Government of India launches new student loan scheme
The new student loan scheme is called the 'Scheme for Interest Subvention on Education Loan' and will provide financial assistance to students pursuing higher education in India and abroad.
Under the scheme, the government will provide interest subsidy on education loans taken by students from scheduled banks.
The scheme will be available to students from economically weaker sections (EWS) with an annual family income of up to Rs. 4.5 lakhs.
The scheme will cover all courses from diploma to post-graduate level, including technical and professional courses.
The scheme is expected to benefit around 9 lakh students and will cost the government around Rs. 2,100 crore over the next three years.