💨 Abstract

The Union Cabinet has approved a new scheme, PM Vidyalaxmi, aimed at assisting middle-class students with financial constraints to pursue higher education. The scheme will offer collateral-free and guarantor-free education loans to students with an annual family income of up to Rs 8 lakh. A maximum of one lakh students each year will be covered, with a three percent interest subvention for loans up to Rs 10 lakh.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖