Union Finance Minister Nirmala Sitharaman announced Rs 10 lakh student loans for higher education at domestic institutions while presenting the Budget 2024-25 to Parliament.
Proposal to amend the Model Skill Loan Scheme to allow loans up to Rs 7.5 lakh
She advocated revising the Model Skill Loan Scheme to aid up to 25,000 students per year. According to Nirmala Sitharaman, the Model Skill Loan Scheme will be revised to provide loans of up to Rs 7.5 lakh with a government-promoted fund guarantee.
“Our government will provide financial support for loans up to 10 lakhs for higher education in domestic institutions,” Nirmala Sitharaman, the education minister, said.
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1 lakh students to receive e-voucher loans of up to Rs 10 lakh for higher education
According to the proposal, 1 lakh students will receive e-vouchers for loans of up to Rs 10 lakh for higher education at domestic institutions each year. Students can get this with an annual interest subsidy of 3% of the loan amount, Nirmala Sitharaman remarked in Parliament.
Nirmala Sitharaman also announced the setting up of working women’s hostels and creches in collaboration with industry.
“Working women hostels will be set up. Higher participation of women in the workforce is promoted through hostels and creches…Our government will bring the National Cooperation Policy for overall development,” she said.
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The Finance Minister further announced that the third NDA government under Prime Minister Narendra Modi will establish a scheme to “provide internship opportunities to 1 crore youth” in 500 leading enterprises, with a monthly internship of Rs 5,000 and a one-time grant of Rs 6,000.
The Finance Minister said that the Union Budget 2024-25 will provide Rs 1.48 lakh crore for education, employment and skilling in the country.
Nirmala Sitharaman further said that as mentioned in the Interim Budget 2024-25, there is a need to focus on the poor, women, youth and farmers.
