State Government expands Dr. Y.S. Parmar Vidyarthi Rin Yojna to support overseas education

In a landmark decision aimed at empowering meritorious students from economically weaker sections, the State Government has expanded the scope of the Dr. Y.S. Parmar Vidyarthi Rin Yojna to include overseas education.

This initiative will benefit students aspiring to pursue higher studies in foreign institutions, ensuring that financial limitations do not stand in the way of their educational aspirations. A detailed SOP will be issued in this regard by the education department shortly.

Chief Minister Thakur Sukhvinder Singh Sukhu said that the State Government has launched the Dr. Y.S. Parmar Vidyarthi Rin Yojna from the financial year 2023-24 to support the eligible meritorious students of economically weaker sections. The scheme provides educational loans at an interest rate of just one percent to eligible bona-fide Himachali students. “Our government is committed to provide quality education to all youth and with the launch of this scheme, no deserving student in the State will be deprived of higher or professional education due to financial constraints. This decision reflects the State Government’s unwavering commitment to making quality education accessible to all, regardless of economic background.

The Government has allocated Rs. 200 crore to support such students under this scheme,” said the Chief Minister. Students from families with an annual income below Rs. four lakh are eligible for the loan, which will cover educational expenses such as tuition fees, boarding, lodging, books and other related costs. Students can avail loans upto Rs. 20 lakh from any scheduled bank in the state. To address delays in disbursement, the government will maintain a corpus at the district level, overseen by the Deputy Commissioner, to release the first installment of the loan when immediate payment is needed.

The scheme will cover students pursuing diploma and degree courses in professional and technical education, such as engineering, medical, management, nursing, pharmacy, law, and more, as well as students from ITIs, Polytechnics, and those pursuing Ph.D. programmes. A minimum of 60 percent marks in the previous class is required and students must be under 28 years of age at the time of admission.

The Chief Minister said that to ensure the effectiveness of implementation of the scheme and to outcomes the irregularities a grievance redressal officer will be appointed to address the concerns of students. He said that this initiative is a step towards ensuring that our youth have the opportunity to fulfill their potential and achieve their dreams.