To provide educational loans to underprivileged students, the Himachal Pradesh government will be launching an innovative ‘Mukhyamantri Vidyarthi Protsahan Yojna.’

Under this scheme those students who are unable to pursue higher and professional studies due to a lack of resources will be provided educational loans at the interest rate of one per cent, from the financial year 2023-24.

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For this, 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 the families having income of less than Rs 3 lakh per annum.

Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu here on Monday said: “Under the Yojana, eligible students will be able to avail 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.”

The scheme covers a wide range of professional courses, including engineering, medical, management, PhD, 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, he added.

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 added.

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 Parivartan), 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,’ said the Chief Minister.