Following the approval of the ‘PM Vidyalakshmi’ Scheme by the Union Cabinet on Wednesday, Union Home Minister Amit Shah thanked Prime Minister Narendra Modi and the country’s youth.

The new program offers educational loans without collateral or guarantees in an effort to assist middle-class students in overcoming the financial barriers to higher education.

Union Home Minister Amit Shah praised Prime Minister Narendra Modi in a post on X for making sure that worthy students will no longer be prevented by financial limitations. This plan, which was drafted by Amit Shah, aims to provide educational loans without guarantees or collateral. PM Modi has made sure that no student is denied the education they are entitled to.

“Congratulations to our young people on the removal of a significant barrier to their achievement with today’s Union Cabinet approval of the ‘PM Vidyalakshmi’ Scheme. “Modi Ji has made sure that no student is denied the education they deserve due to their financial situation by conceiving of a guarantee-free and collateral-free educational loan scheme,” his post on X said.

Union Home Minister Amit Shah wrote on X, “My heartfelt gratitude to Modi Ji for the landmark decision to provide our youth with the nurturing to bloom as the pioneers of our nation’s future.”

A new program called PM Vidyalaxmi, which aims to help middle-class students who want to enroll in higher education but have financial limitations, was approved by the Union Cabinet earlier today.

Through the PM Vidyalaxmi plan, any student who is accepted into a higher education institution and wants to take out an education loan to continue their studies there is entitled to do so.

Following the Cabinet meeting, Union Information Minister Ashwini Vaishnaw told reporters, “Such loans will be collateral-free and guarantor-free.”

Under the initiative, no more than one lakh pupils would be served annually.

For education loans up to Rs 10 lakh, students with a household income of up to Rs 8 lakh per year are eligible for a 3% interest subsidy.

This is on top of the entire interest subsidy currently provided to students whose household income does not exceed Rs. 4.5 lakh per year.

According to the administration, financial limitations will not prevent any deserving student from pursuing higher education.

The Top 200 HEIs of the State/UT Government in NIRF, the Top 100 ranked institutes in the overall/category-specific and/or domain-specific rankings in NIRF, and all other HEls under Gol will be included in the annual list of high-quality institutions prepared by the Department of Higher Education.

The PM-Vidyalaxmi site will be used to handle loan applications for approval, tracking, and disbursement.

Credit guarantees of 75% of outstanding default are available for loans up to Rs 7.5 lakh.

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