Dr. Y.S. Parmar Vidyarthi Rin Yojna: Bridging Education and Finance

Solan, Aug 28 – The “Dr. Y.S. Parmar Vidyarthi Rin Yojna” has been introduced by the Himachal Pradesh State Government starting from the fiscal year 2023-24, aimed at providing affordable loans to eligible Himachali students for higher education. The scheme offers loans with a mere one percent interest rate, ensuring that financial constraints do not hinder the pursuit of quality higher and professional education for the youth of the state. Students with a family income below Rs. 4 lakh per annum are eligible to avail this loan.

To facilitate the smooth disbursement of fee money to institutions, the state government plans to maintain a corpus at the district Deputy Commissioner level. This provision is meant to expedite the first installment of fee money for students who face delays from banks and require immediate fee payment to secure admission.

The state government will nominate a Nodal Bank to manage interest subsidies for educational loans obtained by eligible students from the Higher Education Department through an online portal. The students can register on the portal, upload required documents, and provide proof of admission to initiate the process. Students with a minimum of 60 percent marks in their previous class are eligible for this scheme. The age limit for availing the educational loan facility is 28 years at the time of registration and admission.

The scheme’s effectiveness and student progress will be periodically evaluated through a designated mechanism. A Grievance Redressal Officer will be appointed by the Department of Higher Education, offering students a channel to address concerns through various communication modes. This initiative is expected to open doors to quality education for economically disadvantaged students, enabling them to reach their full potential and achieve their aspirations.