Education Loan e Voucher Scheme:- During the presentation of the Union Budget for 2024–2025, the Union Finance Minister of India launched a new higher education loan program to enable many aspirant students to pursue their academic goals without the burden of financial restraints. The implementation of e-vouchers, which will be distributed to one lakh students annually to obtain loans of up to ₹10 lakh, is anticipated to provide significant assistance to several students who choose to pursue higher education at local universities.
In the form of an annual interest subvention, 3% of the loan amount will be used to relieve interest on the outstanding loan. The government would offer qualified students up to ₹10 lakh in higher education loans under this program. In this article, we will provide you with all the important information about this initiative.
What is Education Loan e Voucher or PM Vidyalaxmi?
The Education Loan e Voucher Scheme is an initiative launched by the union finance minister of India to provide subsidized loans to students. Students’ financial load will be much lessened as a result of the shift. There is no question that this approach would also encourage enrolment in domestic institutions. Up to ₹10 lakh in incentives are accessible to 1 lakh students who are pursuing higher education at local institutions. Without a doubt, this will benefit young people who have not been eligible for any benefits under government programs and laws.
A significant difference will be made if loans up to ₹10 lakh are made available for higher education at local institutions. For this reason, e-vouchers for a yearly interest subvention of 3% of the loan amount will be distributed directly to one lakh students annually.
Also Read: PM Vidyalaxmi Scheme
Helpful Summary of Education Loan e Voucher Scheme
| Name of the article | Education Loan e Voucher Scheme |
| Announced by | The union finance minister |
| Beneficiaries | The students of the country |
| Benefits | The students will get an e voucher of rupees 10 lakh under this program |
| Year | 2024-25 |
| Application mode | Online |
| Official website | Will be launched soon |
The objective of Education Loan e Voucher Scheme
The main goal of this initiative is to give the nation’s youngsters a bright future, the Central Government introduced the Education Loan e voucher Scheme. The government would offer a rupees 10 lakh loan under this initiative to 12th graders who choose to continue their studies at a 3% yearly interest rate. The students will be able to achieve their goals and can continue their higher education through this initiative. The students don’t have to worry about their financial conditions and can easily apply for higher education without any financial burden.
Budget for Education Loan e Voucher Scheme
The initiative has been launched with a whopping budget of rupees 36,00 crore to serve the financial needs of the students.
Eligibility Criteria
The eligibility criteria for applying under this scheme is given below:-
- Students must be Indian citizens and permanent residents.
- Students must be willing to continue further education and have completed Class 12.
- Students from underprivileged backgrounds, minorities, and underprivileged communities will be given preference.
- Family members of the student cannot work for the government or pay income taxes.
- Students with a history of education loan debt are not eligible.
Benefits of the Education Loan e Voucher Scheme
The benefits of this program are given below:-
- Education loans up to ₹10 lakh will be available to students from economically disadvantaged households and others to help pay for their further education at domestic universities.
- Students can pay back the loan balance with less financial strain when the interest rate is set at 3% annually.
- One lakh students nationwide will receive financial aid annually under the initiative.
- Students that attend the top domestic colleges can achieve their ambitions. India’s socioeconomic position and access to higher education will both be enhanced by this endeavor.
Also Read: PM Vidyalaxmi Scheme College List
Required Documents
The documents required for registering under this scheme are given below:-
- Photograph
- Aadhar Card
- PAN Card
- Electricity Bill
- Address Proof/Residence Certificate
- Family Income Certificate
- Educational Documents
- Bank Passbook Details
- Valid e-mail ID and Mobile Number
Number Of Students
Under this program the government will be providing financial assistance to around 22 lakh students.
Educational Institutions Covered
As such there is not any list of institutions mentioned by the government, but the preference will be given to the government institutions and the technical and professional courses.
Loan Amount and Interest Subvention
The government would offer a rupees 10 lakh loan under this initiative to 12th graders who choose to continue their studies at a 3% yearly interest rate.
Selection Process
The applicants will be selected under this program by the below-given procedure:-
- The applicant should clear all the eligibility criteria for getting benefits from this program.
- The applicant has to be a permanent resident of the country of India.
Application Process
The government has launched the application portal yet for the application process.
Step 1: Start by visiting the program’s Education Loan e Voucher website. The screen will display the main page of the website.
Step 2: On the webpage, choose the “apply here” option. A new page with an application form on it will appear on the screen.
Step 3: Enter your details, such as your name, address, birth date, and age. Upload the required files.
Step 4: Give the supplied facts a thorough examination.
Step 5: Choose to submit right away. You can apply for the Education Loan e-Voucher program in this manner.
FAQs
What is the Education loan e voucher scheme?
The union finance minister recently launched this scheme to provide subsidized loans to the students.
What are the benefits of this program?
The students can apply for loan amounts up to 10 lakh rupees under this program.
What are the eligibility criteria for applying under this scheme?
The applicant should be a permanent resident of the country of India.
Can I apply online for this scheme?
Yes, you can apply online for this scheme by visiting the official website of the scheme.