Karnataka Arivu Education Loan Scheme

Introduction

• Lots of Students leave their studies because of poor financial conditions.
• Their families are not that financially sound and that's why they are not able pay the the expenses of their child studies.
• So, with an objective to encourage students to pursue higher education and reduce the burden of expenses on studies Karnataka Government started Arivu Education Loan Scheme.
• Arivu Education Loan Scheme is basically for poor Minority Community Students who are willing to pursue professional higher education.
• Karnataka Minorities Development Corporation Limited is the implementing agency of this education loan scheme of Karnataka.
• Government of Karnataka provides collateral free education loan to students at a very nominal interest rate of 2%.
• Education Loan ranging from Rs. 50,000/- to Rs. 3,00,000/- per Year will be provided to every eligible student of Minority Community under Arivu Education Loan Scheme of Karnataka Government.
• Beneficiary Students can avail the facility of education loan on any professional, technical or general degree course which he/ she wants to pursue.
• Only those students are eligible to get education loan under Arivu Education Loan Scheme who cleared the CE/ NEET Examination conducted by Karnataka Examination Authority.
• Education Loan taken under Karnataka Arivu Education Loan Scheme will be repaid within 48 month after completion of course.
• Repayment time period started after 1 year of completion of course.
• The Interest Rate at which the education loan of Arivu Education Loan Scheme will be repaid is 2%.
• No Collateral is required in order to avail the benefit of education loan under Arivu Education Loan Scheme.
• Loan under Arivu Education Loan Scheme will only provided to Minority Community Students.
• Those students are not eligible to apply for this scheme whose parent's annual family income is more than Rs. 8,00,000/- per year.
• Education Loan under Arivu Education Loan Scheme will only be provided to those students who successfully cleared the CE/ NEET Exam conducted by Karnataka Examination Authority and willing to take admission in any Government or Private College in Karnataka.
• At the time of renewal of Arivu Education Loan, Students are required to submit the 12% amount of previous year loan.
• The last date to apply for education loan under Arivu Education Loan Scheme is 03-10-2023.
• Eligible Students can apply for education loan under Arivu Education Loan Scheme on or before 3rd of October 2023.
• Online Application Form of Arivu Education Loan Scheme is available on KMDCL Online Application Management Portal.

Benefits

• Education Loan ranging from Rs. 50,000/- to Rs. 3,00,000/- per Year will be provided to Students under Arivu Education Loan Scheme of Karnataka Government.
• Students can avail the Loan Facility till the Duration of Course Every Year.
• Interest Rate on Education Loan provided under Arivu Education Loan Scheme is 2%.
• Loan Repayment Period starts after 1 Year of Completion of Course.
• The below mentioned amount as an education loan will be provided to selected students every year under Karnataka Arivu Education Loan Scheme :-

  Course Name	Loan Amount (Every Year)
  MBBS MD MS	Rs. 3,00,000/-
  BDS MDS	Rs. 1,00,000/-
  B-AYUSH M-AYUSH B.Arch BE B.Tech M.Tech M.E M.Arch MBA MCA LLB BSc B.Pharma M.Pharma D.Pharma Pharma.D	Rs. 50,000/-
  Both Government and Private College Students are Eligible to Apply. CET/ NEET Cleared Students are Eligible.

Eligibility

• Student should be Permanent Resident of Karnataka.
• The Annual Family Income of Student should not be more than Rs. 8,00,000/- per Year.
• Student who are willing to pursue Higher/ Professional/ Technical Education are Eligible to Apply.
• Student must have Qualified the CET/ NEET Exam conducted by Karnataka Examination Authority.
• Beneficiary Student should belong to any one of the minority community :-
  • Muslims.
  • Parsis.
  • Buddhism.
  • Christians.
  • Jains.
  • Sikhs.

Courses Eligible for Loan

• The following courses are eligible for education Loan under Arivu Education Loan Scheme of Government of Karnataka :-

  MBBS. MD. MS. BDS. MDS. B-AYUSH. M-AYUSH. Bachelor of Arachitecture. (B. Arch) Bachelor of Engineering. (BE) Bachelor of Technology. (B.Tech) Master of Engineering. (M.E) Master of Architecture. (M.Arch) Master of Business Administration. (MBA) Master of Computer Application. (MCA) Bachelor of Law. (LLB) Bachelor of Science in any of the below mentioned subject :- Horticulture. Agriculture. Dairy Technology. Forestry. Veterinary. Animal Science. Food Technology. Bio Technology. Fisheries. Sericulture. Home/ Community Science. Food Nutrition. Dietetics. Bachelor of Pharmacy. (B.Pharma) Master of Pharmacy. (M.Pharma) Pharma.D D.Pharma.

Document Required

• The below mentioned documents is required at the time of applying online for Arivu Education Loan Scheme of Karnataka Government :-
  • Residence Proof of Karnataka.
  • Passport Size Photo.
  • Caste Certificate.
  • Income Certificate
  • Aadhar Card.
  • CET Admission Letter.
  • NEET Admission Letter.
  • Class 10th Marksheet/ Certificate.
  • Diploma/ PUC Marks Card. (If Applicable)
  • College Bank Account Details.
  • Student Study Certificate.
  • Indemnity Bond.
  • Student Self Declaration Form.
  • Parents Self Declaration Form.
  • Fees Structure of College.

How to Apply

• Students from the Minority Community can apply for loan for their professional education under Karnataka Arivu Education Loan Scheme by filling Online Application Form.
• Online Application Form of Karnataka Arivu Education Loan Scheme is available on KMDCL Online Application Management Portal of Karnataka Government.
• Aadhar Number and Mobile Number of Student is essentially needed at the time of apply.
• Mobile Number will be verify by the portal through OTP.
• Then KMDCL Portal will Verify the Aadhar Card of Student through OTP Authentication.
• Student has to Select Arivu Education Loan Scheme from schemes list after OTP verification.
• After Clicking on Apply Online Button, Fill the below mentioned details in Arivu Education Loan Scheme Online Application Form:-
  • Student Personal Details.
  • Contact Details.
  • Bank Account Details.
  • Upload Documents.
• Take a thorough look of Application Form before submitting it and then Click on Submit Button to Submit the Application Form of Arivu Education Loan Scheme.
• Arivu Education Loan Scheme Application Form along with Documents will be scrutinised by the selection panel.
• Selection Panel will select the Eligible Students for education loan under Arivu Education Loan Scheme of Karnataka Government.
• List of Selected Students will then forwarded to bank/ financial institution for sanctioning of education loan.
• Loan Amount under Arivu Education Loan Scheme will directly transferred in the Bank Account of concerned college or university.
• Beneficiary Student can also check the Application Status of Karnataka Arivu Education Loan Scheme Online.
• Karnataka Government's KMDCL Online Application Management Portal is open for Arivu Education Loan Scheme till 03-10-2023.
• Eligible Students can apply for loan under Arivu Education Loan Scheme on or before 03-10-2023.

Important Forms

• Karnataka Arivu Education Loan Scheme Student Self Declaration.
• Karnataka Arivu Education Loan Scheme Indemnity Bond.
• Karnataka Arivu Education Loan Scheme Parent's Self Declaration.

Important Links

• Karnataka Arivu Education Loan Scheme Online Application Form.
• Karnataka Arivu Education Loan Scheme Registration.
• Karnataka Arivu Education Loan Scheme Application Status.
• Karnataka Minorities Development Corporation Limited Portal.
• Karnataka Arivu Education Loan Scheme Guidelines.
• Karnataka Minorities Development Corporation Limited App.
• Karnataka Minorities Development Corporation Limited District Office Contact Numbers.

Contact Details

• Karnataka Minorities Development Corporation Limited WhatsApp Helpline Number :- 08277799990.
• Karnataka Minorities Development Corporation Limited Helpline Number :- 080-22860999.
• Karnataka Minorities Development Corporation Limited Helpdesk Email :-
  • kmdc.ho.info@karnataka.gov.in.
  • mwdhelpline@karnataka.gov.in.
  • info.kmdc@karnataka.gov.in.
• Karnataka Minorities Department Corporation Limited,
  No. 39-821, Subedhar Chatra Road,
  Sheshadripuram, Bengaluru,
  Karnataka - 5660001.