Education Budget 2024: Loans Up To Rs 10 Lakh For Students In Domestic Institutions

Union Education Budget 2024: Union Finance Minister Nirmala Sitharaman announced loans up to Rs 10 lakh for students in domestic institutions.

Education Budget: E-vouchers for student loan will be given directly to 1 lakh students every year.

Source : Freepik

Presenting the Union Budget 2024, Finance Minister Nirmala Sitharaman announced loans for students up to Rs 10 lakh. The government will provide financial support to youth who are not eligible for any benefits under existing government schemes and policies for higher education. Students can receive education loans of up to Rs 10 lakh, the FM said.

Sitharaman added that E-vouchers for this purpose will be given directly to 1 lakh students every year with interest subvention of 3 percent of the loan amount.

The Finance Minister announced a revision to the model skill loan scheme, which will now facilitate loans of up to Rs 7.5 lakh with a guarantee from a government-promoted fund. This updated scheme is expected to benefit 25,000 students annually.

Additionally, Nirmala Sitharaman revealed plans to establish working women's hostels and creches in collaboration with industry partners.

The Finance Minister announced a new scheme aimed at providing internship opportunities to one crore youth in 500 top companies over the next five years. Interns will receive a monthly allowance of Rs 5,000, along with a one-time assistance of Rs 6,000. The FM also noted that companies participating in the scheme will be expected to cover the training costs and 10 percent of the internship expenses from their CSR funds.

Talking about Nalanda, FM Nirmala Sitharaman said, “Rajgir holds immense religious significance for Hindus , Buddhists and Jains. The 20th Tirthankar Muniswarata Temple in Jain temple complexes, Saptrishi Hot springs formed a warm water sacred brahmkund. A comprehensive development initiative for Rajgir will be undertaken Our govt will support the development of Nalanda as a tourist centre besides reviving Nalanda University to its glorious stature.”

Notably, For the Union Budget 2024-25, the Finance Minister confirmed an allocation of Rs 1.48 lakh crore for education, employment, and skilling across the country. Last year, the government allocated Rs 1,12,898.97 crore to the education sector.