Since being elected as India’s Prime Minister, Narendra Modi has implemented various initiatives, including the launch of the Vidya Lakshmi Portal to enhance the education system and provide support for education loans and scholarships. Established on August 15, 2015, the platform aims to simplify the process of applying for education loans and scholarships by consolidating the necessary resources into a single space. This has empowered many students to pursue higher education both in India and abroad, with a total of 127 different loan schemes, applicants can access comprehensive information and apply for loans across 38 registered banks. Interest rates range from 7% to 13%, and repayment commences after a moratorium period, determined by the course’s duration and additional time for employment.
The Vidya Lakshmi Portal also offers scholarships, in addition to education loans, and provides an education loan interest subsidy scheme to support financially disadvantaged students. The initiative is open to diverse educational pursuits and institutions, and applicants can apply to multiple banks with a single application. This has made the process easier for numerous students in realizing their aspirations for higher education.
Education Loan Scheme by Narendra Modi 2023 – FAQ’s
What is the Vidya Laxmi Portal and how does it support education loans and scholarships?
The Vidya Laxmi Portal is an online platform launched by Prime Minister Narendra Modi to assist students in obtaining information and applying for education loans in India, all within a single platform. It also provides access to various scholarship opportunities.
Who can apply for education loans under the Modi Education Loan scheme?
Prospective applicants are eligible to pursue technical, professional, vocational, or degree programs at Indian universities or international educational institutions.
How many banks are affiliated with the Modi Education Loan scheme?
There are currently 38 registered banks offering loans at varying interest rates for the Modi Education Loan scheme.
What is the interest rate for education loans under the Modi Education Loan scheme?
Interest rates can range from 7% to 13% based on different variables such as the bank, the specific loan scheme, the educational institution, the course, and the loan amount.
Is it possible to avail an education loan scheme introduced by Narendra Modi for pursuing studies in foreign universities?
Yes, the education loan scheme proposed by Narendra Modi can be utilized for seeking admission into foreign universities.
Can you submit a single application to multiple banks for Modi Education Loan?
Yes, you can submit a single application to multiple banks through the Vidya Laxmi Portal.
Does the Modi education loan scheme solely cater to undergraduate education loans?
No, the scheme is applicable for undergraduate, postgraduate, and doctoral programs.
What is the maximum loan amount granted under the education loan scheme introduced by Narendra Modi?
Under the education loan scheme introduced by Narendra Modi, you can obtain a loan exceeding Rs. 7.5 lakhs.