The Union Cabinet has approved PM Vidyalaxmi, a new Central Sector scheme that provides financial support to meritorious students. The scheme will be applicable to top quality higher educational institutions of the nation, as determined by the NIRF rankings. Students who get admission in quality Higher Education Institution (QHEIs) will be eligible to get collateral-free, guarantor-free loans from banks and financial institutions. This scheme will supplement the Central Sector Interest Subsidy (CSIS) and Credit Guarantee Fund Scheme for Education Loans (CGFSEL). The Department of Higher Education will have a unified portal for students to apply for the education loan and interest subvention.
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