PM Vidyalaxmi scheme

Why in the news?

• Recently the central government has approved a new scheme PM Vidyalaxmi scheme.
• Its objective is to provide financial assistance to meritorious students.
• It will be implemented in the top quality higher education institutions of the country.
• In this, the government will give 75% credit guarantee on a loan of 7.5 lakhs for higher education.
• Children of families with annual income up to 8 lakhs will be given 3% interest subsidy on a loan of 10 lakhs.
• More than 22 lakh students of 860 major higher education centers of the country will come under the purview of this scheme.