DIMAPUR — The Nagaland Board of School Education (NBSE) has informed that a new central sector scheme called PM-Vidyalaxmi has been approved by Union Cabinet on November 6.
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. It would also provide 3% interest subvention for students with family income upto INR 8 lakh.
This is in addition to credit guarantee cover being provided for loans upto INR 7.5 lakh and full interest subvention being provided for technical courses to students with family income upto INR 4.5 lakh under PM-Uchchatar Shiksha Protsahan (PM-USP) scheme of department of Higher Education.
It informed that PM Vidyalaxmi and PM-USP would together provide holistic support to all deserving students to pursue higher education in quality HEIs in India.
It added that a PM-Vidyalaxmi portal is being developed by the department of Higher Education for simple, transparent and entirely digital process of the scheme. Awareness about the PM-Vidyalaxmi scheme would also give great encouragement to school students to pursue higher education in the top quality HEIs.
Head 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.