Introduction
“Now if you want to take an education loan for your children, you don’t need to give any collateral. They give you a loan without any guarantee. If you are unable to repay the education loan, then the government will repay 75 percent of the total amount for you. The government has now allocated Rs 3,600 crore for this loan assistance.
PM Vidyalakshmi Scheme Eligibility
They have also said that 22 lakh students will benefit a lot through this. If you want to know what the name of such a super educational scheme is, whether you are eligible for it, how to get it, where to buy it, how much it costs, what the eligibility criteria are, etc.,
Key Benefits of PM Vidyalakshmi
I study very well, sister, but we cannot afford the cost of higher education in my home. That is why you cannot go and study at a place of your choice. They say that we cannot continue your studies in college if you want to. I have heard many parents come and say that my child studies very well, but we do not have the courage or money to fulfill my child’s desire. So it is for people like us that the government has introduced the ‘PM Vidyalakshmi’ scheme.
The central government has now approved this scheme on November 6, 2024. If you look at this scheme, 3,600 crore rupees have been allocated. Through this, 22 lakh students are going to benefit. Surely, we are also a part of it. You should have that belief in your mind that there are opportunities to be together. So before I tell you who can benefit from this project, many people who were waiting to see it came and started their own business, started from their business house, started a small shop, started working for one or two people and came to work, and they would have continued to do, right?
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Now, let’s come to our regular topic. PM Vidyalakshmi Scheme. So, first of all, do you know what is very attractive about this scheme? If you have taken a loan and are unable to repay the loan, then the government has said that they will repay 75 percent of your total loan. This is very interesting because it is a loan without a credit guarantee.
When it comes to education loans, you have to give this, that certificate, and that bond; none of it is without a guarantee. Just that you have studied well, you want to go to a good place, and you have an interest in it. The government gives a 75% credit guarantee. As I said earlier, if you are unable to repay the loan, then the government will come and take responsibility for 75 percent of your total loan and repay it.
So, there is no eligibility for this. How much will be given for this loan assistance? When you look at it, only if you have taken a loan assistance of less than seven and a half lakh rupees, this category is valid for you. Next, an important point is that they give a 3% interest subsidy. For example, each bank will quote an interest rate of 8 to 13% for this education loan.
We should go after seeing which interest rate is being offered by which bank and know it clearly. We can benefit from this scheme and one important point to say that they will definitely come to us and approve the loan is that the government itself has given 75% of the amount.
Now, when you look at this subsidy, what do you mean by subsidy on interest? Let’s say your education is engineering for example, four years of engineering plus one year or six months, depending on each bank, there will be a ‘moratorium period’. That is, after completing your studies, whether you are looking for a job or not, that period is called the moratorium period.
Moratorium Period
Until then, you will not start repaying the loan, only after that you will start repaying the loan. A certain amount of interest will definitely be added to that moratorium period. They give 3 percent as a subsidy from that interest. For example, if your education loan is paying 10 percent interest, then you only need to pay 7 percent, instead of the 3 percent subsidy.
So, if you look at the criteria for this, only if your loan amount is 10 lakh rupees, only if you have taken a loan of 10 lakh rupees or less than 10 lakh rupees, then you will be given a subsidy of 3% for that moratorium period. Apart from that, do you know how much your annual income should be? It should be less than 8 lakh rupees. So if all this is correct, you will get this subsidy.
So, if you look at your loan, whether it is 10 lakhs or seven and a half lakhs or four and a half lakh rupees, that is enough for me. Only the amount less than four and a half lakh rupees is a loan that is required for the cost of education; then there is no subsidy for that moratorium period. That is, don’t worry, you don’t have to pay any interest. The government has said that you don’t have to pay any interest of zero paisa; no matter how much it is, there will be a subsidy for the entire percentage.
So, this is definitely a very useful scheme for many people who want to study in a good place, go to a good place, study well, and have good talent, but their economic situation is not very good at home. So, what is the specific thing they are saying here? Then we can go and study in 860 top-quality higher education institutions.
Colleges
How did they decide on this top 860? Then it is through ‘NIRF’ that they have considered these 860 institutions that can be top.Not only that, if you want all this subsidy, then that person, that candidate, that student should not have taken any subsidy before this, should not have taken any loan, then only then they can benefit from this scheme.
Eligibility
So in this post, how can we get help from this PM Vidya Lakshmi scheme, how do we get a loan from the government for the education expenses of our children, is this an eligible person for us, such a question must be in your mind now.
It is enough to have passed the 12th standard and have an Aadhaar card and be an Indian resident. That is, if you are an Indian citizen, you can benefit from this scheme. And this PM, Vidya Lakshmi, has a portal; go there and check it.