NMC Asks Medical Colleges to Promote Scheme for Easy Edu Loans

• NMC directs 50 top institutes to promote the PM Vidyalaxmi Scheme.
• Scheme offers collateral-free, digital education loans for medical students.
• Eligible students can apply directly via the scheme’s official website.

The National Medical Commission (NMC) has released a public notice urging 50 top medical colleges and institutions in India to promote the PM Vidyalaxmi Scheme, a government initiative aimed at providing collateral-free, guarantor-free education loans for deserving students studying medicine.

In its recent circular, the NMC observed that the Reserve Bank of India has instructed all Scheduled Commercial Banks to implement the Model Education Loan Scheme (MELS) developed by the Indian Banks' Association (IBA).

To enhance access, the PM Vidyalaxmi scheme was launched on November 6, 2024, offering a straightforward, transparent, and digital loan application system for students attending Quality Higher Educational Institutions (QHEIs).

Institutes that are required to highlight the scheme in their brochures include all the AIIMS institutes across the country, PGIMER Chandigarh, NIMHANS, JIPMER Puducherry, Christian Medical Colleges, numerous state-run medical universities, including King George’s Medical University, Sawai Man Singh Medical College, Medical College Kolkata, and others.

The commission provided a list of 50 of the most prestigious medical institutes, which included the branches of AIIMS, all government colleges, and a list of private universities, and asked their deans and principals to indicate in the admissions manual or prospectus which included information on the PM Vidyalaxmi scheme.

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The objective of the initiative is to ensure that eligible students become aware of the financial assistance possibilities and to encourage wider acceptance and use of the scheme. The Reserve Bank of India (RBI) has recommended that all scheduled commercial banks implement this model.

“The scheme enables education loans through a simple, transparent, and digital application process,” the NMC stated.

Students may request loans via the official PM Vidyalaxmi portal, pmvidyalaxmi.co.in.