Students can now take subsidised education loan at 1% interest rate

The state government has launched the Dr Yashwant Singh Parmar Vidyarathi Rhin Yojana, an interest subsidy education loan scheme designed to support bona fide Himachali students pursuing professional, technical and higher education courses in recognised institutions.

A spokesperson for the Higher Education Department said that under the scheme, eligible students could avail of education loans through scheduled banks located in the state at just one per cent interest rate. “The loan facility is available for diploma and degree courses in engineering, medical, management, paramedical, pharmacy, nursing, law and other technical fields offered by ITIs and polytechnics. Students can also avail of loans for post-graduation and Ph.D from institutions recognised by the AICTE, NMC, AIMA, PCI, INC, BCI, UGC etc,” he added.

He said that the scheme covered students seeking to pursue education both in India and abroad and was applicable for fresh admissions as well as students already enrolled in recognised courses. “Under the scheme, students can avail of loans up to Rs 20 lakh to meet expenses, including tuition fees, boarding and lodging, books and other education-related costs. The annual family income of the applicant should not exceed Rs 12 lakh. The maximum age limit to apply for the loan is 28 years as on the date of admission or registration,” he added.

UCO Bank has been designated as the nodal bank for the scheme. Its main branch on The Mall, Shimla, is authorised to process interest subsidy claims for the Higher Education Department. For detailed guidelines, students can visit the department’s official website: https://education.hp.gov.in/.

The aim of the scheme is to ensure that no youth of the state is deprived of educational opportunities due to financial limitations.