During the presentation of the Union Budget for 2024–2025. The Union Finance Minister of India launched Education loan e Voucher Scheme 2024. To enable many aspirant students to pursue their academic ambitions without the weight of financial restraints. The implementation of e-vouchers, which will be distributed to one lakh students annually to get loans of up to ₹10 lakh. The Education Loan e Voucher scheme 2024 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 existing loan. The government would offer qualified students up to ₹10 lakh in higher education loans under this program.
About Education Loan e Voucher (PM Vidyalaxmi)
The Education Loan e Voucher (PM Vidyalaxmi), which provides financial aid to students pursuing higher education, has been approved by the Union Cabinet. The plan will get Rs 3,600 crore for 2024–2025–2031–2036. For loans up to Rs 7.5 lakh, the program would offer students a 75% central government credit guarantee. During the moratorium period, students who earn up to Rs 8 lakh per year and are not qualified for any other government scholarship or interest subvention programs would receive a 3% interest subvention on loans up to Rs 10 lakh. The whole cost of tuition and other course-related expenditures will be covered by the loans.
Key Highlights of the Education Loan e Voucher Scheme
| Name of the scheme | Education Loan e Voucher Scheme |
| Launched by | Finance Minister Nirmala Sitharaman in Union Budget 2024 |
| Objectives | Provide financial assistance in form of Loans to the Students |
| Beneficiaries | Students of India |
| Benefits | Loans up to Rs 10 lakh |
| Official website | https://www.vidyalakshmi.co.in/Students/ |
The objective of Education Loan e Voucher Scheme
The primary objective of the Education Loan e Voucher Scheme is to give Indian students financial support so they may finish their studies. The students can brighten their futures and pursue further education at the universities of their dreams with the aid of this E voucher. Under the Education Loan e Voucher program 2024, loans up to Rs 7.5 lakh will be made available with the assistance of a government-backed fund.
An estimated 25,000 youngsters will benefit from this endeavor each year. According to the finance minister, students pursuing higher education at nearby colleges would be eligible for loans up to Rs 10 lakh under the Education Loan e Vouchers Scheme 2024.
Eligibility Criteria
- Students must be Indian nationals and permanent residents.
- Students must be eager to continue further education and have completed Class 12.
- Students from underprivileged backgrounds, minorities, and underprivileged communities will be given precedence.
- Family members of the student cannot work for the government or pay income taxes.
- Students with a history of college loan debt are not eligible.
Benefits of Education Loan e Voucher Scheme
- 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.
- The idea would give financial aid to one lakh students throughout the country each year.
- 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.
Required Documents
- 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
No of Students
Every year, 100,000 students will receive this amount straight from the provider, with 3% of the loan amount being subtracted annually for interest.
Educational institutions Covered
- Leading Qualified Higher Education Institutions (QHEIs) as determined by the National Institutional Ranking Framework (NIRF) will be eligible for the program.
- This comprises all state government higher education institutions (HEIs) listed between 101 and 200, as well as all government and private HEIs ranked inside the top 100 in the NIRF’s overall, category-specific, and domain-specific rankings.
Loan Amount and Interest subvention
- Under the Education Loan e Voucher program 2024, loans up to Rs 7.5 lakh will be made available with the assistance of a government-backed fund.
- According to Sitharaman, local higher education institutions would be eligible for loans up to Rs 10 lakh under the Education Loan e Vouchers project 2024.
- This sum will be paid directly to 100,000 students each year by the supplier, with interest deducted at the rate of 3% of the loan amount.
Selection Process
- The students will be selected based on their income and eligibility criteria.
Application Proces
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?
With the help of this E voucher the students can pursue higher studies in their dream colleges and make their future bright.
When was this scheme launched and who launched it?
During the introduction of the Union Budget 2024 on 23 July, Finance Minister Nirmala Sitharaman revealed The Education Loan e Voucher Scheme 2024.
What are the benefits of this scheme?
The Education Loan e Voucher Scheme 2024 will provide, loans up to Rs 7.5 lakh that are guaranteed by a fund supported by the government.
Who can apply for this scheme?
Students from underprivileged backgrounds, minorities, and underprivileged communities will be given precedence