Himachal Pradesh chief ministerSukhvinder Singh Sukhu on Monday said an innovative Mukhyamantri VidyarthiProtsahan Yojna will be launched in the current financial year to provide educational loans to underprivileged students at the rate of 1% to help them pursue higher and professional studies.
The has proposed Rs 200 crore under the scheme which aims to provide eligible poor children (families having income of less than Rs 3 lakh per annum) with Education loans through financial institutions or banks at an interest of 1%.
The loans will help the students cover the charges of tuition fees, accommodation, books and other allied expenses associated with their education, he said. The scheme covers a wide range of professional courses, including engineering, medical, management, PhD, courses from ITIs, polytechnic,BPharmacy, Nursing and general nursing and midwifery among others.
Sukhu said 1% interest rate is just to instill a sense of responsibility among the beneficiaries so that they have the motivation to achieve their aim. Reiterating the claim to refurbish the system, he said that in the times to come, the people would witness radical changes in the Education sector and the Mukhyamantri Vidyarthi Protsahan Yojna is one of many other initiatives aimed at improving the education system in the state.