Mukhya Mantri Gyandeep Yojna - Loan up to INR 10 Lakh

The Mukhya Mantri Gyandeep Yojna (MMGY) is an education loan scheme introduced by the Government of Himachal Pradesh with the primary objective of assisting students in pursuing higher education.

Under this program, students enrolled in professional or technical courses at recognized educational institutions across India can avail of education loan of up to INR 10 lakh at an interest subsidy of 4% per annum.

The article covers all the important information such as eligibility criteria, benefits offered and other details related to the scheme.

Mukhya Mantri Gyandeep Yojna (MMGY) – Overview

Scheme Name	Himachal Pradesh Mukhya Mantri Gyandeep Yojna (MMGY)
State	Himachal Pradesh
Provider	Department of Higher Education, Government of Himachal Pradesh
Beneficiaries	Students of Himachal Pradesh
Maximum Loan Amount	INR 10 lakh
Quantum of Interest Subsidy	Yearly interest subsidy of 4%
Eligible Courses	Professional/Technical courses
Official Website	hpepass.cgg.gov.in
Moratorium Period	Course period and additional 1-year
Application Mode	Offline

Important Read: Mukhya Mantri Gyandeep Yojna (MMGY) Guidelines – Official Notification

Note – For updated guidelines, students must visit the official website of e-Pass Himachal Pradesh.

Mukhya Mantri Gyandeep Yojna (MMGY) – Benefits & Eligibility Criteria

Benefits

Eligible students can avail an interest subsidy of 4% per annum on education loan of up to INR 10 lakh.
The financial support enables students to pursue professional/technical courses without the burden of hefty interest rates.

Eligibility Criteria

Eligible and interested students must meet the following eligibility requirements to apply for the HP Mukhya Gyandeep Yojna (मुख्यमंत्री ज्ञानदीप योजना):

1. Domicile – The applicant must be a native of Himachal Pradesh. The applicant must submit a copy of their Bonafide Himachali Certificate to the relevant bank or branch.

2. Educational Requirement –

Students must have successfully passed Class 12 examination.
Candidates must have secured admission to a recognised institute in India.

Important Note – The students should not have enrolled in any other interest subsidy program for education loans provided under state or central government schemes.

Mukhya Mantri Gyandeep Yojna (MMGY) – Application Process & Claiming Procedure

Application Process

Eligible candidates can avail of the application forms available at bank branches and the Directorate of Higher Education, Himachal Pradesh (उच्च शिक्षा निदेशालय, हिमाचल प्रदेश).

Claiming Procedure

UCO Bank is the nodal bank for this interest subsidy scheme.
UCO Bank in Shimla will collect interest subsidy claims from the member banks.
The interest subsidy is submitted twice a year in October and April by the member banks.
The member bank branch will provide the information of the borrower students who are sanctioned/disbursed education loan.
A declaration from the borrower student will be submitted by the member bank branch claiming an interest subsidy.
The bank branch members will submit their interest subsidy claims in the specified format to their controlling office within 10 days after the end of each half-year.
Controlling offices of member banks will review and forward claims within 15 days.
Afterwards, Nodal bank’s designated branch will send approved claims to the Education Department within 15 days.
Then, the Department of Higher Education, Himachal Pradesh will scrutinize the interest subsidy claims of the member banks.
The claim amount will be settled by keeping aside the necessary amount in the designated bank account.
Upon receiving the approved interest subsidy claim amount from the Department of Higher Education, Himachal Pradesh, the designated branch of the Nodal Bank will remit it directly through RTGS/NEFT to the respective bank within 5 days.
Finally, the amount will be credited to the education loan accounts of eligible candidates.

Mukhya Mantri Gyandeep Yojna (MMGY) – Documents Required & Contact Details

Documents Required

It is essential to submit the following documents along with the application at the bank in order to avail the benefits of the scheme:

Domicile certificate
Marksheet of previous passing examination
Certificate of admission from a recognized institution
Identity proof
Aadhaar card

Contact Details

Department of Higher Education, Himachal Pradesh

Shimla – 171001

Email ID – dhe-sml-hp@gov.in | Phone Number – (+91)-177-2656621(O) | Fax Number – 2811247

Also Read : HP Scholarship 2023 – Scholarships for Himachal Pradesh Students

Mukhya Mantri Gyandeep Yojna (MMGY) – FAQs

What is Mukhya Mantri Gyandeep Yojna (MMGY)?

MMGY is a scheme introduced by the Himachal Pradesh government to provide financial support to students pursuing education through interest subsidy on education loans up to INR 10 lakh.

Who is eligible for the MMGY scheme ( मुख्यमंत्री ज्ञानदीप योजना)?

The applicant must be a domicile of Himachal Pradesh and have secured admission in a recognized institute in India.

What are the benefits of the MMGY scheme?

Under the MMGY scheme, eligible students can avail an interest subsidy of 4% annually on education loans up to INR 10 lakh to pursue their higher education.

How can one apply for the HP MMGY scheme?

The eligible students can apply for the scheme directly through the bank.

What documents are required to apply for the HP MMGY scheme?

The required documents for applying to MMGY scheme include a domicile certificate, a certificate from a recognized institution, and other relevant documents as specified under the scheme.

Can I avail an education loan from any bank under this scheme?

Under the MMGY scheme (मुख्यमंत्री ज्ञानदीप योजना), students can avail education loan from any bank to pursue professional/technical courses at recognized institutions in India.