New Delhi (Agency): In a bid to make higher education more accessible, the Himachal Pradesh government has launched a new scheme, offering educational loans at just a 1% interest rate. Chief Minister Sukhvinder Singh Sukhu announced the initiative, named ‘Dr Y S Parmar Vidyarthi Rin Yojna’, aiming to ensure that financial constraints do not hinder the educational aspirations of the state’s youth.
The Chief Minister emphasized the government’s commitment to quality education in a statement. “This scheme will ensure that no youngster of the state is deprived of higher or professional education due to financial constraints,” Sukhu said.
The plan was first brought to light during the Chief Minister’s Budget speech in March, where he specified that these low-interest loans would be available to students residing in Himachal Pradesh. Students coming from families with an annual income of less than Rs 4 lakh will be eligible to benefit from this program. Additionally, the age limit to avail of these loans has been set at 28 years, counted from the date of registration and admission.
To manage urgent financial needs, a special corpus will be maintained at the deputy commissioner level in each district. This is aimed to speed up the disbursement of funds in cases where banks may require more time to release the initial loan installment.
To apply for the loan, students will have to register themselves on the higher education department’s portal and upload the required documents. Once approved, they can borrow up to Rs 20 lakh from any scheduled bank in the state. The loan is intended to cover various educational expenses including boarding, lodging, tuition fees, books, and other related costs.
The eligibility criteria for availing of the loan also include academic performance. “Students having 60 per cent marks in the previous class will be eligible to avail of the loan at the interest rate of one per cent,” Sukhu added. The loan can be used for diploma or degree courses in a range of fields such as engineering, medical, management, paramedical, pharmacy, nursing, and law. It also covers technical courses from ITIs and PhD programs from recognized educational institutions.
In terms of monitoring and effectiveness, the Chief Minister noted that a system would be put in place to evaluate the scheme’s impact. “A mechanism will be developed to evaluate the outcomes of the scheme at regular intervals, to ascertain its effectiveness and track the progress of the students,” he said.
This initiative not only promotes higher education in the state but also sets a precedent for other states to potentially follow, making education more affordable and accessible for all.
