NMC asks premier medical colleges to promote PM Vidyalaxmi education loan scheme

The National Medical Commission (NMC) has directed 50 leading medical colleges—including all AIIMS branches, PGIMER Chandigarh, JIPMER Puducherry, NIMHANS, and CMC Vellore—to feature details of the PM Vidyalaxmi education loan scheme in their admission brochures and prospectuses.

Launched on November 6, 2024, the scheme is based on the Indian Banks’ Association’s Model Education Loan Scheme.

It provides collateral-free, guarantor-free loans to meritorious students enrolled in Quality Higher Educational Institutions (QHEIs) through a fully digital and simplified platform.

The Reserve Bank of India has also urged all scheduled commercial banks to adopt this model.

The NMC’s circular, issued mid-June, emphasized that including this information will raise awareness among eligible aspiring doctors about the availability of easy finance.

The list of affected institutions spans 24 states and union territories and includes medical colleges under both public and private management.

Under the scheme, eligible students—generally with family incomes up to ₹8 lakh per annum—can avail loans up to ₹10 lakh with 75% credit guarantee support and interest subvention of 3% during the study period.

While specific to PM Vidyalaxmi, these financial benefits complement existing support structures such as the Central Sector Interest Subsidy (CSIS) for low-income technical students.