Budget 2024: Key Highlights on Student Loans for Higher Education

Tuesday, 23 July 2024, 06:19

In the 2024 Budget announcement, Finance Minister Nirmala Sitharaman introduced a significant initiative for higher education funding. The plan includes e-vouchers for educational loans of up to **Rs. 10 lakh**, aimed at assisting one lakh students annually. With an attractive annual interest subvention of **3%**, this scheme is designed to ease the financial burden on students pursuing education in domestic institutions.

Livemint — Budget 2024: Key Highlights on Student Loans for Higher Education

Overview of the 2024 Budget Announcement

The 2024 Budget brought forth a pivotal decision regarding financing for higher education in India. Finance Minister Nirmala Sitharaman revealed that the government will provide e-vouchers allowing for loans up to Rs. 10 lakh to students seeking to further their education in domestic institutions.

Loan Details

Loans available up to Rs. 10 lakh.
Targeting one lakh students each year.
Annual interest subvention set at 3%.

Conclusion

This initiative marks a significant step towards enhancing accessibility to higher education in India, making it a viable option for many aspiring students. With favorable loan terms, the government aims to support students financially, allowing them to focus on their education.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.