Education Loan e Voucher Scheme 2025: Online Apply, Eligibility & Benefits

On July 23, during the Union Budget 2024 presentation, Finance Minister Nirmala Sitharaman proposed a significant update to the model skill loan program. The introduction of the Education Loan e-Voucher Scheme aims to provide government-backed financial support, guaranteeing loans of up to ₹7.5 lakh. This initiative is expected to benefit approximately 25,000 students annually, empowering them to pursue their educational and skill development goals.

Below, you'll find detailed information about the Education Loan e-Voucher Scheme, including its Highlights, Objectives, Features and Benefits, Eligibility Criteria, Required Documents, Interest Rate and Loan Amount, Steps to Apply, and much more.

About Education Loan e Voucher Scheme 2025

The Education Loan e Voucher Scheme 2024, announced as part of the Union Budget, aims to support 100,000 students annually by providing subsidies on loans of up to ₹10 lakh for those pursuing higher education in domestic universities. The scheme is designed exclusively for students who have not previously availed any government-backed educational benefits. Under this initiative, students will receive e-vouchers that will subsidize their loan interest rate by 3%. This program is expected to benefit both educational institutions and students. According to Shantanu Rooj, Founder and CEO of TeamLease Edtech, the scheme will not only aid underprivileged students but also contribute positively to the development of domestic institutions.

Education Loan e Voucher Scheme Details in Highlights

Education Loan e Voucher Scheme Objective

The primary objective of the Education Loan e-Voucher Scheme is to provide financial assistance to students facing economic challenges, enabling them to complete their education. Under this initiative, eligible students can receive a loan of up to INR 10 lakh from the Indian government. The scheme offers an attractive interest rate of just 3% per annum, which is significantly lower than the prevailing market rates. This reduced interest burden ensures that students can repay the loan without facing financial strain. The Education Loan and Voucher Scheme aims to support one lakh students across India, providing them with the financial aid they need to pursue their academic goals.

Features & Benefits of Education Loan e Voucher Scheme 2025

Here are some of the key features and benefits of the Education Loan e-Voucher Scheme 2024:

• Launched by the Finance Minister: The scheme was introduced by India’s Finance Minister, Mrs. Nirmala Sitharaman.
• Official Announcement Date: The Education Loan and Voucher Scheme 2024 was officially launched on July 23, 2024.
• Wide Reach: Aimed at benefiting up to one lakh students across India.
• Financial Assistance for Higher Education: The scheme offers financial aid to students, helping them pursue higher education without financial constraints.
• Empowering Aspirational Students: It supports many aspiring students by alleviating the burden of financial limitations, enabling them to achieve their academic goals and improve employment prospects.
• Annual Beneficiaries: Approximately 25,000 students are expected to benefit from the scheme every year.
• Affordable Repayment Terms: The scheme offers a 3% annual interest rate, making it easier for students to repay the loan without financial hardship.
• Improved Social Standing: By providing this financial support, the program aims to elevate the standard of living and social status of students across India.
• Eligibility for All Students: The scheme is open to all students in India, ensuring that everyone has an opportunity to access this valuable support.

Eligibility Criteria for Education Loan e Voucher Scheme

To apply for the Education Loan e-Voucher Scheme, the following eligibility criteria must be met:

• Domicile Requirement: The applicant must be a domicile of India, meaning they must be an Indian citizen.
• Academic Qualification: The applicant should be a 10th or 12th-grade student who intends to pursue further education, such as higher studies or vocational courses.
• Financial Need: The student should be financially unstable or come from a family facing financial difficulties, making them eligible for financial assistance under the scheme.

Required Documents

Some of the important documents required for the scheme are as follows:

• Aadhar Card
• PAN Card
• Electricity bill
• Email ID
• Mobile Number
• Address Proof

Education Loan e Voucher Scheme Interest Rate and Loan Amount

• The scheme will impose an annual interest rate of 3% on the loan amount. 
• The scheme allows students to get a loan sum of INR 10 lakh.

Steps to Apply for Education Loan e Voucher Scheme 2025 

To apply for the Education Loan e-Voucher Scheme, follow these steps:

• Visit the Official Website: Go to the official website of the Education Loan e-Voucher Scheme.
• Access the Homepage: The homepage of the website will appear on your screen.
• Click on 'Apply Here': Find and click on the 'Apply Here' option to begin the application process.
• Fill Out the Application Form: The application form will open. Fill it out with all the required details, such as personal information, academic details, and financial status.
• Upload Required Documents: After filling in the form, upload all necessary documents such as identity proof, academic records, and any financial documents.
• Submit the Application: Finally, review the information and click on the 'Submit' button to complete the application process.

By following these steps, your application for the Education Loan e-Voucher Scheme will be successfully submitted.

Summary of Education Loan Voucher Scheme 2025

The Education Loan e-Voucher Scheme 2025, introduced in the Union Budget 2024, offers financial support to students pursuing higher education in India. It provides loans up to ₹10 lakh with a 3% annual interest rate. The scheme aims to benefit 100,000 students annually, empowering them to overcome financial barriers and achieve their academic and career goals.