Himachal Pradesh Expands Education Loan Scheme for Overseas Studies
The Himachal Pradesh government has expanded the ‘Dr YS Parmar Vidyarthi Rin Yojna’ to include overseas education for meritorious students from economically weaker sections. This initiative aims to help students pursue higher studies in foreign institutions without financial barriers.
Key Details of the Scheme
Chief Minister Sukhvinder Singh Sukhu announced that the scheme, launched in the financial year 2023-24, offers educational loans at an interest rate of just one percent to eligible bona-fide Himachali students. The government has allocated Rs. 200 crore to support this initiative.
Eligibility Criteria
- Students from families with an annual income below Rs. 4 lakh.
- Loans up to Rs. 20 lakh can be availed from any scheduled bank in the state.
- Students must have a minimum of 60 percent marks in their previous class and be under 28 years of age at the time of admission.
Loan Coverage
The loan will cover educational expenses such as tuition fees, boarding, lodging, books, and other related costs. It is available for students pursuing diploma and degree courses in professional and technical education, including engineering, medicine, management, nursing, pharmacy, law, and more, as well as students from ITIs, Polytechnics, and those pursuing Ph.D. programmes.
Implementation and Support
To address delays in disbursement, a corpus will be maintained at the district level, overseen by the Deputy Commissioner, to release the first installment of the loan when immediate payment is needed. A grievance redressal officer will be appointed to address any concerns of students, ensuring the scheme’s effective implementation.
Chief Minister Sukhu emphasized that this initiative reflects the government’s commitment to providing quality education to all youth, ensuring that no deserving student is deprived of higher or professional education due to financial constraints.
Doubts Revealed
Himachal Pradesh -: Himachal Pradesh is a state in northern India, known for its beautiful mountains and cool weather.
Dr YS Parmar Vidyarthi Rin Yojna -: This is a special loan scheme named after Dr. YS Parmar, who was the first Chief Minister of Himachal Pradesh. ‘Vidyarthi Rin Yojna’ means ‘Student Loan Scheme’ in Hindi.
Overseas education -: Overseas education means studying in a different country, outside of India.
Meritorious students -: Meritorious students are those who have performed very well in their studies and have good grades.
Economically weaker sections -: Economically weaker sections refer to families that do not have a lot of money and find it hard to afford expensive things like higher education.
Chief Minister Sukhvinder Singh Sukhu -: He is the current Chief Minister of Himachal Pradesh, which means he is the head of the state government.
1% interest rate -: Interest rate is the extra money you have to pay back when you take a loan. A 1% interest rate is very low, which means students have to pay back only a little extra money.
Tuition and lodging -: Tuition is the fee you pay to attend school or college. Lodging means the place where you stay, like a hostel or rented room.
Family incomes below Rs. 4 lakh -: This means the total money earned by a family in a year is less than 4 lakh rupees (400,000 rupees).
Loans up to Rs. 20 lakh -: Students can borrow up to 20 lakh rupees (2 million rupees) to pay for their education.
Rs. 200 crore -: This is the total amount of money the government has set aside for this loan scheme. 200 crore rupees is a very large amount of money.
