PM-Vidyalaxmi scheme + Banking_SBI_PO?.ToString()?? Banking_SBI_PO?.ToString()+" Current Affairs";

Why in News?
The Union Cabinet has approved the PM-Vidyalaxmi scheme.
Aim:
It is aiming to provide financial assistance to meritorious students by offering collateral- and guarantor-free education loans of up to ₹7.5 lakh.
About PM-Vidyalaxmi scheme:
Collateral-Free Loans for Students in Quality Institutions:
Under this scheme, students securing admission to top 860 Quality Higher Education Institutions (QHEIs), as per the National Institutional Ranking Framework (NIRF), will be eligible for loans covering tuition and other academic expenses. An initial outlay of ₹3,600 crore has been allocated, expected to benefit over 22 lakh students annually. The loan amount, up to ₹7.5 lakh, includes a 75% credit guarantee, helping banks and financial institutions extend loans with minimal risk.
Interest Subvention for Students with Limited Family Income:
The scheme also offers added benefits for students from families with an annual income of up to ₹8 lakh who do not qualify for other government scholarship or interest subvention schemes. For these students, a 3% interest subvention on loans up to ₹10 lakh will be provided during the moratorium period, prioritizing students from government institutions pursuing technical or professional courses. This subvention is expected to aid around 7 lakh new students through 2030-31.