Nagaland Board of School Education announces Central scheme approved by Cabinet
The Nagaland Board of School Education unveils PM-Vidyalaxmi, a new scheme to facilitate education loans for meritorious students. This initiative aims to financially support students from families with limited income through accessible loans and interest subventions.
- Dec 07, 2024,
- Updated Dec 07, 2024, 2:26 PM IST
The Nagaland Board of School Education (NBSE), in accordance with the Ministry of Education and Department of Higher Education has announced a new Central Sector Scheme 'PM-Vidyalaxmi', which the Cabinet approved on December 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, translating to covering more than 22 lakhs fresh students who get admission in these HEIs every year. Further, for students with family income upto Rs 8 lakhs, 3 per cent interest subvention will be provided.
This is in addition to credit guarantee cover being provided for loans upto Rs 7.5 lakhs and full interest subvention being provided for technical courses to students with family income upto Rs 4.5 lakhs under PM-Uchchatar Shiksha Protsahan (PM-USP) Scheme of Department of Higher Education.
PM Vidyalaxmi and PM-USP will together provide holistic support to all deserving students to pursue higher education in quality HEIs in the country.