Himachal govt rolls out interest subsidy scheme for education loans

Shimla, Nov 21 (PTI) Eligible students can now avail education loans through notified banks in Himachal Pradesh at a highly subsidised interest rate of just one per cent under an interest subsidy scheme for educational loans launched by the state government, a higher education department official said on Friday.

Designed to support bonafide Himachali students pursuing professional, technical and higher education courses in recognised institutions, the Dr Yashwant Singh Parmar Vidyarthi Rhin Yojna aims to ensure that no youth of the state is deprived of educational opportunities due to financial limitations, a statement issued here said.

The facility is available for diploma and degree courses in engineering, medical, management, para-medical, pharmacy, nursing, law and other technical fields offered by ITIs and polytechnics, it said.

Students can also avail the loan for postgraduation and PhD from institutions recognised by bodies such as All India Council for Technical Education (AICTE), National Medical Commission (NMC), All India Management Association (AIMA), Pharmacy Council of India (PCI), Indian Nursing Council (INC), Bar Council of India (BCI) and the University Grant Commission (UGC), the official added.

He said the scheme covers students seeking to pursue education both in India and abroad and is applicable for fresh admissions as well as students already enrolled in recognised courses.

Under the scheme, students can avail 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.

The official said UCO Bank has been designated as the nodal bank for the scheme, with its main branch at The Mall, Shimla, authorised to process interest subsidy claims for the higher education department.

For detailed guidelines, students were asked to visit the department's official website. PTI BPL ARB ARB