Budget 2024: For higher education, now youth will be given a loan of up to ten lakhs for studying in domestic institutes. Let us know in detail what is the current system of loans in the country for higher studies.- Education Loans
Education Budget 2024: Modi government’s Budget 3.0 has been presented in the Lok Sabha. This time, employment and education were talked about at the beginning of the budget. According to the plan, this time a total of Rs 1 lakh crore will be spent on employment of youth. Many new packages will be announced for employment and there is also a plan to bring five crore new jobs in five years. Along with this, a loan of up to 10 lakh will be given to the candidates for higher education within the country. – Education Loans
You will get a loan up to ten lakhs
While presenting the budget, Finance Minister Sitharaman gave many gifts to the education sector. One of these is that financially weak students will be given a loan of up to Rs 10 lakh for higher education. This loan will be given only for studies in the country.
Not only this, students will get loan at 3% interest rate and every year they will receive 3% of the total amount directly in the form of e-voucher. Every year one lakh students will get this facility and they will get 3% annual discount on it. – Education Loans
What is the arrangement now
Even now, students in the country get loans for studies and the difference in the interest and amount depends on the bank’s policy. Broadly speaking, currently banks provide education loans at interest ranging from 7.15 percent to 15.20 percent. However, this also depends on many other factors. According to today’s budget, interest will be less and students will also get discounts on loans up to Rs 10 lakh.
The amount depends on the salary of the mother or father
The current system is that in most banks, candidates get loans on the basis of their mother or father’s salary. 65 percent of their salary can be obtained as a loan. Those who do not have this option have to give some kind of guarantee and only after that the bank gives the loan. There may be a change in this system.
How is the loan approved
The amount of loan you will get depends on many things. Like the ranking of your college, its fees, expenses from books to hostel, etc. After assessing these expenses, a loan of ten to twenty lakhs is given and a good amount of interest has to be paid. According to today’s budget, now arrangements will be made for financially weak candidates to get loans at a low interest rate. Especially, the facility of loan up to ten lakhs will be available.
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