The Government of India announced the Education Loan e Voucher Scheme 2024. During the presentation of the fiscal budget for the year 202425 the finance minister of India Mrs. Nirmala Sitharaman introduced the Education Loan e Voucher Scheme 2024. With the help of this scheme, the students who have completed their class 12th examination can now pursue higher education without worrying about financial troubles. The students are eligible to receive alone of up to INR 10 lakh to pursue higher education in India. All the applicants to clear the eligibility criteria must visit the official website and fill out the application form online.
The objective of Education Loan e Voucher Scheme
The main objective of launching the scheme is to provide loans to financially unstable students so that they can continue their education. Under the scheme, the Government of India will provide alone of up to INR 10 lakh to the eligible students. The Government of India will only charge an interest of 3% per annum. The interest rate under the scheme is comparatively lower than the market. With the help of lower interest rates, the students can pay the amount back without worrying about financial problems. A total of 1 lakh students across India will avail the financial assistance under the Education Loan e Voucher Scheme.
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Helpful Summary of the Education Loan e Voucher Scheme
| Name of the scheme | Education Loan e Voucher Scheme |
| Introduced by | Government of India |
| Objective | Provide financial assistance |
| Beneficiaries | Students of India |
| Official website |
Loan Amount and Interest Rate
- The students are eligible to receive INR 10 lakh as the loan amount under the Education Loan e Voucher Scheme 2024.
- The interest rate of 3% per annum will be applicable on the loan amount under the Education Loan e Voucher 2024.
No of Students
- A total of 1 lakh students are eligible to avail the benefits of the Education Loan e Voucher Scheme 2024.
Date of Announcement
- The Education Loan e Voucher Scheme 2024 was announced on 23rd July 2024.
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Who Announces Education Loan e Voucher Scheme 2024?
- The finance minister of India Mrs. Nirmala Sitharaman announced the Education Loan e Voucher Scheme 2024.
Eligibility Criteria
- The applicant must be a permanent resident of India.
- The applicant must be a financially unstable student.
Benefits of the Scheme
- With the help of financial assistance under the scheme, students can pursue higher education.
- With the help of annual interest of only 3%, the students can pay back the loan amount easily.
- The students can achieve their dreams and build their careers by getting higher education.
- This scheme will uplift the social status and standard of living of all the students in India.
- A total of students across India are eligible to avail the benefits of this scheme.
Required Documents
- Aadhar Card
- Email ID
- Mobile Number
- Electricity bill
- Address Proof
- PAN Card
Education Loan e Voucher Scheme Application Process
STEP 1: All the applications to clear the eligibility criteria can visit the official website to apply for the Education Loan e Voucher 2024 online.
STEP 2: Once the applicant reaches the home page of the official website the applicant must click on the option apply here.
STEP 3: A new page will appear on your desktop screen the applicant must enter all the details that are asked and attach all the necessary documents on the application form.
STEP 4: After entering all the details the applicant must quickly review it and click on the option submit to complete their process.ย
FAQs
What is the main objective of launching the Education Loan e Voucher Scheme 2024?
The main objective of launching the Education Loan e Voucher Scheme 2024 is to help students pursue higher education.
When was the Education Loan e Voucher Scheme 2024 introduced?
The Education Loan e Voucher Scheme 2024 was introduced by the finance minister of India during the representation of the fiscal budget 2024-25.
What is the interest rate to be given under the scheme 2024?
The interest rate of only 3% will be given under the scheme 2024.