HP Government expands loan scheme for overseas education

Himachal Pradesh Cabinet has approved the extension benefits under Dr YS Parmar Vidhyarthu Rin Yojna a few days before. It is a scheme to support overseas education. Chief Minister Sukhvinder Singh Sukhu announced on September 22,2024, Sunday, that a detailed standard operating procedure (SOP) would be released soon.

A week prior, on Friday the state cabinet had approved the expansion of scheme. It offers educational loans of up to Rs 20 lakh at an interest rate if one percent. It is for the eligible students who are pursuing professional and vocational courses. The revised scheme will also cover students aspiring to study at overseas educational institutions.

In addition, the chief minister also mentioned, a detailed SOP regarding this will be issued soon. The state government introduced this scheme last year. The purpose was to assist meritorious students from economically Weaker sections. Students from families with an annual income of less than 4 lakh rupees are eligible.

"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." He spoke.

"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," Chief Minister Sukhvinder Singh Sukhu, this was quoted as saying by news agency PTI.

Moreover the chief Minister also told that there will be a grievance redressal officer will be appointed to address students' concerns, ensuring effective implementation of the scheme.

Around 1.3 million Indian students are pursuing higher studies abroad in 2024, a significant increase from previous years. The top destinations for Indian students include the US, UK, Canada, Australia, and Germany.