Eligible poor students to get education loans at one percent interest rate in Himachal

The present State Government is to launch an innovative ‘Mukhyamantri Vidyarthi Protsahan Yojna’ to provide educational loans to underprivileged students at the rate of one percent, from the financial year 2023-24, who are unable to pursue higher and professional studies due to a lack of resources.

The State Government has proposed Rs. 200 crore under the scheme which aims to provide eligible poor children with education loans through financial institutions or banks at an interest rate of one percent to families having an income of less than Rs. 3 lahks per annum.

“Under the Yojana, eligible students will be able to avail of education loans from financial institutions and banks, which would be partnered with the scheme. The loans will help the students to cover the charges of tuition fees, accommodation, books, and other allied expenses associated with their education”, said the Chief Minister.

The scheme covers a wide range of professional courses, including engineering, medicine, management, and Ph.D., courses from ITIs, Polytechnics, B. Pharmacy, Nursing, General Nursing, and Midwifery (GNM), among others. The main objective of launching this scheme was to ensure that no poor child in the State is deprived of higher and professional education for want of financial resources.

The Chief Minister said “One percent of interest rate is just to instill the sense of responsibility among them so that they have the motivation to achieve their aim.  “It is the resolve of the State Government that no student is deprived of higher education due to paucity of funds and efforts of the Education Department were underway to give final shape to this scheme,” he said.

The scheme will ensure that underprivileged students have access to quality education to realize their potential and achieve their aspirations. 

Reiterating the claim to refurbish the system (Vyavastha Parivatan), the Chief Minister said that in the times to come, the people of the State would witness radical changes in the education sector and the Mukhyamantri Vidyarthi Protsahan Yojna is one of many other initiatives aimed at improving the education system in the State. To encourage 20,000 meritorious girl students above 18 years of age and studying in Government institutions, a subsidy of Rs. 25,000 would be provided to purchase ‘Electric Scooty’. This will not only encourage girl students to pursue higher education but will also help to develop Himachal Pradesh as a ‘Green State’.

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