MCQ
PM Vidyalaxmi Scheme MCQ - Practice Questions with Answers
Solve 5 PM Vidyalaxmi Scheme questions for RAS/RPSC preparation.
Practice questions
Q1Which institution is the nodal bank for coordinating PM Vidyalaxmi and maintaining its unified portal?
Canara Bank is the nodal bank under PM Vidyalaxmi. It coordinates the scheme with the Department of Higher Education, the Indian Banks' Association and member banks, and it develops and maintains the unified portal. Therefore, option A is correct.
Q2Assertion (A): A student with annual family income above ₹8 lakh may still be eligible for a collateral-free, guarantor-free education loan under PM Vidyalaxmi. Reason (R): The ₹8 lakh family-income ceiling applies to the 3% interest subvention, not to eligibility for the education loan itself. Select the correct answer.
Both statements are true and the reason explains the assertion. PM Vidyalaxmi makes the collateral-free, guarantor-free education loan available to students from all family-income groups when the admission conditions are met. The annual family-income ceiling of ₹8 lakh governs only the additional 3% interest subvention during the moratorium.
Q3Under PM Vidyalaxmi, what combination correctly states the credit-guarantee provision for an eligible education loan?
The credit-guarantee rule applies when the education-loan sanction amount is up to ₹7.5 lakh, irrespective of family income. The Government covers 75% of the outstanding default. The ₹8 lakh income and ₹10 lakh loan figures belong to the separate 3% interest-subvention provision.
Q4Which description correctly identifies the three-part framework used to select quality higher education institutions under PM Vidyalaxmi?
The selection framework has three explicit limbs: institutions in the top 100 of overall, category-specific or domain rankings; state or Union Territory government institutions ranked 101-200; and all remaining institutions governed by the Union Government. Option D reproduces all three limbs without expanding eligibility to every institution.
Q5Consider the following statements about PM Vidyalaxmi: 1. Students of every family-income group may seek the education loan after merit-based admission to an eligible institution. 2. Management-quota admissions are eligible if annual family income is below ₹8 lakh. 3. The 3% interest subvention is available during the moratorium on loan amount up to ₹10 lakh. Which statements are correct?
Statement 1 is correct because the loan itself has no family-income ceiling when admission to an eligible institution is merit-based. Statement 2 is incorrect because management-quota and similar admissions are excluded. Statement 3 correctly states the 3% moratorium-period support on loan principal up to ₹10 lakh. Hence 1 and 3 only are correct.
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