Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu on Monday, April 10, said a scheme to provide education loans at one per cent interest to poor students to help them pursue higher and professional studies will be launched in the current financial year.
Further giving more details in a statement released, the CM said, the state government has proposed Rs 200 crore under the Mukhyamantri Vidyarthi Protsahan Yojna which aims to provide underprivileged children (families having an income of less than Rs 3 lakh per annum) with education loans through financial institutions or banks at an interest rate of one per cent.
How will this benefit students?
The loan will help the students cover the charges of tuition, accommodation, books and other allied expenses associated with their education, the statement said. Moreover, the scheme covers a wide range of professional courses, including engineering, medical, management, PhD courses from ITIs, Polytechnic, BPharmacy, nursing, General Nursing and Midwifery (GNM), among others.
"The main objective of the scheme is to ensure that no poor child in the state is deprived of higher and professional education for want of financial resources," the statement read, as stated in a report by PTI.
Speaking on this, CM Sukhu said a one per cent interest rate is to instil a sense of responsibility among the beneficiaries so that they have the motivation to achieve their aim. Additionally, a subsidy of Rs 25,000 will be provided to 20,000 meritorious girl students, above 18 years of age, studying in government institutions, to purchase electric scooters, he added.
The move will not only encourage girl students to pursue higher education but will also help develop Himachal Pradesh as a "green state", he said, as stated in a report by PTI.