The Education Loan E Voucher Scheme is a significant initiative introduced by the Government of India to provide financial assistance to students from economically weaker sections, enabling them to pursue higher education without the burden of financial constraints.
Announced by Finance Minister Nirmala Sitharaman on July 23, 2024, during the presentation of the Union Budget 2024-25, this scheme aims to uplift the educational standards and social status of students across the country.
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Education Loan E Voucher Scheme
| Scheme Name | Education Loan E Voucher Scheme |
| Launched By | Government of India |
| Announced By | Finance Minister Nirmala Sitharaman |
| Announcement Date | July 23, 2024 |
| Primary Objective | To provide financial assistance for higher education |
| Beneficiaries | Students across India |
| Loan Amount | Up to INR 10 lakh |
| Interest Rate | 3% per annum |
| Number of Beneficiaries | 1 lakh students annually |
| Mode of Application | Online |
| Official Website | To be launched soon |
The Education Loan E Voucher Scheme is designed to offer loans up to INR 10 lakh to eligible students at a highly subsidized interest rate of 3% per annum. This initiative is expected to benefit one lakh students annually, providing them with the necessary financial support to continue their education in domestic institutions. The scheme’s primary objective is to ensure that financial instability does not hinder students from achieving their academic and career goals.
Eligibility Criteria
To be eligible for the Education Loan E Voucher Scheme, applicants must meet the following criteria:
- Must be a permanent resident of India.
- Must have completed the 12th grade and be seeking to pursue higher education.
- Should belong to a financially unstable family.
- Familyโs annual income should not exceed INR 3 lakh.
- Students whose family members are government employees or income taxpayers are not eligible.
- Students who have already received education loans under any other scheme are not eligible.
Required Documents
Applicants need to provide the following documents to apply for the Education Loan E Voucher Scheme:
- Aadhaar Card
- PAN Card
- Family Income Certificate
- Educational Documents (marksheets, certificates)
- Residence Certificate
- Bank Passbook
- Passport Size Photo
- Mobile Number
- Email ID
- Electricity Bill
Benefits of The E Voucher Scheme
- Financial Assistance: Provides up to INR 10 lakh for higher education.
- Low-Interest Rate: The loan is offered at a subsidized interest rate of 3% per annum, significantly lower than market rates.
- Increased Accessibility: Enables students from economically weaker sections to access higher education.
- Career Advancement: Helps students achieve their academic and career goals without financial constraints.
- Social Upliftment: Improves the social status and standard of living of students.
- Wide Coverage: Aims to benefit one lakh students annually across India.
Application Dates/Important Dates
- Announcement Date: July 23, 2024
- Application Start Date: To be announced soon
- Application End Date: To be announced soon
How To Apply For The Education Loan E Voucher Scheme 2024
- Visit the Official Website: Go to the official website of the Education Loan E Voucher Scheme (to be launched soon).
- Click on Apply Here: On the homepage, click on the “Apply Here” option.
- Fill in the Application Form: Enter all the required details in the application form accurately.
- Upload Documents: Attach all the necessary documents as specified.
- Review and Submit: Review the application form to ensure all details are correct and click on the “Submit” button.
- Confirmation: After submission, you will receive a confirmation message or email regarding the successful submission of your application.
Important Links
- Official Website: To be launched soon