Education loan will be available at a one percent interest rate

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Education loan facility,

Shimla: To ensure that no youth of the state is deprived of vocational education due to lack of financial resources and economic status, the state government has started Mukhyamantri Vidyarthi Protsahan Yojana.

The scheme provides education loan up to Rs.20 lakh to poor meritorious students for their higher studies needs such as lodging, tuition fees, books, and other education related expenses.

Chief Minister Sukhwinder Singh Sukhu said that this loan would be provided at an interest rate of one percent.

Bonafide Himachali students who have passed the previous class examination with minimum 60% marks for pursuing diploma and degree in professional and technical education such as engineering, medical, para-medical, pharmacy, nursing, law, etc. He can avail this education loan.

Apart from this, the benefits of this scheme can also be availed by doing technical courses from Industrial Training Institutes and Polytechnic Colleges and Ph.D. under recognized universities.

Education loan facility,

In his first budget speech, the Chief Minister announced this new scheme to provide education loan to meritorious students. Recently the state cabinet has approved this scheme.

The fund will also be established at the Deputy Commissioner level.

A fund will be set up at the Deputy Commissioner level to remove any delay related to the disbursement of loan amount.

He will be authorized to release the first installment of fee to the institution concerned, so as to ensure that the admission process of the students is not hampered in any way, if the banks take time in releasing the first instalment. After this, this money will be reimbursed by the bank to the concerned Deputy Commissioner.

Youth eligible with income less than four lakh rupees

Such students, whose family income from all sources is less than four lakh rupees per annum and the age limit of the beneficiary is up to 28 years, will be eligible for this scheme.

Students wishing to avail benefits under this scheme can apply through the online portal by submitting all the necessary documents.

The case will be recommended by the Director, Higher Education to the bank concerned for release of the first installment of the loan to the eligible student.