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In a Lok Sabha written reply, MoS Education Dr. Sukanta Majumdar said that since PM-Vidyalaxmi's launch (6 November 2024) till 21 July 2026, 1,12,817 collateral-free, guarantor-free education loans worth ₹15,634.78 crore have been sanctioned via the PM Vidyalaxmi portal (live since 25 February 2025).
Separately, under the older PM-USP Credit Guarantee Fund Scheme for Education Loans (CGFSEL, since 2015), 14,65,880 credit guarantees worth ₹59,843.74 crore have been issued as of the same date.
Higher education Gross Enrolment Ratio (GER) rose from 23.0 (2013-14) to 30.0 (2023-24).
Ensure no student is denied higher education for want of finance
Key: Collateral-free, guarantor-free loans for merit-based admits to Quality Higher Education Institutions (QHEIs); 3% interest subvention for family income ≤₹8 lakh on loans up to ₹10 lakh, disbursed via Aadhaar-linked DBT to a digital wallet on the PM-Vidyalaxmi Digital Rupee App, subject to satisfactory academic performance from year 2 onward
Give students collateral-free/guarantor-free education loans up to ₹7.5 lakh via a government credit guarantee, run by the Department of Higher Education
Key: Guarantees 75% of the loan by default; running since 2015; 14,65,880 guarantees worth ₹59,843.74 crore issued till 21 July 2026
Single-window portal for students to search, apply for and track education loans across banks
Key: Launched 15 August 2015, jointly by the Department of Financial Services, Department of Higher Education and the Indian Banks' Association (IBA); PM-Vidyalaxmi is a newer, distinct Central Sector Scheme layered for QHEI admits, not a rename of this portal
GS Paper 2 > Governance > Education Schemes
Which of the following is/are included in the capital budget of the Government of India? 1. Expenditure on acquisition of assets like roads, buildings, machinery, etc. 2. Loans received from foreign governments 3. Loans and advances granted to the States and Union Territories Select the correct answer using the code given below.
Answer: 1, 2 and 3
New scheme (2024); likely to recur as Parliament-reply data
Quality Higher Education Institution — an institution on the NIRF-ranking-based eligibility list (860 institutions) for PM-Vidyalaxmi's collateral-free loans