Himachal Boosts Loan Scheme for Overseas Education

To empower meritorious pupils from economically weaker sections (EWS), the Himachal Pradesh government has broadened the scope of Dr. YS Parmar Vidyarthi Rin Yojna to include overseas education.

This project will aid students pursuing higher education in foreign schools, guaranteeing that financial constraints do not impede their educational goals. The education department will issue a full SOP shortly regarding this.

Honourable Chief Minister Sukhvinder Singh Sukhu stated that the state government had launched a student loan initiative to assist eligible meritorious EWS students beginning in the fiscal year 2023-24. The plan offers educational loans at a 1% interest rate to eligible Himachali students.

“Our government is committed to providing quality education to all youth and with the launch of this scheme, no deserving student in the state will be deprived of higher or professional education due to financial constraints. This decision reflects the state government’s unwavering commitment to making quality education accessible to all, regardless of economic background. The government has allocated Rs 200 crore to support such students under this scheme,” added the CM.

A loan is available to students from families with an annual income of less than Rs 4.00 lakh. This loan will cover educational expenses, including tuition fees, boarding, lodging, literature, and other related costs. Students can apply for loans up to Rs 20.00 lakh from any scheduled bank in the state. To ensure prompt disbursement, the government will establish a corpus at the district level. This corpus will be headed by the deputy commissioner, who will oversee the release of the first instalment of the loan when required.

The initiative will benefit students doing certificate and degree courses in professional and technical education, such as engineering, medicine, management, nursing, pharmacy, law, and others, and students from ITIs, polytechnics, and PhD programs. Students must have earned at least 60% in their prior class and be under 28 at admission.

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