In pursuant of Ministry of Education and Department of Higher Education, the Chairman, Nagaland Board of School Education (NBSE) has notified for information of all concerned that a new Central Sector Scheme PM-Vidyalaxmi has been approved by Union Cabinet on 06.11.2024. PM-Vidyalaxmi aims to provide financial support in the form of easy availability of collateral and guarantee free education loans to meritorious students who get admission in the top 860 quality higher education institutions (QHEI) of India, translating to covering more than 22 lakhs fresh students who get admission in these HEIs every year. Further, for students with family income upto Rs. 8 lakhs, 3% interest subvention will be provided.

This is in addition to credit guarantee cover being provided for loans upto Rs. 7.5 lakhs and full interest subvention being provided for technical courses to students with family income upto Rs. 4.5 lakhs under PM-Uchchatar Shiksha Protsahan (PM-USP) Scheme of Department of Higher Education. Thus, PM Vidyalaxmi and PM-USP will together provide holistic support to all deserving students to pursue higher education in quality HEIs in India.

A PM-Vidyalaxmi portal is being developed by the Department of Higher Education for the simple, transparent and entirely digital process of this scheme. Awareness about the PM-Vidyalaxmi Scheme would give great encouragement to school students to pursue higher education in these top quality HEIs.

Therefore, Heads of Institutions are requested to spread awareness about the scheme to the students, so that financial constraints do not prevent any youth of India from pursuing quality higher education.

                                                                        (DIPR)