The “Mukhya Mantri Gyandeep Yojna” is an interest subsidy scheme launched by the Higher Education Department, Government of Himachal Pradesh. This scheme is designed to support Himachali students in availing educational loans from any bank for pursuing professional/technical courses and higher education at recognized institutions in India. The scheme applies to loans disbursed from the academic year 2016-17 (starting from 1st April 2016), irrespective of the date of loan sanction. Its primary objective is to provide financial support through an interest subsidy on educational loans, thereby easing the financial burden on students pursuing higher education in India and abroad.
Benefits
-
Interest Subsidy:
Eligible educational loans up to ₹10 lakhs receive an interest subsidy at the rate of 4% per annum. -
Subsidy Period:
The subsidy is provided on the interest charged during the repayment, holiday, or moratorium period (which includes the course period plus a maximum of one year moratorium).
Eligibility
-
Bonafide Himachali Students:
The applicant must be a bonafide resident of Himachal Pradesh. -
Loan Requirement:
The scheme is available to Himachali students who have availed educational loans from any bank for pursuing professional/technical courses or higher education courses from recognized institutions in India. -
Exclusive Benefit:
The interest subsidy is available only if no other interest subsidy on educational loans is being availed under any other state or central government scheme.
Application Process
Offline
-
Step 1:
Interested students should visit the nearest bank where they have availed or plan to avail an educational loan. -
Step 2:
Collect the application form for the scheme from the bank. -
Step 3:
Complete the application form by providing all the required details and attaching the necessary documents. -
Step 4:
Fill in the declaration and nomination details. -
Step 5:
Submit the filled application form along with the supporting documents to the bank.
Post-Application Process:
-
Nodal Bank:
UCO Bank is the nodal bank for the administration of the interest subsidy scheme under the Higher Education Department. -
Claim Submission:
Member banks will submit interest subsidy claims on a half-yearly basis (in October and April). The claim process involves:- Providing details of borrower students with loans sanctioned/disbursed on or after 1st April 2016 and the outstanding loan amount as of specific cut-off dates.
- Obtaining a declaration from the borrower in a specified format.
- Submitting a consolidated interest subsidy claim through the designated branch of the nodal bank.
-
Disbursement:
After scrutiny by the Department of Higher Education, the approved interest subsidy amount is remitted via RTGS/NEFT by the nodal bank to the respective member bank branches for crediting the amounts in the students’ education loan accounts.
Documents Required
- Passport-size photographs.
- Copy of Aadhaar Card.
- Copy of PAN Card.
- Copy of Himachali Bonafide Certificate (proving domicile of Himachal Pradesh).
- Bank account details.
- Proof of pursuing the course/higher education (admission letter, fee structure, etc.).
- Proof of address.
- Any other document as required by the bank.
Frequently Asked Questions
-
What is the “Mukhya Mantri Gyandeep Yojna”?
It is a scheme that provides an interest subsidy on educational loans for Himachali students pursuing professional/technical and higher education courses. -
What is the objective of the scheme?
To provide financial support in the form of an interest subsidy on educational loans to ease the burden on students pursuing higher education in India and abroad. -
Which department implements this scheme?
The scheme is implemented by the Higher Education Department, Government of Himachal Pradesh. -
Who is eligible to apply under the scheme?
Bonafide Himachali students who have availed educational loans from any bank for professional/technical and higher education courses from recognized institutions are eligible. -
Is this scheme only for students of Himachal Pradesh?
Yes, only Himachali students (i.e., those who are permanent residents of Himachal Pradesh) can avail of this benefit. -
What is the benefit of the scheme?
The benefit is an interest subsidy of 4% per annum on education loans up to ₹10 lakhs. -
Who is not eligible to apply under the scheme?
Students who have availed interest subsidy under any other scheme by the State or Government of India on educational loans are not eligible. -
How do I apply for the scheme?
Applications are made offline by visiting the nearest bank, obtaining the application form, filling it out, and submitting it along with the necessary documents.