Himachal Pradesh Launches ‘Mukhya Mantri Vidyarthi Protsahan Yojna’ for Education Loans

The Chief Minister of Himachal Pradesh, Thakur Sukhvinder Singh Sukhu, has introduced the ‘Mukhya Mantri Vidyarthi Protsahan Yojna (MMVPY)’ to ensure that financially disadvantaged students in the state can pursue professional education. This scheme provides education loans up to Rs. 20 lakh at a nominal interest rate of one percent to cover various expenses like tuition fees, boarding, lodging, books, and other education-related costs.

Under this scheme, eligible Himachali students with a minimum of 60 percent marks in their previous class can avail of the education loan. The loan is applicable for diploma and degree courses in professional and technical fields such as Engineering, Medical, Para-medical, Pharmacy, Nursing, Law, as well as technical courses from ITIs and Polytechnic Colleges. Ph.D. programs from recognized universities are also included.

In the state’s budget speech, the Chief Minister announced an allocation of Rs. 200 crore for this scheme, and the state cabinet has given its approval. To be eligible, the family income of the student should be below Rs. 4 lakh per annum from all sources, and the maximum age limit is 28 years. The scheme is applicable only for full-time courses and does not cover correspondence or online courses.

The Chief Minister emphasized the government’s commitment to uplifting underprivileged sections of society and empowering those who lack financial resources through education loans at a nominal interest rate. The government believes that education is a powerful tool for social upliftment and aims to ensure that no one is deprived of professional education due to financial constraints.

Interested students can apply through an online portal by submitting the required documents. Eligible cases recommended by the Director of Higher Education will be forwarded to the concerned bank for the disbursement of the first loan installment. Until the online portal is operational, applicants can fill a prescribed proforma and send the scanned documents via email to the Director of Higher Education.

To prevent delays in loan disbursement, a corpus will be maintained at the level of Deputy Commissioners, who will have the authority to release the first installment of fees to institutions in cases where banks take time to release funds. The amount will be reimbursed by the bank to the Deputy Commissioner later.

The introduction of this scheme reflects the state government’s commitment to providing equal opportunities for quality education to all students. By offering accessible education loans, Himachal Pradesh aims to empower meritorious students and support their journey towards a successful and prosperous future.