The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the PM-Vidyalaxmi scheme on November 6, 2024, aimed at providing financial support to meritorious students seeking higher education. The scheme ensures collateral-free, guarantor-free loans for students enrolling in top 860 Quality Higher Education Institutions (QHEIs) across India, covering tuition fees and other educational expenses. With an outlay of ₹3,600 crore, this scheme targets to benefit 22 lakh students annually, empowering them to pursue their academic dreams without financial barriers.
