Himachal Pradesh Education Loan Scheme
Scholarship Amount
About This Scholarship
This scheme offers crucial financial assistance for pursuing higher education to eligible students domiciled in Himachal Pradesh. It specifically targets students from religious minority communities and Persons with Disabilities (PwD), ensuring they have the opportunity to pursue professional or technical undergraduate and postgraduate courses.
The scheme covers a wide range of educational expenses, aiming to alleviate financial burdens associated with higher studies. Covered expenses include:
• Fees payable to hostel, college, or school.
• Laboratory, examination, and library fees.
• Purchase of books, equipment, instruments, and uniforms.
• Caution deposit, building fund, refundable deposit (maximum 10% of tuition fees for the entire course).
• Travel expenses and passage money for studying abroad.
• Purchase of laptops/computers (if considered necessary for course completion).
• Cost of a two-wheeler up to ₹50,000.
• Other expenses such as study tours, project work, and assistive devices.
Eligibility Criteria
To be eligible for the Himachal Pradesh Education Loan Scheme, applicants must meet the following general criteria:
• Applicants must be an Indian citizen domiciled in Himachal Pradesh.
• Applicants must be between 18 and 55 years old.
• Applicants must have no history of loan default with government or semi-government banks/institutions.
Important Notes:
• The beneficiary must contribute 5% of the total loan amount as margin money, with the remaining balance provided by the State Channelizing Agency (SCA) as the state share.
• Applicants must submit collateral security equal to the loan amount. Government employees must deposit 15 times their net monthly salary.
Margin Money: Margin money is the student's contribution towards total education expenses when applying for a loan. It is a specific amount allocated by the borrower as their initial investment.
Required Documents
Applicants are required to submit the following documents along with their application form:
• Completed education loan application form.
• Marksheets of the last qualifying examination.
• Proof of admission, scholarship, or studentship.
• Fee structure for the specified course.
• Two passport-sized photographs.
• Borrower's bank account statement for the last six months.
• Income tax assessment order for the last two years.
• Brief statement of assets and liabilities of the co-borrower.
• Proof of income (e.g., salary slips, Form 16).
How to Apply
Eligible applicants can follow these initial steps to apply for the scheme. Please note that specific application forms and further details vary based on the category you fall under (Minority or PwD).
1. Click on the 'Apply Now' button on the official website.
2. Click on the 'Register' button on the right-hand side of the dashboard and fill in the required details to 'Register'. (If already registered, log in using the registered email ID.)
3. For category-specific application forms and submission instructions, please refer to the relevant sub-category section below.
Scholarship Categories
HP Education Loan for Minorities
Eligibility Requirements
This category is specifically for students belonging to religious minority communities in Himachal Pradesh. In addition to the general eligibility criteria mentioned above, applicants must meet the following:
• The annual family income of the students must not exceed ₹81,000 for rural students and ₹1,03,300 for urban students from all sources.
• Applicants must be between 18 and 55 years old.
• All other general eligibility criteria mentioned for the scheme also apply.
Loan Details for Minorities:
• Maximum Loan: ₹10,00,000 to ₹20,00,000
• Charged Interest Rate from SCAs: 1%
• Charged Interest Rate from Beneficiaries: 3%
• Repayment Time: After 5 years of course completion.
Required Documents
The general list of required documents applies to applicants under this category. Please refer to the "Required Documents" section above for a comprehensive list.
Application Process
After completing the initial registration steps (Steps 1 & 2 in the main "How to Apply" section):
1. Navigate to the 'Application form for Minorities' on the official website and click to download the application form.
2. Fill in the required details, attach the supporting documents in the prescribed format, and send it to the following address:
H.P. Minorities Finance And Development Corporation
Block 38, SDA Complex,
Kasumpti, Shimla-171009
HP Education Loan for PwD Students
Eligibility Requirements
This category is for students who are Persons with Disabilities (PwD) and domiciled in Himachal Pradesh. In addition to the general eligibility criteria mentioned above, applicants must meet the following:
• Students with disabilities must have a verified disability of 40% or more, as certified by a medical professional.
• Applicants must be between 18 and 55 years old.
• All other general eligibility criteria mentioned for the scheme also apply.
Loan Details for PwD Students:
• Maximum Loan: ₹10,00,000 to ₹20,00,000
• Charged Interest Rate from SCAs: 1%
• Charged Interest Rate from Beneficiaries: 4% (with a 1% interest rebate for female PwD beneficiaries).
• Repayment Time: After 7 years of course completion.
Required Documents
The general list of required documents applies to applicants under this category. Please refer to the "Required Documents" section above for a comprehensive list.
Application Process
After completing the initial registration steps (Steps 1 & 2 in the main "How to Apply" section):
1. Navigate to the 'Application form for Persons with Disabilities (PwD)' on the official website and click to download the application form.
2. Fill in the required details, attach the supporting documents in the prescribed format, and send it to the following address:
H.P. Minorities Finance And Development Corporation
Block 38, SDA Complex,
Kasumpti, Shimla-171009