In a move to enhance awareness about financial aid for medical students, the National Medical Commission (NMC) has directed 50 leading medical colleges and institutions across India to include details of the PM Vidyalaxmi education loan scheme in their admission brochures and prospectuses, as per a report by Medical Dialogues.
The PM Vidyalaxmi scheme, launched on November 6, 2024, is based on the Model Education Loan Scheme (MELS) formulated by the Indian Banks’ Association (IBA). It aims to provide collateral-free and guarantor-free loans to meritorious students studying at Quality Higher Educational Institutions (QHEIs). The process is fully digital, student-friendly, and transparent.
The Reserve Bank of India (RBI) has advised all scheduled commercial banks to adopt this model.
“The scheme enables education loans through a simple, transparent, and digital application process,” the NMC stated.
Institutes instructed to include the scheme in their brochures include AIIMS campuses across the country, PGIMER Chandigarh, NIMHANS, JIPMER Puducherry, Christian Medical Colleges, and several state-run medical universities such as King George’s Medical University, Sawai Man Singh Medical College, and Medical College Kolkata, among others.
NMC has shared a full list of 50 institutions under its administrative domain (Annexure-I), requesting that they ensure students are informed about the availability of education loans under the PM Vidyalaxmi scheme at the time of admission.
More information on the scheme can be found on the PM Vidyalaxmi portal.
