Through the Karnataka Minorities Development Corporation (KMDC), applications are now being accepted for the Arivu Education Loan Scheme 2023. This program provides loans to students from the state’s religious minority communities at a low interest rate of 2% per year so they can enroll in professional courses. Read on to learn more about the Arivu Education Loan Scheme in full, including its highlights, features and benefits, eligibility requirements, required documentation, eligible courses, loan limits and interest rates, application procedures, and much more.
Arivu Education Loan Scheme 2023
The Karnataka Minorities Development Corporation Limited developed the Arivu Education Loan Program. This program was created to help students from the religious minority in the state of Karnataka pursue professional degrees through higher education. The Muslim, Jains, Sikh, Christian, Buddhist, and Parsi communities who are based in Karnataka are the program’s primary target audience. Only students who have been approved by the Karnataka Examination Authority (via CET/NEET) into programs like M.B.B.S., B.D.S., B.Arch., B.E., Ayush, and B.Tech are eligible for the loan option. The student loan sum will be immediately sent from the KMDC to the college’s bank account via the Direct Benefit Transfer (DBT) process.
Features & Benefits of Arivu Education Loan Scheme
Some of the key features and benefits of the Arivu Education Loan Scheme are as follows:
- For each year they spend pursuing higher education in Karnataka, students there are eligible for education loans worth up to 3 lakh
- The annual interest rate on the Arivu education loan is 2%.
- In addition, after finishing their degree, students must begin loan payback within a year.
- Students who want to renew their loans must go to their district offices and pay 12% of the loan amount that was issued by the company the year before.
Eligibility Criteria for Arivu Education Loan Scheme
The applicants applying for Arivu Education Loan Scheme must fulfill the following eligibility criteria:
- A candidate must reside permanently in Karnataka.
- A candidate must be a member of one of the minority communities such as muslim, Christianity, Judaism, Buddhism, Sikhism, or Parsi.
- The family income of the applicant must be less than Rs. 2.5 lakhs from all sources. Minority community students who have applied for CET and NEET as well as those who want to apply for KMDC’s ARIVU Educational Loan.
- For the full list of courses that are eligible for an Airvu loan, applicants seeking a bachelor’s degree in engineering, medicine, dentistry, nursing, B.Ed, D.Ed, B-Pharma, D.Pharma, etc. should go here.
Required Documents for Arivu Education Loan Scheme
Some of the important documents required for scheme are as follows:
- Applicant’s 4 passport-size photographs
- SSLC Marks Card and 2 PUC marks card
- Address proof like Ration card, Aadhar card, Telephone Bill, Water Bill, Keb Bill, etc
- Income Certificate
- Caste Certificate
- CET/NEET Admission Ticket
- Study Certificate (Present Course Non-CET)
- Indemnity Bond
- Previous year passed marks card (Non-CET)
- Partial recovery receipt (Renewal)
- College Fee Structure (Non-CET)
- Fee Structure
- College bank details