Education Loan: The Budget has been very beneficial for students. Finance Minister Nirmala Sitharaman has announced significant updates regarding education loans in Budget 2024. While presenting the Budget 2024-25 in Parliament, she announced a student loan of 10 lakh rupees for higher education in domestic institutions.
Special E-Voucher Scheme for Students
Students will now receive more help to fulfill their dreams of higher education. They will have access to loans up to 10 lakh rupees to complete their education. Due to high fees in reputed institutions, many students are unable to pursue higher education, but this will no longer be an issue.
The government will provide loans to students in a very simple manner. Those children who couldn’t afford education due to lack of funds will greatly benefit from the government education loan. Poor students will directly benefit from the education loan.
Students studying in educational institutions will easily get loan facilities under the e-voucher scheme. Additionally, students will get a 3 percent annual interest discount on education loans. E-vouchers will be introduced, which will be given to 1 lakh students every year.
This budget includes a lot of provisions, especially focusing on students, the agriculture sector, and women. Finance Minister Nirmala Sitharaman stated that the government will launch a scheme to provide internship opportunities to 1 crore youth in the top 500 companies. The scheme will offer an internship allowance of 5000 rupees per month and a one-time assistance of 6000 rupees.
Currently, Loans are Available for These Courses
1. Undergraduate Courses: Students can avail loans for various undergraduate programs like B.A., B.Sc., B.Com, B.Tech, and other professional courses.
2. Postgraduate Courses: Loans are provided for postgraduate programs such as M.A., M.Sc., M.Com, M.Tech, MBA, and other advanced studies.
3. Professional Courses: Loans are available for professional courses like CA, ICWA, CS, CFA, and other similar certifications.
4. Technical Courses: Students pursuing technical courses from recognized institutions can avail education loans.
5. Vocational Training and Diploma Courses: Loans are also offered for vocational training and diploma courses which have high employability.
6. Medical and Engineering Courses: Special education loans are available for medical and engineering courses due to their high cost and importance.
7. Other Courses: Education loans are provided for various other courses that are recognized and approved by relevant authorities.
These education loans cover tuition fees, examination fees, library and laboratory fees, cost of books and equipment, travel expenses, and other related costs to ensure that students can complete their education without financial barriers.
