PM Vidyalaxmi Scheme:- The Union Cabinet recently authorized a new program called PM Vidyalaxmi which offers financial aid to deserving students who are unable to afford high-quality higher education. However, the benefits of the scheme will be given to those students who get admission into reputable institutions of higher learning. According to Union Minister Ashwini Vaishnaw, this program will cater to 1 lakh pupils annually. Moreover, those who wish to apply for this program must fulfill the qualifying requirements and register themselves on the “PM-Vidyalaxmi” portal. Therefore read the article carefully if you are interested in applying for any internship under this scheme.
Overview of PM Vidyalaxmi Scheme
Union Minister Ashwini Vaishnaw announced on Wednesday (November 6, 2024) that the PM Vidyalaxmi plan for “empowering youth and middle class” has been accepted by the Union Cabinet. Moreover, according to Union Minister Ashwini Vaishnaw, every student admitted to a reputable university with an annual family income of up to ₹8 lakh will be entitled to a 3% interest subsidy for student loans up to ₹10 lakh. However, all government and private HEIs that are ranked in the top 100 overall, category-specific, and domain-specific NIRF rankings, as well as state government HEIs ranked 101–200 in the NIRF, and all Central Government-run institutions, will be eligible for this program. Furthermore, according to an official announcement, this list will be revised annually based on the most recent NIRF ranking. Therefore 860 qualified QHEIs will be included possibly allowing over 22 lakh students to profit from PM-Vidyalaxmi.
pminternship.mca.gov.in Registration
Objectives of the PM Vidyalaxmi scheme
The primary objective of this scheme is to empower young bright minds coming from middle-class families. Moreover, students who are accepted into quality higher education institutions (QHEIs) will be able to apply for loans from banks and other financial institutions without the need for collateral or guarantors because of the PM Vidyalaxmi plan which will be implemented through a government portal. However, students can use a streamlined application process across all banks to apply for loans and interest perks using the unified “PM-Vidyalaxmi” portal. Moreover, payments for interest support will be handled using Central Bank Digital Currency (CBDC) wallets and e-vouchers.
Key Highlights of PM Vidyalaxmi Scheme
| Name of the article | PM Vidyalaxmi Scheme |
| Launched by | The central government of India |
| Advantages | Offers financial aid to deserving students who are unable to afford high-quality higher education from reputable institutions. |
| Beneficiaries | Students whose family income is up to 8 Lakh only |
| Year | 2024-25 |
| Number of beneficiaries | Around 1 lakh students annually |
| Official website | https://www.vidyalakshmi.co.in/Students/ |
PM Vidyalaxmi Scheme Eligibility Institutions
- All government and private HEIs that are ranked in the top 100 overall in NRF ranking.
- State Government HEIs ranked 101–200 in the NIRF.
- All Central Government-run institutions.
Eligibility Criteria for PM Vidyalaxmi Scheme
- The applicant must be an Indian citizen.
- The applicant must be a student.
- The applicant must be the students of the universities or institutions that are eligible for this program.
- The student’s family should only earn up to 8 Lakh rupees.
Financial Rewards under this program
An annual family income of up to ₹8 lakh will be entitled to a 3% interest subsidy for student loans up to ₹10 lakh to afford high-quality education. However, this financial support will be offered to 1 lakh students every year. Moreover, the entire cost of tuition and other course-related expenditures will be covered by the loan.
Steps for PM Vidyalaxmi Scheme Online Registration
Step 1: To begin the registration procedure the candidate must go to the program’s official website.
Step 2: The candidate must fill out their profile by entering the required information on the website’s main page.
Step 3: Following this candidates must create their account.
Step 4: You can complete the registration procedure by following these steps.
FAQs
What is the aim of the Prime Minister Vidyalaxmi Scheme?
The primary objective of this scheme is to empower young bright minds coming from middle-class families by providing them with education expenses.
Who is entitled to the PM Vidyalaxmi Scheme benefits?
Every student admitted to a reputable university with an annual family income of up to ₹8 lakh will be entitled to a 3% interest subsidy for student loans up to ₹10 lakh under this program.