Vidyalakshmi education loan scheme: A boon for students from low-income families

The central government has announced a new scheme called Prime Minister’s Vidyalakshmi Education Loan Scheme. Through this, students are provided education loans at low interest rates to study in 860 educational institutions in India.
In this scheme, the student's family income should be less than Rs. 8 lakh to avail education loan. It has been announced that only three per cent interest will be charged and the maximum loan amount will be Rs 10 lakh. The annual interest on this loan is just 3 per cent. Also, students can start repaying this loan after one year after graduation. The central government announced this scheme with the aim that no student should be denied education for financial reasons.
It is no exaggeration to say that this is one of the beneficial schemes of the central government. This scheme provides an unhindered way for the poor and needy students to progress without worrying about their higher education. Through this scheme, the central government ensures that the parents will no longer have doubts about whether they will get the education loan or not.
"The only wealth that does not harm is education," is the opinion of the poet Valluvar. So praises to the Prime Minister Modi for inviting qualified students to use this scheme!