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It is a new Central Sector scheme that seeks to provide financial support to meritorious students for higher studies.
- National Education Policy, 2020, had recommended financial assistance to meritorious students in both public and private Higher education institutions.
Salient features of the scheme
- Objective: Provide financial support through collateral free, guarantor free loan from banks and financial institutions to cover full amount of tuition fees and other expenses related to the course in higher education.
- Eligibility: Any student who gets admission in Quality Higher Education Institution (QHEIs).
- Coverage: 860 qualifying QHEIs (Based on NIRF ranking), covering more than 22 lakh students.
- Benefits: Loan amounts up to Rs.7.5 lakhs will be provided a 75% credit guarantee by the Government of India.
- 3% interest subvention for loan up to Rs.10 lakhs during moratorium period for eligible students.
- Entirely digital system: Unified portal "PM-Vidyalaxmi" for application of education loan as well as submit request for disbursement of interest subvention.
- Payment of interest subvention will be made through E-voucher and Central Bank Digital Currency (CBDC) wallets.
- It will supplement Pradhan Mantri Uchchatar Shiksha Protsahan (PM-USP) Scheme.
About Pradhan Mantri Uchchatar Shiksha Protsahan (PM-USP) Scheme
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