According to Chief Minister Sukhvinder Singh Sukhu, the Himachal Pradesh government has launched a new program this fiscal year to provide educational loans to the state’s qualified students at an interest rate of 1%.
According to a statement from him, the administration is dedicated to provide high-quality education, and the “Dr Y S Parmar Vidyarthi Rin Yojna” would make sure that no child in the state is denied access to a higher or professional education because of budgetary limitations.
Sukhu said in his Budget address in March that state students will be eligible for education loans at a rate of 1%.
According to him, this program allows students from households with yearly incomes of less than Rs 4 lakh to apply for loans. At the time of enrollment and admission, the maximum age to be eligible for a loan was set at 28 years old.
According to Sukhu, a corpus would be kept at the deputy commissioner level in the districts for situations when the money has to be deposited right away but the banks are taking their time releasing the first payment.
According to the statement, students must register on the higher education department’s website and provide the necessary paperwork before they may be admitted to the schools of their choosing.
Under the program, qualified students may get educational loans from any Himachal scheduled bank for up to Rs 20 lakh to cover the costs of boarding, accommodation, tuition, books, and other related educational expenditures.
In order to pursue diploma or degree programs 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 accredited educational institutions and universities, students must have earned 60% of the possible points in their previous class.
The chief minister said that a framework will be created to assess the program’s results at regular intervals in order to determine its efficacy and monitor the pupils’ growth.