The Himachal Pradesh State Government has introduced the Mukhya Mantri Vidyarthi Protsahan Yojna (MMVPY), a scheme aimed at empowering meritorious students in their pursuit of higher education. With a budget of Rs. 200 crore, this initiative is set to create opportunities and a path to success for deserving individuals.
Eligibility Criteria and Loan Details Under the Mukhya Mantri Vidyarthi Protsahan Yojna
Under the MMVPY, students in Himachal Pradesh, up to the age of 28, with an annual family income of less than Rs. 4 lakh, are eligible for financial support. The scheme offers education loans of up to Rs. 20 lakh at a nominal interest rate of one percent. This loan covers various expenses including tuition fees, lodging, boarding, books, and other related educational costs.
Streamlined Application Process and Timely Disbursement of Education Loans
To ensure a hassle-free application process, interested students can apply through a user-friendly online portal. The Director of Higher Education will review the applications and recommend eligible candidates to the concerned bank for the release of the first installment of the loan. In cases where the online portal is not yet operational, candidates can submit scanned documents via email to the Director, Higher Education.
To prevent any delays in loan disbursement, a dedicated fund will be maintained at the Deputy Commissioner level. These authorities will have the power to release the initial installment of fees directly to educational institutions, ensuring that students’ admissions are not affected while awaiting loan approval. The reimbursement of this amount will be made by the bank to the respective Deputy Commissioner.
Through the Mukhya Mantri Vidyarthi Protsahan Yojna, the Himachal Pradesh government reinforces its vision of creating a brighter future for the youth. With a substantial budget allocation of Rs. 200 crore, this initiative will pave the way for meritorious students to pursue their academic dreams and build a prosperous future.
