HP Mukhyamantri Gyandeep Yojana Education Loan For Studying Abroad

HP Mukhyamantri Gyandeep Yojana Education Loan

HP Mukhyamantri Gyandeep Yojana Education Loan: HP Mukhyamantri Gyandeep Yojana is a scheme of the Government of Himachal Pradesh launched on 1 April 2016. The scheme aims to provide financial support in the form of interest subsidy on education loans availed from banks by students who are residents of Himachal Pradesh for pursuing higher education in India or abroad. Students can apply both online and offline for this scheme. To avail this scheme the student has to be a native of Himachal Pradesh and must have completed his class 12th examination. Let’s learn more about this scheme!

Major Features of HP Mukhyamantri Gyandeep Yojana Education Loan

HP Mukhyamantri Gyandeep Yojana is one of the best education loan in India to study abroad. As already stated, students interested in studying abroad can apply for Mukhyamantri Gyandeep Yojana. The financial assistance provided by the government is in the form of interest subsidy on education loans up to INR 10 Lakhs. Students can choose to apply for this scheme either online or offline and a Vidyarthi Credit Card is also available that students can use for their future expenses while studying abroad.

Features of Gyandeep Yojana

How To Apply for HP Mukhyamantri Gyandeep Yojana?

Eligible students can apply for this scheme both online and offline. Below are the steps to apply for this scheme.

Online Process to Apply for Gyandeep Yojana

The process to apply online is as follows-

  • Step 1: Visit the Official Website i.e. e-PASS Portal.
  • Step 2: Students are first required to register themselves on the portal.
  • Step 3: After filling in the details, click on the ‘Submit’ button. After you have successfully registered, you can apply for the scheme.
  • Step 4: While filling out the application form, submit all the required documents in the mentioned file size and type.
  • Step 5: After filling out the application form and submitting it, the application form and the documents will be verified by the Department of Education officials. After the verification process, the application is sent to the concerned bank for loan approval.
  • Step 6: After the bank’s approval, the loan amount is provided to the students in phases as per the guidelines of the government.

Offline Process to Apply for the Scheme-

The process to apply offline is as follows-

  • Step 1- Approach the loan department of the bank branch and inform them that you would like to apply for the Himachal Pradesh Mukhyamantri Gyandeep Yojana.
  • Step 2- A bank official will be assigned to you who will start your loan application process after confirming your eligibility.
  • Step 3- Collect the loan application form. Fill out the application form carefully with all the necessary details.
  • Step 4- Submit your application form along with the required documents.
  • Step 5- The bank will approve your loan application after verifying your documentation part.
  • Step 6- The bank will contact you after your verification process is done and inform you about the further steps and the interest subsidy details.

Also Read: International students must possess a basic financial prowess. Read our article on the Importance of Financial Literacy to know more.

Eligibility Criteria for HP Mukhyamantri Gyandeep Yojana

To avail education loan under Gyandeep Yojana, students must fulfil the basic eligibility criteria. Below are the details of the same-

  • Students should be a resident of Himachal Pradesh (Bonafide Himachali). A copy of the certificate of Bonafide Himachali will be required to submit to the concerned bank.
  • Students must have passed the class 12th examination.
  • Students must be willing to take admission in a technical or professional course.

Documents Required For Loan underGyandeep Yojana

It is important to know the documents required for education loan. Below is the list of documents that students need to have with them in order to apply for this loan scheme-

  • Domicile Certificate of Himachal Pradesh
  • Caste Certificate
  • Aadhaar Card
  • Income Certificate
  • 12th Marksheet
  • Proof of securing admission in technical or professional courses.

Maximum Amount of Assistance

It is important to know about the maximum amount of assistance that students can get under any scheme as this helps in deciding which scheme to choose from. The details of the amount of assistance under this scheme are-

  • Maximum amount- The government provides a maximum of INR 10 Lakhs under this scheme.
  • Interest subsidy- Interest subsidy is admissible from any bank on education loans availed up to the maximum of INR 10 Lakhs. Interest subsidy to the extent of 4% p.a. on education loans is allowed.

Note:- The above information has been taken from the ePASS Portal of the Government of Himachal Pradesh. Any updates regarding the scheme can be found on the same portal. Students are advised to check the portal for any changes in the maximum amount available.

Expenses Covered under Gyandeep Yojana

The scheme provides comprehensive coverage of the expenses that students might come across while studying abroad. Below is the list of the same-

List of Expenses Covered
Tuition fees, Examination fees, Laboratory and Library fees, Hostel fees.
Boarding and Lodging fees, if a resident is staying outside the hostel.
Purchase of computer if certified as essential for completion of the course.
Purchase of books, Study material, Equipment, and Uniforms; Passage Money and Travel expenses.
Other expenses like Project Work, Study Tour & Thesis, which are required for the completion of the course.

Also Read: Check out our blog on important Education Loan Terminologies to understand complex words related to the education loan process.

FAQs on Mukhyamantri Gyandeep Yojana

What is the Himachal Pradesh Mukhyamantri Gyandeep Yojana?

It is an education loan scheme provided by the Government of Himachal Pradesh in the form of an interest subsidy for students interested in studying abroad.

Who is eligible for the Himachal Pradesh Mukhyamantri Gyandeep Yojana?

A student who is a bona fide Himachali and has completed his class 12th examination is eligible to apply for this scheme.

What is the maximum amount of assistance provided under this scheme?

The maximum amount of assistance provided under this scheme is INR 10 Lakhs.

Is there any restriction to apply for the Himachal Pradesh Mukhyamantri Gyandeep Yojana?

Yes, only students who are bona fide Himachali can opt for this welfare scheme.

Are offline applications also accepted for the Himachal Pradesh Mukhyamantri Gyandeep Yojana?

Yes, the applications for this scheme are accepted both online and offline.

This blog was all about the details related to the Himachal Pradesh Mukhyamantri Gyandeep Yojana. To know more about such schemes, the best bank accounts for students, forex and banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.

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