The Himachal Pradesh government has launched a new interest subsidy scheme to make higher and professional education more affordable for students in the state. Under the Dr. Yashwant Singh Parmar Vidyarthi Rhin Yojna, eligible students can now access education loans at a subsidised interest rate of just one percent through scheduled banks operating in Himachal Pradesh.
A spokesperson from the Higher Education Department said the initiative aims to ensure that no Himachali student faces difficulty in pursuing higher studies due to financial limitations. The loan facility is available for diploma and degree courses in engineering, medical, management, pharmacy, nursing, para-medical, law and other technical fields offered by ITIs, polytechnics and recognised institutions. Students seeking post-graduation and Ph.D. degrees from institutions recognised by bodies such as AICTE, NMC, AIMA, PCI, INC, BCI and UGC can also apply.
The scheme covers students pursuing education both in India and abroad and extends to fresh admissions as well as those already enrolled in eligible courses. Students can avail loans up to ₹20 lakh to meet expenses including tuition fees, hostel charges, books and other education-related costs.
To qualify, applicants must be bonafide residents of Himachal Pradesh, and their annual family income should not exceed ₹12 lakh. The maximum age limit to apply is 28 years as on the date of admission or registration.
UCO Bank has been designated as the nodal bank for the scheme, with its main branch at The Mall in Shimla responsible for processing interest subsidy claims for the Higher Education Department. Students can access detailed guidelines and eligibility information on the department’s official website.
