The Government of Himachal Pradesh has recently come up with a remarkable students’ welfare program known as Himachal 1 Interest Education Loan Scheme, under which the Government aims to provide loan facilities to all the talented and deserving students who come from economically disadvantaged households. The Government will provide financial assistance as Loans to all deserving meritorious students with an interest rate of 1% so that they’ll be able to pursue higher education without being dependent on anyone for their daily needs and requirements. All those students who are eligible and willing to apply for this beneficial scheme can simply visit the Official Website and fill out the application form online.
What is Himachal 1 Interest Education Loan Scheme?
The Honourable Chief Minister of Himachal, Thakur Sukhvinder Singh Sukhu, has launched this impactful students’ welfare initiative known as Himachal 1 Interest Education Loan Scheme in April 2023. Under this scheme, the Government aims to provide low-interest loan facilities to all the students who come from financially wekaer households across the Himachal State. According to this scheme, the Government aims to provide financial help as Loans with an interest rate of just one percent, to all the deserving and talented meritorious students, so that they do not have to worry about their educational expenses and can pursue higher education without facing any financial expenses. As per the reports
Objective of Himachal 1 Interest Education Loan Scheme
The main objective behind this Himachal 1 Interest Education Loan Scheme is to empower all the meritorious students who come from financially weaker sections by providing them with loan facilities as financial help so that they’ll be able to pursue higher education without facing any financial troubles. Under this scheme, the Government aims to provide loan facilities to all the deserving students with an interest rate of just 1 per cent annually. With the help of this scheme, the students will be able to get the proper education without facing any financial constraints.
Himachal 1 Interest Education Loan Scheme Apply Online
- Applicants first have to register themselves on the ePASS Portal.
- After that, you have to log in by entering your Login Credentials.
- Now you have to click on the Himachal 1 Interest Education Loan Scheme option.
- After that, an application form will open here; you have to enter all the required details in the form.
- Then you have to upload all the required documents to the form.
- At Last, you have to review the form and click on the Submit button.
Short Highlights of Himachal 1 Interest Education Loan Scheme
| Scheme Name | Dr. Y.S. Parmar Vidyarthi Rin Yojna |
| Interest Rate | 1% |
| Maximum Loan | ₹20 Lakh |
| Family Income Limit | Up to ₹4 Lakh per year |
| Academic Requirement | Min. 60% in previous exam |
| Age Limit | Max. 28 years |
| Courses | Professional and technical courses (Diploma, UG, PG, PhD) |
| Study Locations | India and Abroad |
| Covers | Fees, accommodation, books, and other educational costs |
| Nodal Bank | UCO Bank |
| Annual Budget | ₹200 Crore |
| Launched | FY 2023-24 |
Eligibility Criteria
- Applicant must be a permanent resident of Himachal Pradesh.
- Applicants must have secured a minimum of 60% Marks in their previous examinations.
- Annual Income of the applicant’s family should not exceed INR 12 Lakh.
- Maximum Age limit is 28 years.
- The applicant should not be a defaulter of any financial institution or bank.
Required Documents
- Completed Loan Application Form.
- Passport-sized Photographs
- Proof of Identity: Aadhaar Card and PAN Card are mandatory.
- Proof of Address: Voter ID, Passport, Driving License, or proof of possession of an Aadhaar number.
- Bonafide Himachali Certificate (Domicile certificate).
- Academic Records: Mark sheets of 10th, 12th, graduation (if applicable), and entrance exam results.
Loan Details
| Feature | Details |
|---|---|
| Interest Rate | 1% |
| Maximum Loan Amount | Up to ₹20 lakh |
Eligible Courses
| Engineering | Diploma, B.Tech, B.E, M.Tech, M.E, etc. |
| Medical & Allied Fields | MBBS, MD, MS, BDS, MDS, Paramedical, Physiotherapy, Pathology, Nursing, Pharmacy (B.Pharma, M.Pharma) |
| Management & Business | BBA, MBA, Chartered Accountancy (CA), Cost Accountancy (ICWA), Company Secretaryship (CS) |
| Law | LLB, LLM |
| Information Technology | BCA, MCA, Biotechnology, etc. |
| Vocational/Technical | Courses from Industrial Training Institutes (ITIs) and Polytechnics |
| Architecture & Hotel Management | Architecture, Hotel Management & Catering Technology |
| Higher Education | Post-graduation (PG), M.Phil, and Ph.D. programs |
FAQ’s
What is the interest rate?
The effective interest rate for the student is 1%. The state government pays the remaining interest as a subsidy.
What is the maximum loan amount?
Up to ₹20 lakh for both studies in India and abroad.
Who is eligible to apply?
The applicant must be a bonafide Himachali resident and have achieved a minimum of 60% marks in their previous academic qualification.
Are there any income criteria?
Yes, the total annual family income from all sources must not exceed ₹12 lakh.
Is there an age limit?
Yes, the maximum age limit for the applicant is 28 years at the time of admission/registration.
Does it cover courses abroad?
Yes, the loan scheme covers eligible courses undertaken abroad as well.
Khushi Singh
Khushi Singh is a content writer with 3 years of experience in government schemes. She writes simple and helpful articles that guide people to understand and benefit from public welfare programs.