Finance Minister Nirmala Sitharaman talked about the Education Budget 2024 on 23 July 2024 and launched the Education Loan e Voucher Scheme 2024. Under this scheme, the central government will provide educational loans up to Rs 10 lakh at very low interest rate of 3%. Now students will not have to leave their studies due to financial issues. Applicants who have qualified 12th board examination, can apply online for the Education Loan e Voucher Scheme and get the benefits. To know more details regarding the educational loan scheme, eligibility, advantages, application form date, etc. one can read the article till the end.
The Education Loan e Voucher Scheme would offer government-backed funds guaranteeing loans up to Rs 7.5 lakh. It is anticipated that this effort will assist 25,000 children annually. Read below to check the detailed information related to Education Loan e Voucher Scheme like Highlights, Objectives, Features & Benefits, Eligibility Criteria, Required Documents, Interest Rate and Loan Amount, Steps to Apply for Education Loan e Voucher Scheme, and much more.
About Education Loan e Voucher Scheme 2024
The Union budget intends to help 100,000 students annually by subsidizing loans up to ₹10 lakh for students pursuing higher education in domestic universities. However, the Education Loan e Voucher Scheme is only available to those who have not benefited from any previous government initiative. Students will receive vouchers as part of the program, which will subsidize loans by 3%. Both schools and students would profit from the program. According to Shantanu Rooj, the founder and CEO of TeamLease Edtech, this will benefit domestic institutions as well as underprivileged children.
Education Loan e Voucher Scheme Details in Highlights
| Name | Education Loan e Voucher Scheme |
| Introduced by | Finance Minister Nirmala Sitharaman in Union Budget |
| Objectives | To give students financial support in the form of loans. |
| Beneficiaries | Indian Students |
| Benefits | Loans up to Rs 7.5 lakh rupees |
| Official website | – |
Education Loan e Voucher Scheme Objective
Offering loans to students in financial difficulty so they can finish their studies is the primary goal of the initiative. Only INR 10 lakh will be given by the Indian government to qualified students under the program. Only 3% interest will be levied annually by the Indian government. The scheme offers an interest rate that is significantly less than the market rate. The money can be repaid by students without facing financial difficulties thanks to reduced interest rates. Using the Education Loan and Voucher Scheme, one lakh students in all of India will receive financial aid.
Features & Benefits of Education Loan e Voucher Scheme 2024
Some of the key Features & Benefits of the scheme are as follows:
- The Education Loan e Voucher Scheme was unveiled by India’s Finance Minister, Mrs. Nirmala Sitharaman.
- On July 23, 2024, the Education Personal Loan and Voucher Scheme 2024 was revealed.
- The Education Loan and Voucher Scheme 2024 is available to a total of one lakh students.
- The program provides financial aid to enable students to pursue higher education.
- The scheme will enable a great number of aspirational students to pursue their academic objectives free from the weight of financial limitations and with more employment opportunities.
- 25,000 children are expected to benefit from this program annually.
- With an annual interest rate of about 3%, the pupils will have no trouble repaying the loan balance.
- Every student in India will have a higher level of life and social standing thanks to this program.
- All students in India are qualified to receive the benefits of this program.
Eligibility Criteria for Education Loan e Voucher Scheme
The applicants applying for scheme must fulfill the following eligibility criteria:
- The applicant must be the domicile of India
- The applicant ought to be a 10th or 12th-grader seeking to pursue further education.
- The student should be financially unstable
Required Documents
Some of the important documents required for the scheme are as follows:
- Aadhar Card
- PAN Card
- Electricity bill
- Email ID
- Mobile Number
- Address Proof
Education Loan e Voucher Scheme Interest Rate and Loan Amount
- The scheme will impose an annual interest rate of 3% on the loan amount.
- The scheme allows students to get a loan sum of INR 10 lakh.
Steps to Apply for Education Loan e Voucher Scheme 2024
To Apply for the scheme, the user needs to follow the below-given steps:
- First of all, go to the official website of the scheme.
- The homepage of the website will open
- Click on the Apply Here option
- The application form will open
- Now, fill in the form with all the required details
- After that, upload all the required documents
- Finally, click on the submit button to complete the application process
FAQ’s
When was the Education Loan e Voucher Scheme announced?
The Indian Finance Minister presented the Financial Budget 2024–25, which included the introduction of this scheme.
What is the interest rate that will be applied to the 2024 scheme?
Under the 2024 plan, an interest rate of just 3% will be provided.
