NMC Directs 50 Medical Colleges to Add PM Vidya Lakshmi Scheme in Brochures

 

 

The National Medical Commission (NMC) has regulated 50 medical colleges to add PM Vidya Lakshmi scheme to their brochures and prospectus. All the commercial banks have been advised by the Reserve Bank of India to adopt Model Education Loan Scheme (MELS), which is formulated by Indian Banks' Association (IBA). Read on to understand NMC’s direction to 50 medical colleges, the purpose of the PM Vidya Lakshmi Scheme, and difference between Pradhan Mantri Vidya Lakshmi Scheme and Model Education Loan Scheme (MELS).

 

 

The Loan Schemes in NMC’s Notification

 

The notification was released on the National Medical Commission’s (NMC) official website on June 16^th, 2025. It mentions of commercial banks adopting Model Education Loan Scheme (MELS) and NMC’s directive for 50 medical colleges to add PM Vidya Lakshmi scheme. The notification also includes the names of 50 medical colleges to add PM Vidya Lakshmi scheme in their brochures and prospectus.

 

 

Purpose of the Loan Initiatives

 

The aim of both the loan schemes, Model Education Loan Scheme (MELS) and PM Vidya Lakshmi Scheme, is to make medical education accessible to candidates from poor economic backgrounds. The deserving meritorious candidates who may not have sufficient funds to pursue medical education can make use of these loan schemes.

 

The National Medical Commission’s (NMC) highlighted these schemes to ensure that financial inconsistencies do not deter deserving meritorious candidates from pursuing education at Quality Higher Educational Institutions (QHEIs).

 

 

 

 

Incorporation of the Model Education Loan Scheme (MELS)

 

All the commercial banks are advised by the Reserve Bank of India to incorporate the Model Education Loan Scheme (MELS) formulated by Indian Banks' Association (IBA). The scheme aims to provide educational loans to students pursuing education in India and abroad. The Model Education Loan Scheme (MELS) was released on April 28^th, 2001, by the Indian Banks' Association (IBA). It is not backed by the government, which means the IBA holds the right to change its policies from time to time.

 

Candidates who have cleared the NEET exam 2025 and are selected in colleges based on merit are eligible to make use of the Model Education Loan Scheme (MELS). Candidates studying in India can claim up to Rs. 10 lakhs, whereas those studying abroad can claim up to Rs. 20 lakhs. According to the scheme, up to Rs. 7.5 lakhs are collateral-free. This means that the borrower does not need to pledge any assets like property or investments as security to the lender.

 

 

Also Read Karnataka State Private Medical Colleges MBBS Seat Matrix 2025

 

 

50 Medical Colleges to add PM Vidya Lakshmi Scheme

 

Unlike MELS, the PM Vidya Lakshmi Scheme is an initiative by the government to make higher education easily accessible to underprivileged candidates. The PM Vidya Lakshmi Scheme was launched by the government on November 2024. The application procedure for the scheme is simple, transparent, student-friendly, and digital.

 

The underprivileged candidates applying across all the quotas are eligible for the scheme; however, those applying under the management quota are not eligible. One major attribute of the PM Vidya Lakshmi Scheme is that it offers interest subvention for families earning from Rs. 4.5 lakhs to Rs. 8 lakhs, annually.

 

Interest subvention: If a family’s yearly income is Rs. 4.5 lakhs, the government will pay all the interest for the acquired loan till the candidate completes their education and for 1 year after the course ends. After this period, the candidates will have to pay the remaining loan amount without interest.

 

The scheme offers 3% interest subvention for candidates whose parents earn yearly incomes ranging from Rs. 4.5 lakhs to Rs. 8 lakhs. This means that the government will pay 3% interest for the loan during the study period. 50 medical colleges are likely to add PM Vidya Lakshmi scheme after the direction from NMC.

 

 

50 Medical Colleges to Add PM Vidya Lakshmi Scheme after NMC’s Direction

 

The NMC has directed 50 medical colleges to add PM Vidya Lakshmi scheme in their brochures and prospectus. The purpose of this direction to 50 medical colleges is to ensure that candidates are aware of the financial benefits they can avail after their admission.

 

Click here to view the official notice and the names of the 50 medical colleges to add PM Vidya Lakshmi scheme to their brochures.