In her presentation of the Budget 2024-25 in Parliament, Union Finance Minister Nirmala Sitharaman declared that student loans of up to Rs 10 lakh will be available for higher education at domestic institutions.
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During the Budget presentation, the Finance Minister proposed a revision of the Model Skill Loan Scheme to assist up to 25,000 students annually. According to the proposal, e-vouchers for loans up to Rs 10 lakh for higher education in domestic institutions will be provided directly to 1 lakh students each year. Students can benefit from an annual interest subvention of 3 percent on the loan amount, Nirmala Sitharaman stated in Parliament.
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