PM-Vidyalaxmi Scheme Approved in India

• The PM-Vidyalaxmi scheme, chaired by Prime Minister Narendra Modi, provides financial support to meritorious students in higher education.
• Students admitted to top 860 Quality Higher Education Institutions (QHEIs) can receive collateral-free, guarantor-free loans to cover tuition fees and course expenses.
• The scheme could cover 22 lakh students.
• For loans up to ₹7.5 lakh, students receive a 75% credit guarantee.
• An outlay of ₹3,600 crore has been made from 2024-25 to 2030-31.