Himachal Govt expands education loan scheme for economically weaker sections to study abroad

Shimla, September 22:Taking a major step towards making quality education accessible to all, the Himachal Pradesh government has expanded the scope of the Dr. Y.S. Parmar Student Loan Scheme to include study abroad. The expansion aims to provide assistance to meritorious students from economically weaker sections who aspire to pursue higher education in foreign institutions to ensure that financial constraints do not come in the way of their educational ambitions.

Announcing the decision, Chief Minister Sukhwinder Singh Sukhu emphasised the government’s commitment to provide equal educational opportunities to all students. He highlighted that the Dr. Y.S. Parmar Student Loan Scheme, launched in the financial year 2023-24, provides loans to eligible Himachali students at a minimal interest rate of just one per cent. “We believe that no deserving student should be deprived of higher or professional education due to financial constraints,” the chief minister said. He said the expansion of the scheme to include education abroad reaffirms the government’s commitment to empowering the youth.

Under the scheme, the state government has allocated Rs 200 crore to assist students pursuing education abroad. The loan covers essential educational expenses including tuition fees, boarding, lodging, books and other related costs. Students from families with an annual income of less than Rs 4 lakh can apply for a loan of up to Rs 20 lakh through any scheduled bank in the state. To streamline the process and avoid delays in disbursement, a special fund will be maintained at the district level, overseen by the deputy commissioner, so that the first instalment can be released when an immediate payment is required.

The expanded scheme is designed to benefit students enrolled in professional and technical courses such as engineering, medicine, management, nursing, pharmacy, law and others. It is also extended to students pursuing diploma programmes, ITI courses, polytechnic education and PhD programmes. Eligible students should have secured a minimum of 60 per cent marks in their previous class and should be below 28 years of age at the time of admission.

To ensure transparency and effective implementation of the scheme, the government will appoint a grievance redressal officer to address any concerns raised by students. A detailed standard operating procedure (SOP) will soon be issued by the education department to provide clarity on the operational aspects of the scheme.

Chief Minister Sukhu emphasized that this initiative is an important step towards ensuring that talented students from economically weaker backgrounds can fulfill their potential and realize their dreams, whether in India or abroad. He hoped that the expansion of the Dr. Y.S. Parmar Student Loan Scheme will inspire more students to set high goals and pursue advanced studies without worrying about financial constraints.