Student loan accounts to be linked to digital currency wallets for transferring subsidies: Report
1 month ago

Student loan accounts to be linked to digital currency wallets for transferring subsidies: Report

Live Mint  

The government is contemplating rolling out a system to route and settle interest subsidies on education loans through digital currency wallets, Economic Times reported quoting bank executives aware of this. A system is being worked out to integrate the Central Bank Digital Currency -based subsidy system with the Unified Portal for Education Loan, one of the executives said. After streamlining takes place, the interest subvention amount would be credited to the CBDC wallet of the candidate who is entitled to receive loan subsidy under the Pradhan Mantri Vidyalaxmi scheme upon receipt of claims from banks. The finance ministry last month asked the lenders to prepare for submission of all types of education loan applications and processing of subsidy claims to the new portal and migrate from the current Vidya Lakshmi portal which is meant for the students seeking educational loans.

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History of this topic

PM Vidyalaxmi education loan scheme: Key features, eligibility, and application process explained
2 months, 1 week ago

PM Vidyalaxmi education loan scheme: Key features, eligibility, and application process explained

Live Mint  

For any student aspiring to pursue higher education, having a good score is crucial to getting admission to any good institution. Through this scheme, the government plans to provide financial support to students for admission into the top 860 higher educational institutes, which will benefit more than 22 lakh students every year. Eligibility for PM Vidyalaxmi scheme Students who get …

PM Vidyalaxmi: A partial solution to India's big education loan demand
4 months, 2 weeks ago

PM Vidyalaxmi: A partial solution to India's big education loan demand

India Today  

The Union cabinet last week approved PM Vidyalaxmi, a new central government scheme for financial support to meritorious students so that such constraints do not prevent anyone from pursuing higher studies. The average loan size increased by 18 per cent between 2021 and 2022, with many students seeking loans around Rs 25 lakh to cover escalating education costs. The PM …

PM-Vidyalaxmi scheme approved: Rs 3,600 crore allocation for education loans
4 months, 3 weeks ago

PM-Vidyalaxmi scheme approved: Rs 3,600 crore allocation for education loans

New Indian Express  

NEW DELHI: The government on Wednesday approved the PM-Vidyalaxmi scheme, allocating Rs 3,600 crore over five years beginning in the fiscal year 2024-25. Addressing the media after the Union Cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw said the PM-Vidyalaxmi scheme is designed so that deserving candidates "do not face financial constraint" in pursuing quality higher education. Students with an …

Panjab University syndicate meeting: Nod to double subsidy on student loan
5 years, 3 months ago

Panjab University syndicate meeting: Nod to double subsidy on student loan

Hindustan Times  

The Panjab University syndicate on Friday doubled the loan subsidy amount of ₹25,000 to ₹50,000 under the merit-cum-means loan subsidy scheme for all self-financed courses. “Keeping in view students’ interest, the syndicate reviewed the guidelines of the merit-cum-means loan subsidy scheme. Now, a student can avail a loan subsidy of ₹50,000 instead of ₹25,000,” said a syndicate member. A syndicate …

Bihar Cabinet clears setting up education finance corporation to disburse loans
7 years, 1 month ago

Bihar Cabinet clears setting up education finance corporation to disburse loans

India TV News  

Bihar Cabinet clears setting up education finance corporation to disburse loans The meeting chaired by Chief Minister Nitish Kumar gave green signal to proposal of Finance Department to set up the corporation in order to disburse education loan among students The Bihar Cabinet today gave its nod for setting up of a 'Bihar State Education Finance Corporation' in order to …

Vidya Lakshmi portal “ All you need to know about educational loans
9 years, 7 months ago

Vidya Lakshmi portal “ All you need to know about educational loans

India TV News  

Availing an educational loan is a great difficulty faced by students who wish to pursue their studies. To ensure that the information about loans is available to everyone and the process of applying for educational loans is hassle free, NSDL e-Governance Infrastructure Limited has launched the Vidya Lakshmi Portal. The Vidya Lakshmi Portal provides a single window mechanism for Students …

Central education loan scheme becomes operational
14 years, 9 months ago

Central education loan scheme becomes operational

The Hindu  

The Union Human Resource Development Ministry has finalised the modalities for implementation of a new subsidised Central education loan scheme for students of economically weaker sections. Full interest subsidy will be provided during the period of moratorium on loans for students whose parental income from all sources is less than Rs.4.5 lakh a year. The loans will be disbursed by …

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