Lok Sabha Question No. 87 (STARRED), answered on 2024-12-02
Subject: PM Vidyalaxmi Scheme
Ministry: EDUCATION
Asked by: Shri Malaiyarasan D, Shri Tharaniventhan M S

## GOVERNMENT OF INDIA MINISTRY OF EDUCATION DEPARTMENT OF HIGHER EDUCATION LOK SABHA STARRED QUESTION No. 87

## ANSWERED ON 02/12/2024

## PM Vidyalaxmi Scheme

- *87. Shri Malaiyarasan D:

Shri Tharaniventhan M S:

Will the Minister of EDUCATION be pleased to state:

(a) whether the Government has launched PM-Vidyalaxmi scheme; (b) if so, the details thereof including the reasons therefor; (c) the aims and objectives of the scheme; (d) the funds likely to be sanctioned for the scheme; (e) whether the Government has fixed any target under this scheme, if so, the details thereof; and

- (f)  the  details  and  number  of  States  likely  to  be  covered  under  the  scheme  and  whether  the Government has included Tamil Nadu State under this scheme, if so, the details thereof and if not, the reasons therefor?

## ANSWER

## MINISTER OF EDUCATION (SHRI DHARMENDRA PRADHAN)

- (a) to (f): A Statement is laid on the Table of the House

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## STATEMENT REFERRED TO IN REPLY TO PARTS (A) TO (F) OF LOK SABHA STARRED  QUESTION  NO.  87  FOR  ANSWER  ON  02.12.2024  ASKED  BY  SHRI MALAIYARASAN D AND SHRI THARANIVENTHAN M S, HON'BLE MEMBERS OF PARLIAMENT REGARDING 'PM VIDYALAXMI SCHEME'

(a) to  (c):    The  Government  of  India  has  approved  PM-Vidyalaxmi,  a new Central  Sector scheme to provide financial support to meritorious students so that financial constraints do not  prevent  any  youth  of  India  from  pursuing  quality  higher  education  in  India.  A  special loan product has been developed to provide collateral free, guarantor free education loans; accessible  through  a  simple,  transparent,  student-friendly  and  entirely  digital  application process.  Loan  amounts  up  to  Rs.  7.5  lakhs  are  provided  a  75%  credit  guarantee  by  the Government of India, to support banks to expand coverage. Furthermore, for students with up to  Rs.  8  lakhs  annual  family  income,  the  scheme  provides  for  3%  interest  subvention  on loans up to Rs 10 lakh. This is in addition to the full interest subvention already offered to students with up to Rs. 4.5 lakhs annual family income for pursuing professional/technical courses  in  India  under  the  Pradhan  Mantri-Uchchatar  Shiksha  Protsahan  (PM-USP).  PMVidyalaxmi aims to build on the scope and reach of initiatives taken over the last decade for maximizing access to quality higher education for the youth.

(d)  &  (e):Under  the  PM-Vidyalaxmi,  all  the  meritorious  students  who  get  admission  in Quality Higher Educational Institutions (QHEIs) in India are eligible to avail education loan, if they so desire, which translates to cover about 22 lakh students every year. The QHEIs are selected based on latest National Institutional Ranking Framework (NIRF) ranking. Further, under  PM-Vidyalaxmi,  for  3%  interest  subvention,  1  lakh  slots  for  fresh  students  are available each year. An outlay of Rs. 3,600 Crore has been made from 2024-25 to 2030- 31, for  providing  3%  interest  subvention  benefit  for  up  to  7  lakh  fresh  students  during  this period.

(f):  Meritorious students from all States and Union Territories including Tamil Nadu, who get admission in the QHEIs are eligible for coverage under the scheme.

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