Karnataka State Government has initiated the Arivu Education Loan Scheme, which has been designed to revive the lost educational opportunities in the marginalised communities, particularly in Scheduled Castes and Scheduled Tribes and other economically weaker sections of people. This government loan scheme supports professional and technical courses.
| Section | Details |
|---|
| Purpose | Financial aid for higher education |
| Target Beneficiaries | Economically disadvantaged students |
| Courses covered | Professional, Technical, Medical |
| Interest rate | Low interest rate |
What Is the Arivu Education Loan Scheme?
The Arivu Education Loan Scheme has been introduced to provide higher education for students who lack financial support to pursue their intellectual goals. KMDC handles this education scheme and offers loans with easy repayment options and at reasonable rates of interest, especially with underrepresented communities in mind.
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Benefits
This loan offers students the opportunity to finance their education with manageable terms and low service charges, making it accessible and feasible for those pursuing their academic goals. With flexible loan amounts and a structured repayment plan, it ensures that students can focus on their studies without financial stress.
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The loan amount is granted from ₹50,000/- to ₹5,00,000/- every year until the course duration.
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Renewal and pay 12% of the loan amount issued by the corporation during the previous year at their respective District Office.
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Repay the loan with service charges of 2% after 6 months of completion of the course.
Eligibility
This loan program is designed to support students from specific communities, providing them with the financial resources needed to pursue their education. By focusing on students from minority backgrounds with a demonstrated financial need, it aims to promote inclusivity and access to higher education.
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The student must belong to the State Religious Minority Community.
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The student must be a permanent resident of the State.
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The annual income of the family should not exceed Rs 8,00,000/-
Exclusion
To ensure that the loan reaches students with genuine financial needs, certain eligibility exclusions apply. These conditions focus on preventing overlaps with other major scholarships and on maintaining the loan’s purpose for longer-term educational goals.
Courses Covered
This loan scheme is tailored to support students pursuing a range of professional, medical, and technical courses, enabling them to achieve qualifications in high-demand fields. Covering diverse areas of study, it ensures that students receive the financial backing they need for a wide array of career paths.
- Professional: Engineering, Management, Law
- Medical: MBBS, BDS, Nursing, Pharmacy
- Technical and Specialised: IT, Animation, Architecture, among others
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Loan Amount And Interest Rate Details
The Arivu Education Loan Scheme is designed to provide students with affordable financial support, helping them pursue higher education without significant monetary strain. With flexible loan amounts and a subsidised interest rate, this government scheme aims to make education accessible for students from underprivileged backgrounds.
- Loan Amount: Up to ₹1 lakh per academic year, based on the course and institution requirements. The loan amount aims to cover essential educational expenses, including tuition fees.
- Interest Rate: The government scheme offers loans at a highly subsidised interest rate, making it easier for students from underprivileged backgrounds to afford education without a heavy financial burden.
Repayment Term
The repayment terms of the Arivu Education Loan Scheme are designed to support students as they transition from academic life to their professional careers. By providing a grace period and flexibility in repayment, the government scheme ensures that students can manage their financial commitments comfortably.
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Start of Repayment: Students typically begin repayment after completing their course, allowing them to focus on their studies without immediate financial pressure.
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Flexible Repayment Period: The government scheme provides a set repayment period, which may vary based on the loan amount and terms, offering manageable monthly instalments.
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Concessions and Deferments: Students facing financial hardship may be eligible for deferred payment options or reduced instalments, easing the repayment process.
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Application Process
The application process for the Arivu Education Loan Scheme is streamlined and user-friendly, ensuring that eligible students can apply with ease. By following a series of simple steps, applicants can complete their application online and receive confirmation of submission.
Step 1- Applicants need to visit the Karnataka Minorities Development Corporation's official website.
Step 2 - Click "Apply Online" and Enter "Mobile Number" and "Submit".
Step 3 - Enter "Aadhaar Number", Fill in the "Captcha," and Select "Next".
Step 4: The Applicant will get OTP in his/her Aadhaar mobile Number.
Step 5 - Enter "OTP" and select "Continue". After that, allow the official notice.
Step 6 - After verifying the Aadhaar again, fill in the "OTP" and submit.
Step 7- Select the scheme "Sikhligar’s Community Development Scheme" and fill in the basic details, father's name, gender, and qualification details
Step 8 - Select "Next" Fill in the address details and again select "Next".
Step 9 - Upload the required documents, passport-size photo, educational document, income certificate, etc.
Step 10 - Click "Proceed" Select "Submit Application" and get an Application ID.
Documents needed
To complete a fresh application for the Arivu Education Loan Scheme, students must submit a set of essential documents. These documents help verify eligibility, educational background, and financial need, ensuring that the loan reaches those who meet the criteria.
Document for Fresh Application
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Recent Two Passport-size Photos of the Student.
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Student's Caste Certificate.
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Income Certificate.
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Aadhaar Card.
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CET Admission Letter.
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NEET Admission Letter.
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Student's SSLC/10th Marks Card Copy.
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Student's Diploma/PUC Marks Card.
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Indemnity Bond (Download from the KMDC Website).
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Student’s College Bank Details.
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Student Bonafide/Study Certificate.
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Student Self-declaration Form (Download from the KMDC Website).
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Parents' Self-Declaration Form (Download from the KMDC Website).
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College Fee Structure
Document for Renewal Loan
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Bonafide/Study Certificate.
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College Fee Structure.
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Previous Year Passed Marks Card.
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College Bank Details.
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Security Deposit Paid Receipt (12% of Loan Amount).
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Copy of KEA Admission Order.
Application Process For Renewal Loan
The renewal process for the Arivu Education Loan Scheme is designed to be quick and efficient, allowing students to continue receiving support without having to resubmit all information. By following a few steps, students can renew their loan application online with ease.
Step 1 - Go to the Karnataka Minorities Development Corporation official website.
Step 2 - Choose the "Arivu Education Loan Scheme" and click "Apply Online."
Step 3 - Select "ARIVU.Renewal: Enter your mobile number and "Submit".
Step 4 - Applicant's personal, address, and bank details will be pre-filled from the previous application. No need to fill them again.
Step 5 - Upload the required document and apply.
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Conclusion
The Arivu Education Loan Scheme gives disadvantaged students a chance to pursue higher studies and achieve their career goals. With financial support and flexible repayment terms, the Karnataka Government helps students build a better future for themselves and their communities.
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