Arivu Education Loan Scheme 2023, Benefits, Eligibility, Interest Rate, Apply Online

Arivu Education Loan Scheme, Arivu Education Loan Yojana, Karnataka Arivu Education Loan Scheme, Objectives, Benefits, Eligibility, Interest Rate, Repayment, Documents Required, Apply Online Process, Online Renewal Process

Arivu Education Loan Scheme : The Arivu Education Loan Scheme is a government-sponsored education loan scheme in the Indian state of Karnataka. It is implemented by the Karnataka Minorities Development Corporation (KMDC) and provides financial assistance to students from religious minority communities to pursue higher education.

Highlights

Objectives

The scheme is designed to help students from religious minority communities overcome financial barriers and achieve their educational goals. It is also aimed at increasing the representation of religious minority communities in professional fields.

The objectives of the Arivu Education Loan Scheme are to:

• Provide financial assistance to students from religious minority communities in Karnataka to pursue higher education.
• Increase the number of students from religious minority communities in Karnataka who pursue professional courses.
• Reduce the financial burden on students from religious minority communities in Karnataka who are pursuing higher education.
• Promote educational equity and social justice in Karnataka.

The Arivu Education Loan Scheme is a valuable resource for students from religious minority communities in Karnataka who are aspiring to pursue higher education. It provides them with the financial support they need to achieve their goals and build a better future for themselves.

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Benefits

The Arivu Education Loan Scheme offers a number of benefits to students, including:

• Collateral-Free Loan: Students do not need to provide any collateral to avail of the loan.

• Low Interest Rate: The interest rate on loans under the Arivu Education Loan Scheme is 2% per annum. This is one of the lowest interest rates available on education loans in India.

• Long Repayment Period: The repayment period for loans under the Arivu Education Loan Scheme is 5 years after completion of the course. Students can start repaying the loan 6 months after completing the course. This gives students ample time to find a job and start earning before they have to start repaying the loan.

• Flexible Repayment Options: Students can choose to repay the loan in equal monthly installments or in a lump sum.

• No Prepayment Penalty: There is no penalty for prepaying the loan.

• Tax Benefits: Students can claim tax deductions on the interest paid on the loan.

Eligibility

To be eligible for the Arivu Education Loan Scheme, students must meet the following criteria:

• They must belong to a religious minority community in Karnataka (Muslim, Christian, Jain, Sikh, Buddhist, Parsi).
• They must be permanent residents of Karnataka.
• Their family’s annual income from all sources should not exceed Rs. 8,00,000/-.
• They must have secured admission to a professional course approved by the Government of Karnataka.

Courses Eligible for Loan with Amount

The following courses are eligible for a loan under the Arivu Education Loan Scheme:

Interest Rate

The interest rate on loans under the Arivu Education Loan Scheme is 2% per annum.

Repayment

The repayment period for loans under the Arivu Education Loan Scheme is 5 years after completion of the course. Students can start repaying the loan 6 months after completing the course.

Documents Required

Identity Documents

1. Student Online Application
2. Recent 2 Passport size photos of the student
3. Aadhaar card copy of the student

Academic Documents

4. Student’s SSLC / 10th Marks card copy
5. Student’s Diploma / PUC Marks card
6. Letter of student’s CET admission letter
7. Letter of Student’s NEET Admission letter

Income and Caste Certificates

8. Student’s caste and income certificate

Legal Documents

9. Indemnity Bond by the Student and Parents
10. Student Self-declaration Form
11. Parents Self-Declaration Form

College Documents

12. Student’s College Bank Details
13. Student Bonafide/Study Certificate
14. College Fee Structure

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How to Apply Online

• To Apply Online visit the Official Online Portal of KMDC.
• On the Homepage, you will see the Icon for Arivu Education Loan Scheme. Click on that and then click on Apply Online.
• There you will see the two types of options, one is for Fresh/New Application and the other one is for Renewal Application. You have to choose the option to which you want to apply.

1. Fresh Application

To apply for Fresh application, follow the below steps:

• To apply for New / Fresh Application you need to click on Apply New and then click on Apply Online.
• After clicking on Apply Online, you have to enter the Applicant Details and click on Next.
• After clicking on Next, you have to fill in the Address Details and click on Next and you have to upload all the required documents in the next step.
• After clicking on Next, you have to upload all the required documents.
• Self-Declaration Form should be downloaded and should be filled with all the required details and uploaded online again.
• The application summary is available after filling in all the details and uploading the documents correctly.
• After reviewing the application summary, click on Submit Application and then click on Submit, to confirm.

2. Renewal Application

To apply for Renewal application, follow the below steps:

• To Apply for the Renewal of Arivu Education Loan, you need to click on Renewal.
• For the renewal application, you can enter the Arivu Registration ID or your SSLC number and you have to click on Apply Online.
• After clicking on Apply Online, you have to enter the Applicant Details and click on Next.
• After clicking on Next, you have to enter the Education Details and click on Next.
• If the Course is changed, you have to enter Previous Course Type, Previous Course, Previous College and Loan Taken on Previous Course details and then click on Next.
• After Clicking on Next, you have to enter the College and Bank Details.
• After filling in the College Bank Details, you need to click on Next and upload all the scanned copies of the required documents.
• Self-Declaration Form should be downloaded and should be filled with all the required details and uploaded online again.
• The application summary is available after filling out all the details and uploading the documents and you can check whether the details are entered correctly.
• After reviewing the application summary, click on Submit Application and click on Yes, to confirm.

Conclusion

The Arivu Education Loan Scheme introduced by the Karnataka Minorities Development Corporation is a commendable initiative aimed at empowering minority community students in Karnataka to pursue higher education. By providing collateral-free loans at a low interest rate of 2% per annum, this scheme helps financially disadvantaged students overcome obstacles in accessing professional courses.

The relaxed eligibility criteria, simple application process, and flexible repayment options make this an accessible loan scheme. The tax benefits and absence of prepayment penalties provide further incentives. With long repayment periods and the option to start repaying after getting employed, this scheme enables borrowers to repay loans stress-free.

Overall, the Arivu Education Loan Scheme makes higher education more inclusive by supporting minority community students. It is a progressive step towards promoting educational equity and social justice. The scheme has the potential to increase minority representation in various professions, leading to their socio-economic upliftment. By helping meritorious students achieve their career goals, the scheme can empower minority communities and benefit society at large. The government should undertake more such initiatives to build an equitable education system.

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