PM-Vidyalaxmi scheme has been approved by the government

Current Context: The PM-Vidyalaxmi Scheme, approved by the government on November 6, 2024, is designed to provide financial support to meritorious students from low-income families for higher education.

• Here are the key points of the scheme:
• Collateral-Free and Guarantor-Free Loans: The scheme offers loans up to Rs 10 lakh without the need for collateral or a guarantor, making it easier for students to access funding.
• Interest Subsidy: A 3% interest subsidy is provided on these loans to reduce the financial burden on students.
• Target Beneficiaries: The scheme specifically targets meritorious students from low-income families who have been admitted to recognized institutions for higher education.
• Objective: The primary goal is to ensure that financial constraints do not hinder talented students from pursuing their academic ambitions.
• This initiative aims to promote higher education and empower students by providing them with the necessary financial support.

Question:

1 What is the maximum loan amount provided under the PM-Vidyalaxmi Scheme without the requirement of collateral or a guarantor?

• A) Rs. 5 lakh
• B) Rs. 7 lakh
• C) Rs. 10 lakh
• D) Rs. 12 lakh

Answer: C) The PM-Vidyalaxmi Scheme offers loans up to ₹10 lakh to eligible students without requiring collateral or a guarantor, making it more accessible for students from low-income families.