Union Budget 2024-25: E-Vouchers And Revised Loans To Boost Higher Education

In a move aimed at making higher education more accessible, the Union Budget 2024-25 proposes a revision of the Model Skill Loan Scheme. This revision is expected to benefit 25,000 students annually.

The budget also proposes a new initiative to further incentivise higher education. The government will provide e-vouchers for loans up to Rs. 10 lakh for students pursuing higher education in domestic institutions. These e-vouchers will be provided to 1 lakh students every year and will offer an annual interest subvention of 3 per cent on the loan amount.

This is a significant step by the government to make higher education more affordable for students across the country. The revised Model Skill Loan Scheme and the e-voucher scheme are expected to provide much-needed financial assistance to students aspiring to pursue higher studies.