Financial support announced for students to pursue higher education in Union Budget 2024

E-vouchers for loans up to Rs 10 lakh announced to students in budget 2024

Finance Minister Nirmala Sitharaman proposed revision of Model Skill Loan Scheme to help 25,000 students every year in the Union Budget 2024.  Plus, e-vouchers for loans up to Rs 10 lakh for higher education in domestic institutions to be given directly to 1 lakh students every year for annual interest subvention of 3 percent of loan amount, ensuring affordable education for all. Students who have not yet benefited from any government schemes will get this support loans of up to Rs 10 lakh for education in domestic institutions, the finance minister said.

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“The financial support for higher education loans and model skill loans schemes will significantly enhance access to quality education and specialized training,” said Nischal Narayanam, Founder and Mentor, Nischal's Smart Learning Solutions. This comprehensive approach will undoubtedly equip our youth with the necessary skills and experiences to thrive in today's competitive job market, fostering a future-ready workforce, he added.

Also read: Income tax slabs revised, standard deduction raised from Rs 50,000 to Rs 75,000 under the new tax regime in Budget 2024