The Himachal Pradesh government has introduced the Dr. Yashwant Singh Parmar Student Loan Scheme for the academic session 2024-25, aimed at providing financial assistance to students pursuing higher education and professional courses. Under the scheme, education loans will be offered at an interest rate of just 1% through scheduled banks across the state.
Key Features of the Scheme
The scheme is designed to benefit students enrolled in diploma and degree programs in fields such as engineering, medicine, management, pharmacy, nursing, law, and technical courses from prestigious institutions like IITs, polytechnics, and PhD programs. It covers both domestic and international education expenses, including:
- Tuition fees
- Boarding and lodging
- Cost of books and other education-related expenditures
The maximum loan amount is capped at ₹20 lakh.
Eligibility Criteria
- Students must have secured at least 60% marks in their previous qualifying examination.
- The annual family income should not exceed ₹4 lakh.
- The scheme is applicable to both new students and those already enrolled in recognized institutions for the academic year 2023-24 and beyond.
Nodal Bank and Application Process
UCO Bank has been designated as the nodal bank for the scheme. Its main branch in Shimla will process the interest subsidy on behalf of the Higher Education Department. Students can access the complete guidelines and application process details on the department’s official website at education.hp.gov.in.
A Boost for Himachali Students
This initiative is expected to make quality education more accessible to Himachali students, reducing their financial burden and enabling them to pursue diverse academic and professional opportunities. By offering loans at a minimal interest rate, the government aims to foster higher education and skill development in the state.
