Govt is providing loans upto Rs.10 lakh for higher education, Check details and how to apply
Union Finance Minister Nirmala Sitharaman announced that the government will extend financial support for loans up to ₹10 lakh for higher education at domestic institutions. This support will include e-vouchers given directly to one lakh students annually, with an interest subvention of 3 percent on the loan amount.
Measures for Skill Development
In her presentation of the 2024-25 budget, Sitharaman detailed several initiatives for the Skill Development sector. These include the upgrading of 1,000 Industrial Training Institutes (ITIs) following a hub and spoke model. The course content will be realigned with industry skill needs, and new courses will address emerging requirements. Additionally, a revision of the model skill loan scheme is planned.
Funding and New Initiatives
The Union Budget for 2024-25 allocates ₹1.48 lakh crore for education, employment, and skilling across the country. Sitharaman introduced a new centrally sponsored scheme aimed at skill development, targeting the training of 20 lakh youth over the next five years.
Revised Skill Loan Scheme
The model skill loan scheme will be revised to facilitate loans up to ₹7.5 lakh, backed by a government-promoted fund. This revision is anticipated to benefit 25,000 students each year.
