Himachal Govt to Provide Education Loan to Poor Students on 1% Interest

Himachal Govt: On Monday, the Chief Minister of Himachal Pradesh, Sukhvinder Singh Sukhu, announced the launch of a new scheme in the current fiscal year. The scheme aims to provide education loans to underprivileged students at an interest rate of only one percent, thereby enabling them to pursue higher education and professional studies.

According to a statement by the Chief Minister, the state government has proposed a budget of ₹200 crores for the ‘Mukhyamantri Vidyarthi Protsahan Yojna’. This scheme is intended to benefit economically disadvantaged students whose families earn less than ₹3 lakhs per annum. Under the scheme, these students will be able to avail of education loans from financial institutions or banks at a nominal interest rate of one percent.

The education loan offered under the ‘Mukhyamantri Vidyarthi Protsahan Yojna’ will cover various expenses associated with education, including tuition fees, accommodation, books, and other related costs. The scheme will extend its support to students pursuing professional courses, such as engineering, medicine, management, Ph.D. courses, ITIs, Polytechnic, B Pharmacy, nursing, General Nursing and Midwifery (GNM), and other similar courses.

As per the statement, the primary goal of the ‘Mukhyamantri Vidyarthi Protsahan Yojna’ is to ensure that economically underprivileged children in the state are not deprived of higher and professional education due to financial constraints. Chief Minister Sukhvinder Singh Sukhu mentioned that the nominal interest rate of one percent is intended to instill a sense of responsibility among the beneficiaries and motivate them to achieve their educational aspirations.

In addition to the education loan scheme, Chief Minister Sukhvinder Singh Sukhu has also announced a new initiative to encourage the education and empowerment of girls in the state. The government will offer a subsidy of ₹25,000 to 20,000 meritorious girl students above the age of 18 who are studying in government institutions, enabling them to purchase electric scooters. This measure aims to not only support girls’ access to education but also contribute to the development of Himachal Pradesh as an eco-friendly state.

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