PM-Vidyalaxmi Scheme 2024 Revolutionises Education: Know Everything

The Union Cabinet, led by Prime Minister Narendra Modi, has launched the PM-Vidyalaxmi scheme, a groundbreaking initiative designed to ensure that financial barriers do not hinder meritorious students from pursuing quality higher education. This scheme is a significant step forward in realizing the goals of the National Education Policy, 2020, which emphasises financial support for deserving students across both public and private higher education institutions (HEIs).

Empowering Dreams: PM-Vidyalaxmi Scheme to Transform Higher Education Access in India

PM-Vidyalaxmi Scheme 2024

Key Features of the PM-Vidyalaxmi Scheme

1. Comprehensive Financial Support

The PM-Vidyalaxmi scheme offers a unique opportunity for students admitted to top-quality Higher Education Institutions (QHEIs) to access collateral-free and guarantor-free education loans. This initiative covers the full tuition fees and other related expenses, ensuring that students can focus on their studies without financial stress.

2. Wide Coverage Across Institutions

The scheme applies to institutions ranked within the top 100 in the National Institutional Ranking Framework (NIRF) across various categories, as well as state government HEIs ranked between 101-200. This includes both government and private institutions, initially covering 860 qualifying QHEIs and potentially benefiting over 22 lakh students annually.

3. Generous Credit Guarantee and Interest Subvention

  • Credit Guarantee: For loans up to ₹7.5 lakhs, the government provides a 75% credit guarantee, encouraging banks to extend loans to students.
  • Interest Subvention: Students with an annual family income of up to ₹8 lakhs, who are not eligible for other government scholarships, can receive a 3% interest subvention on loans up to ₹10 lakhs during the moratorium period. This benefit is expected to reach 7 lakh new students by 2030-31.
PM-Vidyalaxmi Scheme 2024

4. Digital and Student-Friendly Application Process

The scheme will be administered through a unified digital portal, “PM-Vidyalaxmi,” simplifying the application process for education loans and interest subvention. Payments will be facilitated through E-vouchers and Central Bank Digital Currency (CBDC) wallets, ensuring a seamless experience for students.

Enhancing Access to Quality Education

The PM-Vidyalaxmi scheme builds on the Government of India’s decade-long efforts to enhance educational access and financial inclusion. It complements existing initiatives like the Central Sector Interest Subsidy (CSIS) and Credit Guarantee Fund Scheme for Education Loans (CGFSEL), providing holistic support to students pursuing higher education in quality HEIs and technical/professional courses.

FAQs

1. What is the PM-Vidyalaxmi scheme?

The scheme is a government initiative aimed at providing financial support to meritorious students, ensuring that financial constraints do not prevent them from pursuing higher education in top-quality institutions.

2. Who is eligible for the PM-Vidyalaxmi scheme?

Students admitted to top-ranked HEIs as per NIRF rankings, with an annual family income of up to ₹8 lakhs, are eligible for the scheme. The scheme covers both government and private institutions.

3. What financial benefits does the scheme offer?

The scheme offers collateral-free, guarantor-free loans with a 75% credit guarantee for amounts up to ₹7.5 lakhs. Additionally, a 3% interest subvention is available for loans up to ₹10 lakhs for eligible students.

4. How can students apply for the PM-Vidyalaxmi scheme?

Students can apply through the “PM-Vidyalaxmi” digital portal, which provides a streamlined application process for education loans and interest subvention.

5. How does the scheme complement existing government initiatives?

The scheme enhances the scope of existing initiatives like CSIS and CGFSEL, providing comprehensive financial support to students pursuing higher education and technical/professional courses.


The PM-Vidyalaxmi scheme is a transformative step towards making quality higher education accessible to all deserving students in India, empowering them to achieve their academic and professional aspirations without financial hindrance.

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