Education Loan e Voucher Scheme 2024: Check Eligibility & Application Process

Education Loan e Voucher Scheme – The Model Skill Loan Scheme was to be revised by Finance Minister Nirmala Sitharaman in the Union Budget 2024 in order to assist 25,000 students annually. The proposed Union budget aims to help 100,000 students annually by providing up to Rs.10 lakh in loan subsidies for those pursuing higher education in domestic institutions. However, this scheme is only available to people who have not benefited from any previous government initiative. An yearly interest subsidy of 3% on the loan amount would be offered by these e-vouchers, which will be given to one lakh students annually. In this post you get every necessary information regarding this scheme including its objective, eligibility, benefits and application process.

Education Loan e Voucher Scheme

A fresh e-vouchers program has been launched for students pursuing higher education in educational institutions throughout the nation, as part of major announcements made by Finance Minister Nirmala Sitharaman regarding the education sector and students in today’s budget. Students who participate in this program will get an annual education loan reduction of up to 3 percent. In all, announcements of Rs 1.48 lakh crore have been made for the skill, job, and education sectors, two of these schemes deal with loans.

First, the Minister of Finance announced that the model skill loan scheme will provide assistance to 25,000 students annually. This scheme is being modified as a result. Under this scheme, loans up to Rs. 7.5 lakh would now be accessible. In addition, one lakh students would receive assistance in obtaining a study loan of up to Rs.10 lakh. The government will hassle-free provide students with e-vouchers for this. Students will pay 3% less in interest on their study loan when using these vouchers.

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Overview of Education Loan e Voucher Scheme

Name of the scheme	Education Loan e Voucher Scheme
Launched by	Indian Government
Beneficiaries	Students
Objective	To provide financial assistance
Benefits	Loans up to Rs.75 lakh
Application process	_____
Official website	_____

Objective of Education Loan e Voucher Scheme

The main objective of the scheme is to support Indian students financially so they can pursue higher education. The students can brighten their futures and pursue further education at the colleges of their choice with the aid of this e voucher.

Read Also – Three Employment Linked Incentive Scheme

Benefits of Education Loan e Voucher Scheme

• Loans up to Rs 7.5 lakh would be made available via the Education Loan e Voucher scheme 2024, with funding provided by a government-backed fund.
• With the help of this e voucher, students may change their lives and attend the universities of their dreams to further their education.
• It is estimated that this project will benefit 25,000 kids annually.
• The goal is to provide Indian students with financial help so they may pursue higher education.

Check Interest Rate and Loan Amount

Under the Education Loan e Voucher Scheme 2024, eligible students can avail a loan amount of up to INR 10 lakh. The scheme also applies a nominal interest rate of 3% per annum on the loan amount.

Eligibility Criteria

• The applicant must reside in India.
• A student should be the applicant.
• The applicant would be a 10th or 12th grade pursuing further education.

Required Documents

• Passport size photograph
• Aadhaar card
• Bank account details
• 10th and 12th marksheet
• Domicile certificate
• Mobile number

Application Process of Education Loan e Voucher Scheme

• First you have to visit the Official Website of the scheme.
• The homepage will appear on your screen.
• Click on the Apply here option.
• A new page will appear on your screen.
• Enter all the necessary details in the form such as:
  • Name
  • Address
  • Date of birth
• You have to upload all the necessary documents.
• Click on the submit button.
• Through this procedure you can apply for this scheme.

FAQ’s