The Union Cabinet on Wednesday approved the PM-Vidyalaxmi scheme which will provide monetary support to meritorious students so that financial constraints do not prevent them from pursuing quality higher education, Union Minister Ashwini Vaishnaw said.

As per the scheme, anybody who gets admission in Quality Higher Education Institutions (QHEIs) will be eligible to get collateral-free, guarantor-free loan from banks and financial institutions to cover the full amount of tuition fees and other expenses related to the course.