Himachal Pradesh Education Loan Scheme
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Himachal Pradesh Education Loan Scheme offers education loans of up to INR 20 lakh at a nominal interest rate of 3% and 4% respectively to students belonging to religious minority and Persons with Disabilities (PwD) categories in Himachal Pradesh. This scheme is applicable to undergraduate and postgraduate professional/technical courses, as well as other courses that are approved by the UGC, the Government, or AICTE. The scheme extends its benefits to minority communities residing in the state, such as Muslims, Sikhs, Buddhists, Christians, and Parsis.
Himachal Pradesh Education Loan Scheme
DeadlineAlways Open Eligibility Below is a concise checklist of key points to determine eligibility for the Himachal Pradesh Education Loan Scheme:
- The applicant must be an Indian citizen and have a domicile in Himachal Pradesh.
- Students belonging to minorities and PwD categories can apply for this scheme.
- The annual family income should not exceed INR 81,000 for students belonging to rural areas and INR 1,03,300 for urban areas from all the sources.
- For applicants from minority communities, the age limit ranges from 18 to 55 years. On the other hand, students with disabilities must be above 18 years of age to be eligible for the scheme.
- For PwD students, a considerable disability level is 40% or higher.
- The applicants should not have any history of defaulting on payments to government or semi-government banks/institutions.
- The beneficiary is required to contribute 5% of the total loan amount as *margin money, while the remaining balance is contributed by the SCA as the state share.
*Margin money is a student’s own contribution towards the total education expenses when applying for a loan. It is a specific amount that borrowers allocate as their personal investment.
Benefits: - Education Loan – The scheme aims to facilitate a maximum loan amount of INR 10 lakh for courses within India and INR 20 lakh for courses pursued abroad. For professional and technical courses, the loan disbursement is capped at INR 4 lakh per year.
- Interest Rate – The interest rate for education loans is 3% for students belonging to minority communities, while it is 4% for male PwD students. Additionally, female PwD students are eligible for a 1% rebate on the interest rate.
- Loan Repayment Time – For students from minority communities, the loan repayment period starts after 5 years of completing their course. In contrast, for students in the PwD category, the loan repayment period begins after 7 years of course completion.
Documents - Education loan application form
- Mark sheets of the last qualifying examination
- Proof of scholarship/studentship
- Expenses for the specified courses
- Passport-size photographs
- Bank account statements
- Income tax assessment
- Statement of assets and liabilities
- Proof of income
How can you apply? - Visit the official website: minority.hp.gov.in.
- Click on the ‘Application Form for Minorities’ or ‘Application Form for Persons with Disabilities.’
- Download the application form.
- Fill in the important details in the application form.
- Attach the required documents.
- Submit the application form to the H.P. Minorities Finance and Development Corporation or HP Handicapped Finance and Development Corporation’s official address.
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Frequently Asked Questions
What is the Himachal Pradesh education loan scheme?
This scheme is an initiative by the Himachal Pradesh government to provide financial assistance to religious minorities and PwD students. Furthermore, eligible students can get education loans at a maximum interest rate of 4%.
What courses are covered under the Himachal Pradesh education loan?
The scheme covers a wide range of courses consisting undergraduate, postgraduate, professional, technical and vocational courses in India and abroad.
What is the interest rate for the HP Education scheme?
Students belonging to minority communities can obtain an education loan at an interest rate of 3%. Male students with disabilities are eligible for an education loan at an interest rate of 4%. Additionally, female students with disabilities will be granted a 1% rebate on the interest rate.
How much loan can I get under the Himachal Pradesh education loan scheme?
Eligible students are provided with an education loan of up to INR 10 lakh for studying within India and INR 20 lakh for studying abroad.
What type of expenses are considered under the HP Education Loan Scheme?
The loan covers expenses such as tuition fees, hostel fees, examination fees, purchase of books/equipment/uniforms, caution deposits, travel expenses for studies abroad, and the cost of necessary computers or two-wheelers.
Is there any margin money or deposit required for the HP education loan?
Yes, students are required to deposit an amount of INR 5,000, which will be adjusted as margin money towards the loan. Furthermore, in the case of government employees, applicants need to deposit an amount that is 15 times of the net monthly salary (in hand salary).
Contact
In case of any queries, please reach out to:
0177-2622164 (Monday to Friday - 10:00AM to 06:00 PM (IST))hpmfdc@hp.gov.in
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