Una, November 14 - Now students from poor families in Himachal Pradesh will not have to worry about arranging money for higher education. For those youth who want to reach heights in the field of education through hard work and dedication, but till now financial constraints have been a hindrance in their flight, Himachal Government's 'Dr. Y.S. Parmar Student Loan Scheme' is a bright ray of hope and a guarantee of trust. Under this scheme, the state government will provide loans up to Rs 20 lakh at just 1 percent interest, so that children from poor families can break the shackles of financial constraints and fulfill their dreams of higher education.

Taking an important step towards giving new wings to the dreams of the youth of the state and laying a strong foundation for their bright future, Chief Minister Thakur Sukhwinder Singh Sukhu has launched this scheme. The objective of the scheme is to ensure that no Himachali youth is deprived of higher or professional education due to financial difficulties.

Rajendra Kaushal, Deputy Director, Higher Education Department, Una, says that under this scheme, there is a provision of education loan up to Rs 20 lakh to the youth of the state at a minimum interest rate of just one percent. This initiative of the government will not only give new wings to the dreams of the youth, but it will also strengthen the resolve to strengthen education in the state.

Benefits and Eligibility
The scheme will benefit new students as well as students pursuing education from recognized institutions. Under this scheme, financial assistance will be provided for various diploma and degree courses including engineering, medical, management, para-medical, pharmacy, nursing, law, industrial training institutes, polytechnic institutes and PhD from recognized universities.

Only Himachali bonafide students will get the benefit of the scheme. For eligibility, the student must have secured at least 60 percent marks in the previous class, and admission should be based on merit. The annual income of the student's family should not exceed Rs 4 lakh, for which the income certificate has to be obtained from the Executive Magistrate of the concerned tehsil or subdivision. Students pursuing education through online or correspondence medium will not be eligible for this scheme.

Under the scheme, students pursuing professional, technical courses or PhD from any recognized institute in India will be provided loans up to Rs 20 lakh so that they can meet their education as well as other necessary expenses such as housing facilities, material required for education, tuition fees etc. This loan will be given in half-yearly or annual installments and can be obtained from any scheduled bank in the state. The continuity of the loan will depend on the satisfactory academic performance of the student, which will have to be submitted to the bank every year through a certificate. If the student leaves the course midway, he will have to return the interest subsidy received earlier.

This is the application process
Regarding the scheme, forms and related documents can be obtained from the website of Directorate of Higher Education Shimla. The department is also developing a separate portal for this. Till the portal is activated, students can send the prescribed form along with the required documents to the email address [email protected] to avail the benefits of the scheme. The Director of Higher Education will recommend the first installment to the bank on the basis of eligibility within 72 hours, so that the students can get the amount of admission fee and other expenses on time. No collateral (security) will be required for a loan of up to Rs 7.5 lakh, and the last installment will be given till the completion of the course. The parents or guardians of the applicant student will also have to give an affidavit related to eligibility.

Provision of Corpus Fund
For effective implementation of the scheme, the government has made a provision of a corpus fund with the Deputy Commissioners. If there is a delay in the first installment from the bank, the Deputy Commissioner will release the first installment from this fund within 24 hours, so that the students do not face any hindrance in admission. Deputy Commissioner Una Jatin Lal, while emphasizing the importance of Dr. Y.S. Parmar Student Loan Scheme, said that for its successful implementation, all the concerned departments have been instructed to take immediate action, so that the eligible students can get the benefit of the scheme without any delay.