Expanded Coverage for Professional and Higher Education
TNR
Shimla: The Himachal Pradesh Higher Education Directorate has notified fresh guidelines for the Dr YS Parmar Student Loan Scheme, introducing major relaxations in eligibility and loan limits. Under the updated rules, students from families earning up to Rs 12 lakh annually can now apply for education loans of up to Rs 20 lakh, a substantial increase from earlier provisions.
The state cabinet recently cleared the amendments to ensure that financial limitations do not force students to give up their educational aspirations.
The updated scheme now covers an extensive range of professional, technical and higher education courses, including engineering and medical; management and paramedical; pharmacy and nursing; law; ITI and polytechnic programmes; postgraduate degrees; PhD and other approved technical courses.
Students must enrol in recognised institutions or universities, and the maximum age for applicants has been fixed at 28 years. Those already pursuing their courses will also be eligible to apply under the revised rules.
Low-interest loan and wider income eligibility
Previously, only students from families with an income of up to Rs 4 lakh qualified for the scheme. The new income ceiling of Rs 12 lakh significantly broadens the pool of beneficiaries.
Loans will be offered at a concessional 1% interest rate, with the Higher Education Department claiming the interest subsidy directly.
Students can use the sanctioned amount — up to Rs 20 lakh — to meet expenses such as tuition and academic fees; books and learning material; hostel, boarding and lodging charges’; and examination fees and other related costs.
UCO Bank named nodal agency; loans available nationwide
The government has appointed UCO Bank as the scheme’s nodal institution, with its Shimla main branch responsible for coordination. However, students may secure the loan through any designated bank across India, offering flexibility and ease of access.
The revised guidelines also extend loan benefits to students seeking education abroad, enabling youth from Himachal to pursue studies at international institutions.
Officials say the enhanced provisions are aimed at ensuring that every deserving student, regardless of economic background, can access quality education without financial barriers.
