This way you will get education loan up to Rs 10 lakh without guarantee, know who will get the benefit and how.

Utility News Desk!!! Expenditure on higher education has increased significantly in the last few years. Students from economically weaker families often have to bear the burden of this additional cost, leaving their dreams of higher education unfulfilled. Now to prevent this from happening, the Government of India has started the Pradhan Mantri Vidya Lakshmi Yojana (PM Vidya Lakshmi Yojana). Under this scheme, loans up to Rs 10 lakh will be given to children from families with annual income less than Rs 8 lakh, that too without guarantee. This scheme has been approved in the recently held cabinet meeting.

Subsidy will also be available on interest

Union Minister Ashwini Vaishnav has recently shared information about this scheme. While explaining the important things about this scheme, he also said that to take loan under this scheme (Vidyalakshmi Yojana), the student will not be required to give any guarantor or any kind of guarantee. He also said that the government will also give 3% subsidy on the interest charged on the scheme. Any student who is going to enroll in any big institute for higher education can avail the benefits of this scheme.

Who will get the loan (Vidyalakshmi Yojana Eligibility)

• The admitted institute should be in the top 100 in NIRF All India Ranking and top 200 in the state.
• The annual income of the student should be less than Rs 8 lakh.
• The government will give 75 percent credit guarantee on loans up to Rs 7.5 lakh.

how to apply? (How to apply PM Vidyalakshmi)

Giving information, Union Minister Ashwini Vaishnav said that the verification of students applying for this scheme will be done through DigiLocker. To apply under this scheme, students have to visit the official portal of Vidyalakshmi. Under this scheme, loans will be given to 1 lakh students every year.