Education Loan e Voucher Scheme: The government of India has announced the Education Loan e Voucher Scheme recently. The scheme was announced by the Finance Minister Smt. Nirmala Sitharaman on 23rd of July 2024. This scheme will assist thousands of students every year for completing their higher education with the help of education loan. Under this new initiative, those students who are not eligible for any government subsidy/scholarship assistance under any govt. scheme can avail of this interest subvention scheme. Education Loan e Voucher will provide such students with guarantee of 3% interest subvention on education loan up to Rs. 10,00,000.
If you wish to complete your higher education by availing of this scheme, you should read this article carefully till the end. In this article, we have provided all information regarding this scheme step by step. Lets get started and know every details including Benefits and Features, Eligibility Criteria, Application Process, Documents regarding Education Loan e Voucher Scheme 2024.
Launch of Education Loan e-Voucher Scheme 2024
On 23rd of July 2024, Finance Minister Smt. Nirmala Sitharaman presented the revised budget 2024-25 in the parliament. In the budget, several welfare measures were announced by the respected minister. One among those measures is Education Loan e Voucher Scheme under which students from low income families will be eligible for interest subvention on education loan up to ₹10,00,000. This initiative is likely to help 1 lakh students every year with an interest relaxation of 3%. Students who enroll for higher education in domestic institutions will be supported through this interest subvention voucher.
Education Loan e Voucher Scheme Details in Summary
| Scheme | Education Loan e Voucher Scheme |
|---|---|
| Concerned Govt. | Government of India |
| Scheme Announcement | 23rd July 2024 |
| Objective | To Provide Financial Support to Students for Higher Education |
| Benefits | Interest Subvention of 3% |
| Beneficiaries | Students not eligible to avail government subsidies and scholarship schemes |
| Application Process | Online/Offline |
| Official Website | Launch Soon |
Aim and Objectives
This voucher scheme has been introduced by the central government to aid financially to those students who wish to achieve higher education on education loan. The scheme will assist those students who are not eligible to avail scholarship assistance under government schemes or policies. This initiative will help such students with interest subvention on education loan up to Rs. 10 lakhs. Every year about 1 lakh students will be awarded this voucher directly by the government which will lower the interest on education loan by 3%. This e Voucher yojana will be helpful for lakhs of students in pursuing their higher education courses in domestic institutions in the next five years.
Benefits and Key Features
- Education Loan Voucher Scheme has been introduced on 23rd of July by the central government of India.
- Under this initiative, the government will distribute Education Loan Vouchers directly to eligible students who have taken education loan up to Rs. 10 lakhs.
- Every year 1 lakh students will be awarded this voucher for interest subvention on their education loan.
- This voucher will provide a significant 3% interest subvention on education loan.
- The voucher scheme will help those students who takes education loan for higher studies in domestic educational institutions.
- The scheme will be helpful for about 5 lakhs students in the upcoming 5 years with ease of 3% on interest charged on their education loans.
Scheme Eligibility
Eligibility for Education Loan e Voucher Scheme can be understood from the below given points.
- The applicants should be a permanent resident of India.
- The scheme is applicable to those students who have not been eligible for any benefit under government schemes and policies.
- The e Voucher will be accorded to only those students who have taken education loan for Higher Studies.
- The interest subvention through e Voucher will be applicable to education loan up to ₹10,00,000 only.
- Students should be enrolled in a domestic educational institutions only.
- Every Year 1 lakh eligible students will receive this voucher directly.
Required Documents
Following documents will be required for students to receive the e Voucher support for interest subvention on education loan.
- Aadhar Card
- PAN Card
- Loan Sanction Documents
- Admission Receipt
- Bonafide Certificate
- Mobile Number
- Passport sized photograph
How to Apply for Education Loan e Voucher Scheme?
Steps to apply for Education Loan e-Voucher can be understood from the points given below.
- For this first you have to go to the official website of Education Loan e Voucher Scheme.
- Then the home page of the website will appear on your screen.
- On the home page, click on Apply for e Voucher button.
- The online application form will appear on your screen.
- Now fill in all necessary details in required fields.
- Scan and upload necessary documents in the said file type and size.
- Enter the captcha code and click Submit at last.
- Your application form for Education Loan e Voucher will be submitted successfully.
Useful Links
| Name of Scheme | Education Loan e Voucher Scheme |
|---|---|
| Official Website | Click Here |
| Yojana King Home | Click Here |
| Reference | Click Here |
Important FAQs
Which government has launched Education Loan e-Voucher Scheme?
The Education Loan e Voucher scheme has been launched by the government of India on 23rd of July 2024 during the budget.
What are the features of Education Loan e Voucher Scheme?
This voucher scheme will aid financially to those students who takes education loan for higher education in domestic institutions. As per the government announcement 1 lakh students will receive e-Vouchers. This voucher will reduce the cost of interest by 3% on education loan up to Rs. 10,00,000.
Who will get benefits of This Voucher Scheme?
The scheme will be applicable to those students who have not been eligible to avail of any government scholarship under any scheme or policies. All students who are receiving education on a loan and have not received government aid will be eligible to apply for e-Vouchers under Education Loan e-Voucher Scheme.
How many students will avail of this scheme?
Under this scheme, the government will distribute 5 lakhs e-Voucher directly to eligible students in the next 5 years including 2024.