Himachal Pradesh Expands Student Loan Scheme to Support Overseas Education

Himachal Pradesh Expands Student Loan Scheme to Support Overseas Education

The State Government of Himachal Pradesh has taken a significant step to empower meritorious students from economically weaker sections by expanding the scope of the Dr. Y.S. Parmar Vidyarthi Rin Yojna to include overseas education. This initiative will provide financial assistance to students aspiring to pursue higher studies in foreign institutions, ensuring that their educational dreams are not hindered by financial limitations. The education department will soon release a detailed Standard Operating Procedure (SOP) outlining the eligibility criteria, application process, and other relevant information for this scheme.

Chief Minister Thakur Sukhvinder Singh Sukhu announced that the Dr. Y.S. Parmar Vidyarthi Rin Yojna was launched in the financial year 2023-24 to support eligible students from economically weaker sections. The scheme offers educational loans at an interest rate of just one percent, making it accessible to a wider range of students. The government has allocated Rs. 200 crore to support students under this scheme, demonstrating its commitment to providing quality education to all youth, regardless of their financial background.

Students from families with an annual income below Rs. four lakh are eligible for the loan, which covers educational expenses such as tuition fees, boarding, lodging, books, and other related costs. Loans up to Rs. 20 lakh can be availed from any scheduled bank in the state. To address delays in disbursement, the government will maintain a corpus at the district level, overseen by the Deputy Commissioner, to release the first installment of the loan when immediate payment is needed.

The scheme covers students pursuing diploma and degree courses in professional and technical education, including engineering, medicine, management, nursing, pharmacy, law, and more. Students from ITIs, Polytechnics, and those pursuing Ph.D. programmes are also eligible. To qualify, students must have secured a minimum of 60 percent marks in the previous class and be under 28 years of age at the time of admission.

To ensure the effective implementation of the scheme and address any concerns, a grievance redressal officer will be appointed to handle student queries. This initiative is a significant step towards providing our youth with the opportunity to fulfill their potential and achieve their dreams, regardless of their economic circumstances.

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