GS 2 – Governance
- Background & Objectives
- Launched 6 Nov 2024 as a Central Sector Scheme to ensure “no meritorious student misses out on higher education for lack of funds.”
- Single‑window digital portal integrates scholarship & education‑loan applications under DFS, MoE & IBA guidance
- Eligibility
- Nationality: Indian nationals (including NRIs/OCIs).
- Admission: Must have secured admission on merit to any of the top 860 “Quality Higher Educational Institutions” (QHEIs) in India
- Features & Benefits
| Feature | Details |
| Collateral & Guarantor | Loans up to ₹ 7.5 L covered under 75% govt. credit guarantee; entirely collateral‑free & guarantor‑free |
| Interest Subvention | – Full subvention during moratorium for loans ≤ ₹ 10 L if family income ≤ ₹ 4.5 L- 3% subvention on loans ≤ ₹ 10 L if income ≤ ₹ 8 L |
| Quantum of Loan | Need‑based up to ₹ 3 Cr (across all member banks) |
| Moratorium & Tenure | Moratorium = course period + 1 year; maximum repayment tenure 15 years (excluding moratorium) |
| Application Process | Entirely digital via PM‑Vidyalaxmi portal; common two‑page loan form; track status online |
- Participating Banks & Institutions
- Member Banks: SBI, PNB, Bank of Maharashtra, Bank of Baroda, etc., with standardized application & sanction process.
- QHEIs: 860 top public/private institutions (list on portal).
- Implementation & Oversight
- Administered by: Student Financial Aid Authority (under Department of Higher Education).
- Technology Partner: Protean eGov (NSDL e-Gov) for portal development & maintenance).