PM Vidyalaxmi, the new scheme for education loans for students, differs from the previous central government scheme in terms of number of eligible institutions, mode of loan processing, income cap, and amount of money to be disbursed. The government says that students who have enrolled in 860 quality higher education institutions, as defined by the National Institutional Ranking Framework (NIRF), are eligible for loans. Below is a searchable table that has been broken down so students can check if their chosen institution is eligible for a loan.
The Union Cabinet chaired by Prime Minister Narendra Modi approved the new Central Sector Scheme, PM Vidyalaxmi, on November 6, 2024. It seeks to provide financial support to meritorious students to pursue higher education.
A government press release said that students who get admission in one of the 860 Quality Higher Education Institutions (QHEI) will be eligible to get unsecured, unsecured loans from banks and financial institutions to cover tuition fees and other expenses related to the course. The scheme has the potential to cover 22 lakh students, an Education Ministry spokesperson said.
For loans up to ₹ 7.5 lakh, students will receive a 75% credit guarantee, enabling banks to provide education loans to students. Additionally, for students who have an annual family income of up to ₹ 8 lakh, and are not eligible for benefits under government scholarship schemes or other subventions, a 3% interest subvention on loans up to ₹ 10 lakh will be provided during the moratorium period. .
Interest subvention support will be given to one lakh students every year. Preference will be given to students from government institutions who have opted for technical or professional courses. “An outlay of ₹3,600 crore has been made during 2024-25 to 2030-31, and 7 lakh new students are expected to benefit from this interest subvention during the period,” the Ministry added.
Are HEIs eligible?
The scheme will be applicable to all government and private institutions ranked in the top 100 NIRF rankings in the overall list as well as all institutions in the category-specific and domain-specific lists. In addition, all State government-run HEIs placed between 101 and 200 in the ranking and all Central government-run institutions will be eligible. This list will be updated annually with the latest NIRF rankings.
Professor ORS Rao, Chancellor, ICFAI University, Sikkim, who helped compile the list of universities eligible for the scheme, said the list did not include 860 unique institutions as some were in multiple categories. Institutions must register their rankings as a prerequisite for displaying the rankings. While some institutions apply to one category, some others apply to multiple categories and hence feature in more than one list.
As a rule, the availability of data for a minimum of three years for the course is mandatory to be considered in the ranking. So universities with courses that started only two years ago are not considered.
While the government has determined that it will include State government-run HEIs placed between 101 and 200, this year NIRF has ranked only 50 state government-run HEIs for all ranking categories. This year, compared to 2023, the ranking has introduced several new categories, such as skills and open universities. This, however, is not eligible to be covered by the Vidyalaxmi plan, said Prof. Rao.
Prof. Rao praised the interest subsidy, digital-first approach and unsecured and unsecured loan offering. He said faster approvals and payments were needed as the 2024-25 academic year was already underway. There is also a need for more clarity and transparency in the modus operandi of approved loan applications and the selection of beneficiaries for interest subvention.
Compared to the previous scheme
digital – Students can apply for loans through the dedicated Vidyalaxmi portal, which simplifies loan applications and connects with all public sector and private banks and also facilitates tracking of loan status. Furthermore, the distribution of funds using the Central Bank Digital wallet (CBDC) and E-voucher.
Income group: While previous schemes like Central Sector Interest Subsidy Scheme (CSIS) and Credit Guarantee Fund Scheme for Education Loans (CGFSEL) under PM-USP offered benefits to low-income groups, the Vidyalaxmi scheme also expanded coverage to middle-income families, irrespective of other factors such as caste. Vidyalaxmi has a higher income cut-off.
Eligible institutions: For CSIS and CGFSEL, eligible institutions must be accredited by the National Assessment and Accreditation Council (NAAC) and the National Board of Accreditation (NBA). Institutions approved by the Medical Council of India (MCI) and Bar Council of India (BCI) are also considered along with Institutions accorded the status of National Importance (INI) and Centrally funded Institutions. With 820 NAAC universities and 15,501 colleges, along with 3,348 NBA Institutions, the total is about 20,000 institutions. Hence, there is a drastic reduction in the case of Vidyalaxmi which includes only 860 NIRF eligible ranks.
The breakdown of 860 HEIs for Vidyalaxmi scheme from NIRF is as follows: Ranking 100, University 100, State University 50, Engineering College 100, Degree College 100, School of Management 100, School of Pharmacy 100, College of Architecture & Planning 40, College of Law 40 , Medical Colleges 50, Dental Colleges 40, and Agriculture and Allied Sector Colleges 40. There is a lot of overlap in the list and the number of unique institutions is less than 600.
Overall ranking
The NIRF ranking has an overall category where 200 institutions are ranked. The Indian Institute of Technology Madras has retained the first position in the Overall Category of the India Rankings 2024 for the sixth consecutive year, i.e. from 2019 to 2024. The Indian Institute of Science Bangalore has also retained the second position in the category for the sixth consecutive year. IISc ranked first in the Overall Category in 2017 and 2018.
Browse below to see if the institution of your choice fits into the scheme in the overall ranking list.
University
Indian Institute of Science Bangalore has retained the first position for the past nine years in a row in the Category of India Ranking Universities 2024, that is, from 2016 to 2024. Jawaharlal Nehru University, New Delhi has also retained the second position in the category in the past. eight years in a row. It was ranked third in the University Category in 2016.
Browse below to see if the institution of your choice matches the scheme in the Universities category.
State university
Anna University stands at the 1st position in the State Public Universities Category of India Ranking 2024. Jadavpur University which is in the second position has two campuses, the main campus in Jadavpur and the new campus in Salt Lake.
Savitribai Phule Pune University ranks third. It has 46 academic departments, and around 307 recognized research institutes and 612 affiliated colleges offering graduate and undergraduate courses.
Browse below to see if the institution of your choice qualifies for the scheme in the state university category.
technical college
Indian Institute of Technology Madras retained the first position in Engineering subject for nine consecutive years, that is from 2016 to 2024. a. The Indian Institute of Technology Delhi retained the second position in the category for the sixth year in a row, that is from 2019 to 2024. IIT Delhi was in the third position in 2018 and in the fourth position in 2016 and 2017 in the Engineering discipline.
Browse below to see if the institution of your choice qualifies for the scheme under the engineering institution category.
His school is undergraduate
Hindu College, one of the oldest colleges in Delhi stood at the first position in the College Category 2024. It was ranked at the second position in 2019, 2022 and 2023 and at the third position in 2020. Miranda House, a residential college for women is Delhi University women’s institute. It is in second place in the category for 2024 and retained the first position for seven consecutive years from 2017 to 2023.
Browse below to see if the institution of your choice matches the scheme in the college category.
School in management
The Indian Institute of Management Ahmedabad, the second IIM to be established in the country, retained the first position in the Management subject for the fifth consecutive year from 2020 to 2024. The Indian Institute of Management Bangalore retained the second position in the Management discipline for the fifth consecutive year from 2020 to 2024.
Search below to see if the institution of your choice matches the scheme in the management domain.
School in pharmacy
Jamia Hamdard, “Regarded as a University” first established in 1906 as a small Unani clinic stood in the first position in the discipline of Pharmacy in 2024. It was previously ranked in the first position for four consecutive years from 2019 to 2022.
Search below to see if the institution of your choice is compatible with the scheme in the pharmacy domain.
Architecture and planning colleges
Indian Institute of Technology Roorkee (IIT Roorkee) retained the first position in the Architecture domain for the fourth consecutive year from 2021 to 2024. Indian Institute of Technology Kharagpur is in the second position.
Search below to see if the institution of your choice fits the scheme in the domain of architecture and planning.
School in law
The National Law School of India University (NLSIU) has retained the first position in the subject of Law for the seventh consecutive year, from 2018 to 2024. The National Law University, Delhi has retained the second position.
Search below to see if the institution of your choice is compatible with the scheme in the legal domain.
Medical school
All India Institute of Medical Sciences, New Delhi has retained the first position in the subject of Medicine since seven consecutive years. PGIMER Chandigarh retained the second position.
Search below to see if the institution of your choice is eligible for the scheme in the medical domain.
Dental colleges
Saveetha Institute of Medical and Technical Sciences retained the first position in the Indian Dental subject for the third consecutive year. Manipal College of Dental Sciences, Manipal retained the second position.
Search below to see if the institution of your choice is compatible with the dental college scheme.
Agriculture and allied sectors
The Indian Agricultural Research Institute (IARI) retained the first position in the Agriculture and Allied Sector in India for the second consecutive year. ICAR-National Dairy Research Institute (NDRI) retained the second position.
Search below to see if the institution of your choice matches the scheme in the Agriculture domain
Published – 18 November 2024 18:27 IST
