During the introduction of the Union Budget 2024 on 23 July, Finance Minister Nirmala Sitharaman revealed an update to the model skill loan scheme. The Education Loan e Voucher Scheme 2024 will provide, loans up to Rs 7.5 lakh that are guaranteed by a fund supported by the government. It is expected that each year, 25,000 kids will gain benefits from this effort. According to Sitharaman, the Education loan e Vouchers Scheme 2024 will provide loans up to Rs 10 lakh for higher education in Local institutions. This amount will be given directly to 100,000 students every year, with an annual interest subvention of 3% of the loan amount. Keep reading this article to know more about this scheme.
The objective of Education Loan e Voucher Scheme
The main and the most important Goal of the Education Loan e Voucher scheme is to provide financial assistance to the students in India so they can continue their education. With the help of this E voucher, the students can pursue higher studies in their dream colleges and make their future bright. With the help of a government-backed fund, loans up to Rs 7.5 lakh would be available under the Education Loan e Voucher initiative 2024. It is expected that this effort will assist 25,000 children annually. The finance minister states that the Education Loan e Vouchers Scheme 2024 will offer loans for up to Rs 10 lakh to students attending local universities for higher education.
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Slient Features of Education Loan e Voucher Scheme
| Name of the scheme | Education Loan e Voucher Scheme |
| Launched by | Finance Minister Nirmala Sitharaman in Union Budget 2024 |
| Objectives | Provide financial assistance in form of Loans to the Students |
| Beneficiaries | Students of India |
| Benefits | Loans up to Rs 7.5 lakh |
| Official website | – |
Loan Amount and Interest Rate
- With the help of a government-backed fund, loans up to Rs 7.5 lakh would be available under the Education Loan e Voucher initiative 2024.
- Sitharaman claims that the Education Loan e Vouchers initiative 2024 will offer loans up to Rs 10 lakh for local institutions of higher learning.
- Every year, 100,000 students will receive this amount straight from the provider, with 3% of the loan amount being subtracted annually for interest.
How many Students will Covered Under the Scheme?
- 25,000 children are expected to benefit from this program annually.
- The Education Loan e Vouchers initiative, which was launched in the Union Budget 2024, claims to offer loans up to Rs 10 lakh for higher education at local universities.
Date of Announcement
- The Education Loan E Voucher Scheme was announced On July 23 2024, during the Annual Union Budget 2024 announcement.
Who Announced Education Loan e Voucher Scheme 2024?
- The Finance Minister of India, Nirmala Sitharaman, revealed the Education Loan e Voucher Scheme 2024 during the Union Budget 2024 announcement.
- The finance minister included Rs 1.48 trillion for job, education, and skill development programs in the FY25 budget.
Eligibility Criteria
- The applicant should be a permanent resident of India.
- The candidate should be a 12th-pass student or 10th-pass student looking for higher studies.
- The applicant should be a student.
Main Benefits Education Loan e Voucher Scheme
- Under the Education Loan e Voucher program 2024, loans up to Rs 7.5 lakh would be offered with the support of a government-backed fund.
- Students may transform their futures and pursue higher education in the colleges of their dreams with the aid of this E voucher.
- It is believed that every year, this project will help 25,000 children.
- The main focus of the Education Loan e Voucher program is to support Indian students financially so they can pursue higher education.
Required Documents
- Aadhar card
- Passport size photograph
- Mobile number
- Bank account details
- 10th pass mark sheet
- 12th pass mark sheet
- Domicile certificate
Education Loan e Voucher Scheme Application Process
Step 1: Go to the program’s official website first. The website’s home page will appear on the screen.
Step 2: Select the “apply here” option on the homepage. The screen will change to a new page that has an application form on it.
Step 3: Provide your information, including your name, address, age, and date of birth. Upload the necessary files.
Step 4: Carefully review the data that has been presented.
Step 5: Select the option to submit now. This way you can fill out an application form for the Education Loan e-Voucher scheme.
FAQS
What is the Education Loan e Voucher scheme?
With the help of this E voucher, the students can pursue higher studies in their dream colleges and make their future bright.
When was this scheme launched and who launched it?
During the introduction of the Union Budget 2024 on 23 July, Finance Minister Nirmala Sitharaman revealed The Education Loan e Voucher scheme 2024.
What are the benefits of this scheme?
The Education Loan e Voucher scheme 2024 will provide, loans up to Rs 7.5 lakh that are guaranteed by a fund supported by the government.
Direct Link
| Official Website | Education Loan e Voucher Scheme Website |
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