The Government of Himachal Pradesh has introduced a new scheme called Dr. Y. S. Parmar Vidyarthi Rin Yojna. This scheme offers education loans up to ₹20 lakh at a nominal interest rate of 1% to the state’s students. It aims to help students who are facing financial constraints pursue higher or professional education. The Chief Minister of Himachal Pradesh, Sukhvinder Singh Sukhu, announced the scheme on August 28, 2023.
Students with an annual family income of less than ₹4 lakh and are interested in pursuing diploma and degree programmes in professional and technical education are eligible for the loan. The scheme applies to students who are natives of Himachal Pradesh and have secured 60% marks in the previous class. Also, the applicant must be under 28 years of age on the date of registration and admission.
| About | Details |
|---|---|
| Name Of the State | Himachal Pradesh |
| Name of the Scholarship Scheme | Dr. Y. S. Parmar Vidyarthi Rin Yojna |
| Provider | Department of Higher Education, Government of Himachal Pradesh |
| Beneficiaries | Students of Himachal Pradesh |
| Maximum Loan Amount | ₹20 lakh |
| Interest Rate | 1% |
| Eligible Courses | Professional/Technical Engineering Medicine Management Paramedical Pharmacy Nursing Law Technical courses from Industrial Training Institutes (ITIs) PhD programs from recognised educational institutions and universities |
| Official Website | hpepass.cgg.gov.in |
| Deadline | Not Available |
Under this scheme, eligible students can avail of education loans up to ₹20 lakh from any scheduled bank within the State of Himachal Pradesh. The loan covers various expenses, including accommodation, tuition fees, textbooks, and other related costs.
The scheme also includes the establishment of a corpus that the district’s Deputy Commissioner will oversee. This fund will address concerns where immediate deposits are necessary, but banks require time to release the first instalment of money.
To apply for the scheme, students must register on the Higher Education Department’s ePASS portal at hpepass.cgg.gov.in and upload the necessary documents per the scheme’s requirements. The scheme applies to diploma or degree programs in professional and technical fields such as engineering, medicine, management, paramedical, pharmacy, nursing, law, technical courses from Industrial Training Institutes (ITIs), and PhD programs from recognised educational institutions and universities.
The Chief Minister has also highlighted plans to develop a mechanism for regularly evaluating the scheme’s outcomes, ensuring its effectiveness, and monitoring the students’ progress.
In summary, Dr Y. S. Parmar Vidyarthi Rin Yojna is a scheme introduced by the Himachal Pradesh Government that offers education loans up to ₹20 Lakh at a nominal interest rate of 1% to eligible students. The scheme covers various expenses, including accommodation, tuition fees, textbooks, and other related costs. The scheme applies to students who are natives of Himachal Pradesh, have secured 60% marks in the previous class, and have an annual family income of less than ₹4 lakh. To apply, students must register on the Higher Education Department’s ePASS portal at hpepass.cgg.gov.in and upload the necessary documents per the scheme’s requirements.