NMC Instructs Medical Colleges To Encourage This Scheme For Easy Education Loans

The National Medical Commission (NMC) has released a public notice instructing 50 top medical colleges and institutions in India to encourage the PM Vidyalaxmi Scheme, a government policy aimed at ensuring collateral-free, guarantor-free education loans for deserving students who are undertaking medical education.

In its recent circular, the NMC added that all Scheduled Commercial Banks have been instructed by the Reserve Bank of India to implement the Model Education Loan Scheme (MELS) developed by the Indian Banks' Association (IBA). Further facilitating access, the PM Vidyalaxmi scheme was formally launched on November 6, 2024, with a simplified, transparent, and digital approach for students of Quality Higher Educational Institutions (QHEIs).

The commission has also published a list of 50 top medical colleges, including branches of AIIMS, state government colleges, and private universities, and asked their deans and principals to mention details about the PM Vidyalaxmi scheme in their prospectuses and admission brochures. The decision is intended to make eligible students aware of available financial support and promote more extensive use of the scheme.

Students can obtain loans from the government portal pmvidyalaxmi.co.in. Some of the institutions covered include AIIMS Delhi, AIIMS Patna, JIPMER Puducherry, PGIMER Chandigarh, Madras Medical College, CMC Vellore, King George's Medical University, and many more located in 24 states and union territories.