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Budget 2024 Education Loan: Education loan has become cheaper, you will get direct e-voucher up to Rs 10 lakh without any hassle

Budget 2024 Education Loan: Education loan has become cheaper, you will get direct e-voucher up to Rs 10 lakh without any hassle
Ronit Kawale 0 Comments July 23, 2024


Budget 2024 Skill Loan Scheme and E Voucher: Finance Minister Nirmala Sitharaman has made big announcements about the education sector and students in today’s budget, in which a special e-voucher scheme has been introduced for students pursuing higher education in educational institutions within the country. Under this scheme, students will get up to 3 percent annual discount on education loan. Overall, announcements of Rs 1.48 lakh crore have been made for the education, employment and skill sector, in which two schemes are related to loans.

Changes in the Model Skill Loan Scheme

​​First of all, the Finance Minister said that every year 25,000 students will be given help through the ‘Model Skill Loan Scheme’. For this, changes are being made in this scheme. Now loans up to ₹ 7.5 lakh will be available under this scheme.

E-voucher for education loan up to Rs 10 lakh

E-voucher for education loan up to Rs 10 lakh

Not only this, one lakh students will be helped to take a loan of up to ₹ 10 lakh for studies. For this, the government will directly give ‘e-vouchers’ to the students without any hassle. With these vouchers, students will have to pay three percent less interest on the loan for studies.

1.48 lakh crore for education and employment

1.48 lakh crore for education and employment

The Finance Minister also said that the budget will focus on employment, skills, MSMEs and the middle class. The Finance Minister said, ‘A provision of Rs 1.48 lakh crore has been made for education, employment and skills in the budget for the financial year 2025. Apart from this, the implementation of various schemes announced in the interim budget in February is still going on.’

Package of 5 schemes for 4.1 crore youth

Finance Minister Nirmala Sitharaman has announced a central outlay of Rs 2 lakh crore for employment, skills and other opportunities for 4.1 crore youth in 5 years. Under this package, the Prime Minister’s package of 5 schemes has been announced. The Finance Minister said that this year we have made a provision of Rs 1.48 lakh crore for education, employment and skills.

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About the author

Ronit Kawale

Ronit Kawale is a seasoned professional with a diverse background in the financial sector and a current focus on web development and blogging. With prior experience at prestigious institutions such as Saraswat Bank and LIC of India, Ronit brings a wealth of knowledge in finance and administration to the table. Now, he's leveraging his expertise to bridge the gap between job seekers and government employment opportunities. Through his passion for web development and insightful blogging, Ronit aims to empower individuals with the information they need to navigate the world of government jobs effectively. Connect with him to stay updated on the latest job trends and insightful career advice.

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