Chief Minister Sukhvinder Singh Sukhu, the Himachal Pradesh government has launched a new initiative this fiscal year to grant educational loans to qualified students in the state at a 1% interest rate. The administration is dedicated to delivering high-quality education, and the 'Dr YS Parmar Vidyarthi Rin Yojna' would ensure that no young person in the state is denied further or professional education owing to financial restrictions, he said in a statement. Sukhu said in his Budget address in March that 1% education loans will be made available to state students. Students from households with an annual income of less than Rs 4 lakh are eligible for loans under this plan, according to him. The loan eligibility age has been set at 28 years as of the registration and admission date. Sukhu stated that a corpus will be maintained at the deputy commissioner level in the districts for situations when the money must be deposited promptly and banks are taking their time to issue the first payment.
Students would register on the higher education department's webpage and upload the documentation necessary under the plan before being admitted to the universities of their choosing, according to the announcement. Under the plan, qualifying students would be able to obtain education loans of up to Rs 20 lakh from any scheduled bank in Himachal to cover the costs of boarding, accommodation, tuition fees, books, and other educational expenditures. Students with 60% in the previous class will be eligible for a 1% loan to pursue diploma or degree courses in professional and technical education such as engineering, medical, management, paramedical, pharmacy, nursing, and law, as well as technical Courses from ITIs and PhDs from recognized educational institutions and universities. The chief minister stated that a method will be devised to analyze the scheme's outcomes at regular intervals.
