With reference to the PM Vidyalaxmi scheme, consider the following statements:
1. It provides a 75 percent credit guarantee to banks for education loans up to Rs 10 lakh.
2. A 3 percent interest subvention is provided during the moratorium period for students with an annual family income of up to Rs 8 lakh.
Which of the statements given above is/are correct?

Question

Accepted Answer

B. 2 only — Statement 1 is incorrect because the 75 percent credit guarantee applies to loan amounts up to Rs 7.5 lakh, not Rs 10 lakh. Statement 2 is correct as students with family incomes up to Rs 8 lakh receive a 3 percent interest subvention for loans up to Rs 10 lakh.

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