Education Loan e-Voucher Scheme 2024 – On July 23, Finance Minister Nirmala Sitharaman introduced an update to the model skill loan program as part of the Union Budget 2024. The newly unveiled Education Loan e-Voucher Scheme will provide government-backed funding, guaranteeing loans up to ₹7.5 lakh. This initiative is expected to support 25,000 students each year.

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	–

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 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.

Where can the eligible students apply for the Education Loan e-Voucher Scheme 2024?

The eligible students can apply for the scheme online on the designated official website. Further details shall be made available soon. The application mode will be online.

Conclusion

The Education Loan e-Voucher Scheme 2024, introduced by Finance Minister Nirmala Sitharaman, marks a significant advancement in educational financing. By offering government-backed loans up to ₹7.5 lakh with a low annual interest rate of 3%, the scheme is designed to ease the financial burden on students pursuing higher education.

This scheme not only benefits students by making higher education more accessible but also supports domestic educational institutions by increasing student enrollment. The streamlined application process ensures that eligible students can easily access financial assistance, paving the way for a brighter academic future. For those interested, detailed information on eligibility, required documents, and application steps is available to guide you through the process.