In the fiscal budget for 2024-25, the Government of India, under the leadership of the Finance Minister Mrs. Nirmala Sitharaman, unveiled a new initiative known as the Education Loan e Voucher Scheme 2024. This scheme is designed to support students who have completed their 12th examination and are looking forward to pursuing higher education but are held back due to financial constraints. The scheme offers a loan of up to INR 10 lakh to these students for further studies in India.
Contents
- Education Loan e Voucher Scheme 2024
- Purpose of the Education Loan e-Voucher Scheme
- Loan Amount and Interest Rate Details
- Number of Beneficiaries
- Announcement Date
- Scheme Announcer
- Eligibility Criteria for the Scheme
- Advantages of the Scheme
- Documents Required for the Scheme
- Application Process for the Scheme
Education Loan e Voucher Scheme 2024
Particulars |
Details |
|---|---|
Scheme Name |
Education Loan e Voucher Scheme |
Introduced by |
Government of India |
Primary Objective |
To provide financial assistance |
Beneficiaries |
Students across India |
Purpose of the Education Loan e-Voucher Scheme
The primary goal of this scheme is to extend financial support to economically disadvantaged students, enabling them to continue their educational journey. Under this scheme, the government of India will provide a loan of up to INR 10 lakh to eligible students. The loan comes with a nominal interest rate of 3% annually, significantly lower than the prevailing market rates. This low interest rate ensures that students can repay the loan without any financial burden. The scheme aims to reach out to 1 lakh students across India.
Loan Amount and Interest Rate Details
Under the Education Loan e Voucher Scheme 2024, eligible students can take out a loan of INR 10 lakh. The loan is subject to an annual interest rate of 3%.
Number of Beneficiaries
The Education Loan e Voucher Scheme 2024 is a comprehensive initiative that aims to reach a vast number of students across the country. Specifically, the scheme has been designed to benefit a total of 1 lakh students throughout India. This wide coverage ensures that a significant number of students who need financial support for their higher education can avail themselves of this scheme.
Announcement Date
The official announcement of the Education Loan e Voucher Scheme 2024 was made on a significant day: July 23rd, 2024. This date marks a pivotal moment in India’s educational landscape as it introduced a scheme that promises to alleviate the financial burden of higher education for numerous students across the country.
Scheme Announcer
The Education Loan e Voucher Scheme 2024 was not just announced by any government representative but by the Finance Minister of India, Mrs. Nirmala Sitharaman herself. The announcement from such a high-ranking official underscores the scheme’s importance and scale. It also signifies the government’s commitment to investing in the education sector and supporting students in their pursuit of higher education.
Eligibility Criteria for the Scheme
- The applicant should be a permanent resident of India.
- The applicant should be a financially unstable student.
Advantages of the Scheme
- The scheme provides financial aid to students, enabling them to pursue higher education.
- The low % annual interest rate of 3% makes it easier for students to repay the loan.
- The scheme helps students realize their dreams and build successful careers through higher education.
- The scheme aims to improve students’ social status and living standards across India.
Documents Required for the Scheme
- Aadhar Card
- Email ID
- Mobile Number
- Electricity bill
- Proof of Address
- PAN Card
Application Process for the Scheme
- Eligible applicants should visit the official website to apply for the Education Loan e Voucher 2024 online.
- On the official website’s home page, click the “Apply Here” option.
- A new page will appear, where the applicant must fill in all the required details and attach the necessary documents to the application form.
- After filling in all the details, the applicant should review the application and click on the “Submit” option to complete the application process.
Click the link to know more.
Gaurav, an exam specialist with a passion for education, writes comprehensive articles on exam results and admit cards. His expertise ensures students receive reliable information and useful tips to excel in their exams.