Himachal Pradesh Government launched 1% Interest Education Loan Scheme with the name of Dr Yashwant Singh Parmar Vidyarthi Rin Yojana. The scheme started for the students who belong to poor families, and their annual income is less than 12 lakh.
For those students government will give them an education loan for their diploma and degree courses. Under this scheme bank will charge only one per cent interest, and the remaining interest will be paid by the state government to the bank. Students can take a loan of up to 20 Lakh for their education and related expenses.
Himachal 1% Interest Education Loan Scheme
This is a very good initiative started by the State government to encourage higher education. In Himachal Pradesh, parents always encourage their kids to complete their higher studies. Sometimes, due to the bad financial condition of the family, students do not pursue their higher education. Now, to tackle this issue state government launches the scheme for the betterment. The loan facility is available for diploma and degree courses in streams like engineering, medical, pharmacy, pharmaceutical, management, law and other technical courses.
This scheme is also eligible for ITIs and Polytechnic courses. Student are also eligible to take a loan for their post-graduation and PHD, but the institution is recognised by AICTE, NMC, AIMA, PCI, INC, UGC, BCI, etc. This scheme applies to students who study in India or abroad. The student’s family annual income is not more than 12 lakh rupees, and the maximum age of the student is 28 years.
UCO Bank is designated as the nodal Bank of the scheme. Their main Head Branch is located on The Mall, Shimla, which is authorised to process the interest subsidy claims that come from the higher education department. The main focus of the scheme is to ensure that there is no youth in the state deprived of the educational benefits due to their low financial conditions.
| Scheme Name | Himachal 1% Interest Education Loan Scheme |
| Official Name | Dr Yashwant Singh Parmar Vidyarthi Rin Yojana |
| Benefit | For Students Pursuing Higher Education (Degree or Diploma) |
| Loan Amount | Up to Rs 20 Lakh |
| Interest Rate | 1% |
| Nodal Bank | UCO Bank |
| Annual Income | Not More Than 12 Lak |
| Age Limit | Not More than 28 Years |
Eligibility Criteria
- The scheme is only for the Himachal Pradesh students, with at least 60% marks in the previous class. Other state students are not eligible.
- 1% interest education loan scheme will be provided for the students who are doing diploma or degree courses.
- Students who do their diploma or degree courses in professional and Technical Education, like medical, engineering, management, nursing, pharmacy, paramedical, law, etc.
- Technical courses like ITIs, polytechnic, post-graduation and PHD students are eligible.
- Students can take a maximum loan of up to 20 lakh.
- UCO is the nodal Bank of the scheme.
- The family income of the student is not more than 1200000.
- The maximum age of the student is 28 years at the time of registration/ admission.
- The loan amount will be sanctioned in instalments on a yearly/ annual basis after checking the annual expenses.
- A student can get the loan subsidy facility under the scheme only once.
Related: Himachal Homestay Registration Portal
How to Avail the Benefit of Dr Yashwant Singh Parmar Vidyarthi Rin Yojana?
- If you are interested in availing this education loan under the scheme, then you have to visit the nearest UCO Bank, which is the nodal Bank of this scheme.
- Borrowing students have to register on the portal before getting admission.
- He needs to upload all the necessary documents.
- He also has to upload these documents certifying his selection for admission. The head of the institution will check the eligibility as per the scheme guidelines.
- Your eligibility will be verified by the Director of Higher Education in the next 2 days.
- If they found you eligible, then your case will be sent to the concerned Bank.
- Application form is available in an annexture-1 and 2.
- Fill the application form and submit it to the concerned authority.
| Check Notification | Read Here |
Documents Required
- Student Aadhaar card
- Education certificate
- Bonafide of Himachal Pradesh
- Permanent residence proof
- Passport-sized photograph
- Birth certificate
- Bank details
- Phone number
Related: Himachal Rogi Mitra Bharti
FAQ
Student who face difficulty in pursuing their higher education due to financial instability in their family, the government give them a loan at 1% interest from the bank. The official name of this scheme is Dr Yashwant Singh Parmar Vidyarthi Rin Yojana.
Professional, technical and Higher Education courses are added in the scheme.
A student can take a loan of up to 20 lakh.
The age limit of the applicant student is a maximum of 28 years at the time of admission or registration.
UCO Bank is designated as the nodal Bank for this scheme.
The family’s annual income of the student does not exceed 12 lakh rupees.