The government of Himachal Pradesh recently launched a scheme for the students. This scheme was launched for their welfare and benefits. The Himachal Pradesh State Cooperative Bank’s Sapnon Ka Sanchay deposit-linked lending scheme was introduced today at its headquarters by Chief Minister Sukhvinder Singh Sukhu. The initiative’s goals are to guarantee the financial inclusion of students between the ages of 10 and 18 and to provide financial aid to them for postsecondary education, business startup, or livelihood endeavors once they become 18 years old. Sapnon ka Sanchay scheme has been launched by the Himachal government for the betterment of students and for building a good future for them.
Overview of Sapnon ka Sanchay
The young people are the bright future of this country, so they need to be nourished and cherished. The state government of Himachal Pradesh has recently launched a scheme for the benefit of the students who are studying in the state and want to continue their further studies. All people in this age group are eligible for the first savings deposit program. Each year, the student’s savings account balance is transferred to a term deposit account, where they will earn term deposit interest. Up until the age of 18, ATM fees are free. After reaching 18, the student will have access to a loan facility worth five times the amount of the term deposit for a maximum of 25 years. Under the Sapnon ka Sanchay scheme around 4000 people have received loans totaling roughly Rs. 8.50 crore.
Also Read: Vidya Lakshmi Education Loan
Objective of A Deposit Linked Loan Scheme
The main and the most important aim of the Sapnon Ka Sanchay scheme is that it will motivate the students to pursue higher education and follow their career and passion. It will allow the students to follow their dreams regarding education without any boundaries. The project seeks to guarantee the financial inclusion of students between the ages of 10 and 18. After they turn 18, students will get financial aid for further study, business startup, or livelihood pursuits. There will be no ATM card fees for students under the age of eighteen. A line of credit Students who reach 18 before the age of 25 will have access to five times the value of the term deposit.
Key highlights of Sapnon Ka Sanchay
| Name of the scheme | Sapnon Ka Sanchay |
| Launched by | The CM of Himachal Pradesh |
| Year | 2024 |
| State | Himachal Pradesh |
| Benefits | This scheme will help the students in pursuing the higher education |
| Objective | To provide and increase education among the students |
| Beneficiaries | Residents of HP |
| Official site | Not launched yet |
Required documents
- Aadhaar card of the applicant student
- Address proof
- Ration card
- Sapnon Ka Sanchay Yojana Application Form
- mobile number
- Student ID
- passport size photograph
Also Read: National Education Policy
Benefits of Sapnon Ka Sanchay
- Any student can receive advantages under the Sapno Ka Sanchay Yojana, regardless of their caste.
- An additional aspect is that the students will receive an ATM card entirely free of charge when they register bank accounts under this system. That implies there won’t be a fee associated with any transaction.
- The funds placed into students’ bank accounts under the Sapno Ka Sanchay Deposit Linked Loan Yojana will be transformed into FD.
- The beneficiary is eligible for business or school loans up to five times the amount in his bank account for a maximum of eighteen years.
- Connected Sapnon Ka Sanchay Deposit the Rin Yojana is a deposit-based loan program that might be beneficial for students enrolled in school.
Eligibility criteria
- Under this programme, only Himachal Pradesh natives would be qualified.
- The child must be between the ages of 10 and 18 to be eligible.
- Up until the age of 25, the applicant student may only take out a loan that is five times the amount they have deposited.
- Only HPSCB Bank offers this scheme’s benefits to the prospective student
- Under this system, only pupils up to the 12th grade are eligible.
How to apply for Sapnon ka Sanchay Scheme 2024
- Step 1: First, visit your nearest HPSCB Bank branch.
- Step 2: You give information to any bank officer about opening an account under Sapno Ka Sanchay Deposit Linked Rin Yojana.
- Step 3: After that, you will be given Sapno Ka Sanchay Yojana Application Form.
- Step 4: Now you must enter the information asked for on the application form carefully.
- Step 5: After that, you will also have to attach the necessary documents with the application form.
- Step 6: After filling in the application form completely, submit it there.
- By following the steps given above, you can easily open Sapno Ka Sanchay Loan Yojana Account under HPSCB Bank.
FAQs
The state government of Himachal Pradesh has recently launched a scheme for the benefit of the students who are studying in the state and want to continue their further studies. All people in this age group are eligible for the first savings deposit program
The permanent residents of Himachal Pradesh can apply for this scheme. Students in the 10–18-year-old age range
The State Cooperative Bank of Himachal Pradesh (HPSCB) is linked to the Sapnon ka Sanchay scheme. This bank has been linked by the state government of Himachal Pradesh.
You can receive a maximum school loan or business loan of Rs 5 lakh if you have deposited Rs 1 lakh into your bank account for 18 years, which is five times the deposited money.