Himachal government widens the scope of scholarships & loan scheme

Every individual who ever plans on pursuing higher education, owing to the rising cost of education, searches for student scholarships or loan schemes offered by their governments. Since its Independence, India has been focused on improving the education system and bridging the literacy divide, and being a quasi-federal system of governance has resulted in states and central government working together to formulate policies on the same. 

Recently, Himachal Pradesh Chief Minister, Sukhvinder Singh Sukhu announced the expansion of the education scholarships and loan scheme in the state to overseas studies. The scheme in consideration here is, Dr. YS Parmar Vidyarthi Rin Yojana, which is a part of the Himachal government’s initiatives for the educational upliftment of people. Let us find out more about the scheme and the expanded scope. 

Dr. YS Parmar Vidyarthi Rin Yojana - Education Scholarships & Loan Scheme

The state of Himachal Pradesh launched this student education loan scheme to offer financial assistance in the form of scholarships and loans to students whose dreams of pursuing higher education are hindered due to the lack of enough funds. Dr. YS Parmar Vidyarthi Rin Yojana is a state-sponsored loan scheme, aiming to financially aid students from the EWS category. It was launched in the year 2023 and is expected to reach its end in 2026. 

Key highlights of the scheme:

1. The scheme targets eligible students pursuing higher education or aspiring to!

2. The scheme promises to provide loans for education at a minimal interest rate of 1% to the selected eligible students of Himachal Pradesh. 

3. The state government of Himachal Pradesh has allocated a whopping budget of INR 200 Crores for the implementation of the scheme.

4. Through this scheme, students can avail education loans of up to INR 20 lakhs from any scheduled bank within the state. 

5. The scheme covers students aspiring for diplomas, degree in professional courses, technical degrees, engineering courses, medical degrees, management courses, pharmacy, law, ITIs, polytechnic, PhDs and more. 

Eligibility Criteria For Applying Students:

1. Under this scheme, students whose annual family income is below 4 lakh INR are eligible to cover educational expenses such as fees, books, stationery and so on.

2. The basic eligibility criteria other than the income bracket is that the applying student must score at least 60% in the previous level of study, whichever is applicable. 

3. The applying student must be 28 years or below at the time of admission into the course/degree program, through the scheme. 

Latest Updates On The Loan Scheme:

As per the recent update, the Himachal government has broadened the horizon of this loan scheme. Now in addition to offering educational scholarships and loans to eligible and meritorious students from economically weaker sections, the scheme will also offer loans for pursuing higher study courses and degrees from foreign institutions. While there has been only a preliminary announcement regarding the scheme upgrade, the full SOP is yet to be released by the Himachal government. 

If you fit the above-mentioned criteria and wish to pursue higher studies from India or abroad, you can also keep an eye on further updates regarding the SOP of this loan scheme.