of the country. Today, on 6 November, a new scheme has been approved in the cabinet meeting chaired by Prime Minister Narendra Modi. The name of this scheme is Pradhan Mantri Vidya Lakshmi Yojana which will provide financial assistance to poor students.

So that no and every student in India leaves his studies due to lack of money. The purpose of this scheme is to provide financial help to the students to study in good educational institutions. Under the scheme, students will also be given subsidies on education loans, which can be taken. Let us tell you about the benefits of this scheme.

What is Pradhan Mantri Vidya Lakshmi Yojana?

Under the Pradhan Mantri Vidya Lakshmi Yojana, upon admission to a Quality Higher Education Institution (QHEI), students will be able to get a loan without any guarantee from financial institutions and banks to cover the tuition fees and other expenses related to the syllabus. Under the Pradhan Mantri Vidyalakshmi Yojana, a simple and transparent system will be created. Which will be completely digital. Under the Pradhan Mantri Vidyalakshmi Yojana, more than 22 lakh students will be given loans every year. For loans up to Rs 7.5 lakh, a 75% credit guarantee will also be given by the government.

More than one lakh students will be given benefits every year

Talking about this scheme, Union Minister Ashwin Vaishnav said that families whose annual income is 8 lakhs or less. Those who are not getting the benefit of any kind of government scholarship or any other interest rebate scheme. Those people will also be given a 3 percent interest rebate on loans up to Rs 10 lakh during the moratorium period.

Under this scheme, the government will benefit more than one lakh students every year. Under this scheme, the government will give preference to those students who are doing technical or professional courses. The government will spend Rs 3600 crore in the scheme from 2024-25 to 2030-31. During this period, a total of 7 lakh students will be given the benefit of interest waiver.

(PC: Freepik)