New Delhi, Nov 7 : The Union Cabinet has approved a new scheme - PM Vidyalaxmi, aimed at providing financial support to meritorious yet needy students in pursuing higher studies at top-ranking institutions across the country.

The scheme offering collateral-free and guarantee-free loans to students have left the latter happy and elated. Many of them spoke to IANS and shared how this will remove the obstructions and financial constraints that usually in their way in pursuing higher education. They expressed optimism over the scheme, with many praising Modi government for the initiative.

Ayushi Singh, a student at Jamia Millia Islamia, described the scheme as a significant step toward women's empowerment.

"I have just read about the Vidya Lakshmi scheme launched by PM Modi. This scheme opens up opportunities for girls who may otherwise be denied education due to financial issues. It encourages families to educate their daughters and gives them a chance to progress," she said.

She further highlighted that the scheme, offering up to Rs 7.5 lakh in financial aid, would help students to explore more career options.

"This is a substantial amount, and past governments may have offered similar schemes, but none quite at this scale. Such scholarships not only propel students forward but also instill courage to make a difference in society," she added.

Sahil Alam, another student at Jamia Millia Islamia, pursuing a BA (Hons) in Mass Media, emphasised the scheme's impact on middle-class families.