Chief Minister Thakur Sukhvinder Singh Sukhu said on Tuesday that to ensure no youth of Himachal Pradesh is deprived of professional education due for want of financial resources, the state government has rolled down ‘Mukhya Mantri Vidyarthi Protsahan Yojna’ (MMVPY).
The scheme offers education loan of up to Rs 20 lakh at a nominal interest rate of one per cent for higher studies to the poor meritorious students to cover boarding, lodging, tuition fee, books and other education related expenses, he added.
Eligible bonafide Himachali students with minimum 60 percent marks in previous class can avail this education loan to pursue diploma and degrees in professional and technical education such as Engineering, Medical, Para-medical, Pharmacy, Nursing, Law, etc. Technical Courses from ITIs and Polytechnic Colleges and Ph.D. from the recognized Universities would also be under the ambit of this scheme.
Thakur Sukhvinder Singh Sukhu said, “Although the scheme had been announced in the Budget for providing education loan to the meritorious students with an outlay of Rs 200 crore, now the state cabinet has given its nod to the scheme.”
Eligibility criterion for the loan under the MMVPY is the income of the family of the students should be less than Rs. 4 lakh per annum from all sources and the age limit for availing the facility is 28 years, he said, adding that this facility does not apply to the students pursuing their studies through correspondence or online courses and it will be applicable to full time courses only.
The chief minister said, “The state government is committed to the uplift of the underprivileged sections of the society. By providing education loans at an interest of one percent, the state government aims to empower those who lack the financial resources. Education is seen as a powerful tool for social upliftment and the state government intends to ensure that no one is deprived of professional education merely due to the constraints of financial resources.”
The chief minister said that the introduction of this scheme reflects the state government’s dedication to provide equal opportunities for quality education to all the students.
By offering accessible education loans, Himachal Pradesh aims to empower meritorious students and support their journey towards a successful and prosperous future, he added.
Desirous students need to apply through an online portal, submitting all the requisite documents and if found eligible the Director of Higher Education will recommend the case to the concerned Bank for releasing the first installment of loan.
The candidates can fill a prescribed proforma and send the scanned documents via email to the Director, Higher Education.
To prevent any delay in disbursing the loan amount, a corpus will be maintained at the level of Deputy Commissioners and they will be authorized to release the first installment of fees to concerned institutions, in cases where banks take time to release the first installment ensuring that students’ admission is not jeopardized.
Later, this money will be reimbursed by the bank to the Deputy Commissioner concerned.