PM Vidyalaxmi Scheme Flashcards
(24 cards)
applicable for education loans taken after ________
6th November 2024
one of the major objectives of the government is to ensure that no student is denied the opportunity to pursue higher education due to financial constraints. For helping out youth who have not been eligible for any benefit under government schemes and policies, the union budget 2024-25 has announced a financial support for loans up to _________ for higher education in domestic institutions.
Rs. 10 lakhs
the union cabinet on 6th November 20244 approved ‘Pradhan Mantri Vidyalaxmi’, a _________ scheme to financial support to meritorious students so that financial constraints do not prevent any youth of India from pursuing quality higher education.
central sector
a mission mode mechanism will facilitate and drive the extension of education loans to meritorious students who get admission in the top ______ quality Higher Educational Institutions of the nation, translating to covering more than 22 lakh students every year.
860
a special loan product will enable ______ free, _______ free education loans; made accessible through a simple, transparent, student-friendly and entirely digital application process.
collateral ;
guarantor
loan amounts up to Rs. 7.5 lakh will be provided a _______ percent credit guarantee by the Government of India, to support banks to expand coverage
75
for students with up to Rs. ______ lakhs annual family income, the scheme will also provide for 3 percent interest subvention on loans up to Rs. 10 lakh.
this is in addition to the full interest subvention already offered to students with up to Rs. 4.5 lakh annual family income.
8
this scheme is applicable for all _____
scheduled banks, regional rural banks, co-operative banks
students of _____ family income groups will be eligible to get this loan, if they so desire.
there is no cut-off on highest amount of education loan
all
- all students getting admission in the quality high educational institutions in India for _______ programmes can avail this benefit.
- there will be no limit on number of students getting such loans.
- students admitted through open competitive /merit based admission shall get this loan. Students admitted through management quota (or similar quota) will not be eligible.
degree/diploma
the repayment period of the education loan would be up to _______ years excluding moratorium period ( course period +1 year)
15
a student whose annual family income is up to Rs. 8 lakhs and who is pursuing any course from these high quality HEIs shall be eligible for ______ interest subvention for education loans up to Rs. 10 lakh.
- if the education loan is more than Rs. 10 lakh, interest subvention shall be provided for disbursed total principal amount of loan up to Rs. 10 lakhs only
3 percent
- 3% interest subvention shall be provided for interest accrued on outstanding education loan during the moratorium period
- in a year, a maximum of one lakh such interest subventions shall be provided
student who are pursuing technical/professional courses from approved NAAC accredited HEIs/NBA accredited courses and whose family income is up to Rs. 4.5 lakhs, shall be eligible for _______ interest subvention during moratorium period for education loan up to Rs. 10 lakhs
100 percent
students whose annual family income is between Rs. 4.5 lakh and Rs. 8 lakhs shall be eligible to apply for _______ interest subvention for all degree/diploma courses in the QHEIs.
3 percent
both interest subvention and credit guarantee benefits under PM-Vidyalaxmi shall be admissible ______ either for undergraduate or post graduate or integrated course.
only once
student availing any other central/state government scholarship or any other interest subvention scheme or fee reimbursement shall _______ eligible
not be
interest subvention and credit guarantee under this scheme shall not be available to those students who discontinue their course midstream , or who are expelled from the institution on disciplinary or academic grounds.
- however, the interest subvention and credit guarantee would be available only if the discontinuation is due to ________ grounds.
medical
criteria for eligibility of an institute to be considered as quality HEI under PM-Vidyalaxmi :
- top 100 ranked HEIs under the governance of state/ut governments in the latest list of NIRF published by the Ministry of Education
- top 200 ranked HEIs under the governance of GoI
- Indian campus of foreign education institutions, foreign campus of Indian education institutions and foreign education institutions will ______ covered
- interest subvention benefits should be available for Indian Higher Education Institutions which are in the list of quality HEIs and for study in India only.
not be
the interest rates charged on the educational loan shall be capped at individual bank’s Externally Benchmark Lending Rate (EBLR) + ____
0.5%
under the scheme, moratorium period is defined as
course period plus one year
- the definition of “family”, for the purpose of determining the family income criteria in this scheme shall be the student plus her/his father and mother plus her/his spouse, wherever applicable
- ______ graduation/post graduation degree and diploma courses offered by QHEIs are eligible
all
_______ shall be competent authority with respect to operations of the credit guarantee fund
National Credit Guarantee Trustee Company Limited (NCGTC)
_________ shall act as the nodal bank to coordinate the activities of PM-Vidyalaxmi with IBA (Indian Banks Association), member banks and DHE (Department of Higher Education)
Canara Bank
the PM-Vidyalaxmi scheme shall be applicable for all education loans sanctioned after ______
6th November, 2024
