Lok Sabha Question No. 1780 (UNSTARRED), answered on 2025-03-10
Subject: PM Vidyalaxmi Scheme
Ministry: EDUCATION
Asked by: Shri Lavu Sri Krishna Devarayalu, Shri G M Harish Balayogi, Shri Dinesh Chandra Yadav

## GOVERNMENT OF INDIA MINISTRY OF EDUCATION DEPARTMENT OF HIGHER EDUCATION

## LOK SABHA UNSTARRED QUESTION NO. 1780

ANSWERED ON- 10/03/2025

## PM VIDYALAXMI SCHEME

† 1780. SHRI DINESH CHANDRA YADAV:

SHRI LAVU SRI KRISHNA DEVARAYALU:

SHRI G M HARISH BALAYOGI:

Will the Minister of EDUCATION be pleased to state:

(a) the details of number of students benefited from PM-Vidyalaxmi Scheme since its inception particularly those enrolled in technical and skill-oriented courses, State-wise particularly in Bihar and Andhra Pradesh;

- (b) the main objectives of the PM-Vidyalaxmi Scheme and the amount disbursed and spent on this scheme since its inception, State-wise and year-wise;
- (c) the time limit set to achieve the objectives of this scheme;
- (d) the number of OBCs/SCs/STs  male/female student benefitted under the Scheme in Andhra Pradesh, district-wise;

(e) whether the Government has formulated any strategies to link educational financing under the Scheme with labour markets specific skills demands particularly in technical sectors; and (f) If so, the details thereof?

## ANSWER

## MINISTER OF STATE IN THE MINISTRY OF EDUCATION (DR. SUKANTA MAJUMDAR)

(a) to (f): The main objectives of the PM Vidyalaxmi, a new central sector scheme launched on 6 th November 2024, is to ensure that no student is denied the opportunity to pursue higher education due to financial constraints. Under the scheme, collateral-free and guarantor-free education loan is provided to all students, including students of Bihar and Andhra Pradesh, who get merit-based admission in top Quality Higher Education Institutions (QHEIs) and who desire to avail the education loan. All the OBCs/SCs/STs, male and female students getting merit based admission in the QHEIs for degree/ diploma programmes can avail this benefit.

Further, for students with annual family income up to ₹ 8 lakh, the scheme provides 3% interest subvention on loans up to ₹ 10 lakhs. Up to one lakh fresh students not getting any other scholarship or interest subvention on education loan will get this interest subvention. In case number of fresh applicants for availing the benefit of interest subvention exceeds one lakh, allIndia slots will be distributed across States based on population to ensure equitable inter-state representation, which translates to 10,302 slots for Bihar and 3,428 for Andhra Pradesh. 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. To improve awareness, the scheme guidelines have already been provided in the website of Ministry of Education at https://www.education.gov.in/sites/upload\_files/mhrd/files/documentreports/PM\_Vidyalaxmi\_Scheme\_Guidelines.pdf and circulated to all the member banks.

A dedicated online platform, the PM Vidyalaxmi portal has been developed on which students can apply for the education loan as well as interest subvention, through a simplified application process  to  be  used  by  all  banks.  The  Portal  is  for  all  Public  Sector  Banks,  Private  Banks, Regional Rural Banks and Cooperative banks. All these measures aim to create widespread awareness  about  the  scheme  and  help  eligible  students,  including  those  from  rural  and underprivileged areas to avail the benefits of PM-Vidyalaxmi.

The QHEIs selected under PM-Vidyalaxmi include higher education institutions which are in top 100 rank in the overall/ category-specific and/or domain specific rankings in latest list of NIRF; plus top 200 ranked HEIs under the governance of state/ut governments in the latest list of NIRF; plus all remaining HEIs under the governance of Government of India. This list is updated  every  year  based  on  latest  NIRF  ranking.  The  NIRF  ranking  include  'graduation outcomes' and 'peer perception' as parameters of ranking, which include items like percentage of graduates who are placed in campus placements, median salary of graduates who are placed, perception  of  employers  and  professionals  from  reputed  organisations.  Thus,  selection  of eligible QHEIs under PM-Vidyalaxmi scheme based on latest NIRF ranking inter alia takes care  that  higher  education  institutions  which  have  demonstrated  better  implementation  of labour market specific demands through these parameters get an edge in this scheme.

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