Ministry of HRD has decided to launch a new scheme named as Vidyalakshmi to assist IIT students in getting loans to pay the fee.
Under the Vidyalakshmi scheme, the Ministry will help students in getting interest free loans from the banks to pay their fee. The ministry has taken into consideration the launch of the scheme after listening to the concerns and feedback of the IIT students.
The recent fee hike for IIT has proved to be difficult for the students in paying the fee. But the announcement has brought back the smile on the face of IIT aspirants.
The fee was recently increased from Rs 90,000 to Rs 2 lakh per annum under Smriti Irini. However SC, ST, the differently abled and economically backward sections were provided waivers. The fee hike comes into effect from this academic year, when the new batch joins.
However, only the candidates whose family income is less than Rs. 9 Lakh per annum will be eligible for getting loans under Vidyalakshmi scheme.