Good News For Students: Union Cabinet Approves PM Vidyalakshmi
Delhi/Hyderabad, Nov 6 (Maxim News): The Central government led by Prime Minister Narendra Modi has given good news to the students. The Union Cabinet approved the PM Vidyalakshmi scheme on Wednesday and many important decisions were taken in the cabinet meeting.
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Through the PM Vidyalakshmi scheme, students who have got admission to 860 educational institutions across the country will get a loan of upto Rs. 7.50 lakh under the guarantee of the Centre. The central government will guarantee up to 75 percent of the loan to the banks.
Union Railway Minister Ashwini Vaishnav while disclosing the decisions of the Cabinet to the media said that the Cabinet has approved the allocation of Rs. 10,700 crores for capital requirements. More than 22 lakh talented students will benefit every year through the PM Vidyalakshmi scheme. The minister said that it is a simple, transparent, and student-friendly process. This scheme will be applied to those who have an annual income of less than Rs. 8 lakhs. Interest concession of Rs. 3 per cent will be provided on loans upto Rs. 10 lakhs. Beneficiaries of any government scholarship are not eligible for this scheme. Students can apply through the PM Vidya Lakshmi website. (Maxim News)
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