What is Pradhan Mantri Vidya Lakshmi Yojana? Approval received in Modi cabinet meeting, lakhs of students will benefit, What is Pradhan Mantri Vidya Lakshmi Yojana? Approval received in Modi cabinet meeting, lakhs of students will benefit

New Delhi. Today, in the meeting of the Union Cabinet chaired by Prime Minister Narendra Modi, an important proposal of the Education Department, Pradhan Mantri Vidyalakshmi Yojana has been approved. Lakhs of students will benefit under this ambitious scheme of PM Modi. Pradhan Mantri Vidyalakshmi Yojana will prove to be a boon mainly for those students who are deprived of education due to financial weakness of their families. Let us tell you in detail about Pradhan Mantri Vidyalakshmi Yojana-

#WATCH | Delhi: Union Education Minister Dharmendra Pradhan said, “Today in the cabinet, an important proposal of the education department has been approved by the Prime Minister. This is the Pradhan Mantri Vidyalaxmi Yojana under which loans up to Rs 10 lakhs will be given to 1… pic.twitter.com/ksD9yNIgkU

— ANI (@ANI) November 6, 2024

Union Education Minister Dharmendra Pradhan gave complete information about the Prime Minister Vidyalakshmi Scheme after getting approval from the Union Cabinet. The Education Minister said that under the Pradhan Mantri Vidyalakshmi Yojana, every year 1 lakh meritorious students will be given education loans of up to Rs 10 lakh. This loan will be available at only 3 percent interest rate, however, its benefit will be available only to those students whose parents' annual income is less than Rs 8 lakh. There will be no need for any guarantor for this loan. Modi government has made a provision of Rs 3,600 crore for this scheme.

The Education Minister said that if a student wants to study in 860 NIRF ranked institutions of the country and needs financial help, then the loan available under Pradhan Mantri Vidyalakshmi Yojana will be suitable for him. Every year approximately 22 lakh students take admission in these institutions. In this scheme, the student's Aadhar card, photo and current educational certificates will be required to apply for the loan. Apart from this, an important decision has also been taken in the Union Cabinet meeting regarding Food Corporation of India (FCI). The equity capital of FCI has now been increased to Rs 10,700 crore. Earlier, the food subsidy from 2004 to 2014 was Rs 5.15 lakh crore, which has increased to Rs 21.56 lakh crore from 2014 to 2024.