Arivu Education Loan Scheme is an initiative of the Karnataka Minorities Development Corporation (KMDC). Under this scheme, students of Karnataka can avail of an education loan of up to INR 3 lakh for technical education courses, with a nominal interest rate of 2% per annum.
This scheme is open to students from religious minority communities in Karnataka, including
- Jains, Sikhs
The loan facility is exclusively available to students who have been selected through the Karnataka Examination Authority (via CET/NEET) for courses such as
The loan amount allocated to the student will be transferred from the KMDC directly to the bank account of their respective college through the process of Direct Benefit Transfer (DBT).
This article encompasses essential information regarding eligibility criteria, necessary documentation, eligible courses for loans, interest rates, loan amounts, and the application process.
|Latest Update –
Arivu Education Loan Scheme – General Overview
|Name of Scheme||Arivu Education Loan Scheme|
|Provider||Karnataka Minorities Development Corporation (KMDC)|
|Eligibility||Students belonging to religious minorities of Karnataka|
|Loan Amount||INR 50,000 to INR 3 lakh|
|Repayment Time||1 year after course completion|
|Application Start Date||June 13, 2023|
|Last Date to Application||July 10, 2023|
Arivu Education Loan Scheme – Eligibility
To apply for the Arivu Education Loan, students must fulfil specific eligibility requirements. Please review the following criteria:
- The applicant must be an Indian citizen and domiciled in Karnataka.
- Students applying for this loan must belong to the State Religious Minority Community.
- Successful completion of the previous examination (Class 12 or graduation) is a prerequisite for applicants.
- The annual family income of the applicant should not exceed INR 8 lakh.
- Under this scheme, students are not required to provide any collateral, guarantee, or margin money.
|Note: Collateral refers to assets such as homes, properties, cars, and other valuable items that borrowers offer as security when applying for loans.
Margin Money is the student’s own contribution towards the total education expenses when applying for a loan. It is a specific amount that borrowers allocate as their personal investment.
Arivu Education Loan Scheme – Eligible Courses
The scheme is available for students pursuing specific courses. Here is a list of the eligible courses:
- B.Sc. (Horticulture, Agriculture, Dairy Technology, Forestry, Veterinary, Animal Science, Food Technology, Bio-Technology, Fisheries, Sericulture, Home/Community Sciences, Food Nutrition and Dietetics)
Arivu Education Loan Scheme – Loan Limits and Interest Rate
The scheme offers varying maximum loan amounts depending on the course. Please refer to the table below for specific details on the loan limits:
|Courses||Loan Limits (per year)|
|M.B.B.S., M.D., M.S.||Up to INR 3 lakh|
|B.D.S., M.D.S.||Up to INR 1 lakh|
|Bachelor of Architecture/Engineering/Technology (B.Arch/BE/B.Tech), M.Tech, M.E., M.Arch.||Up to INR 50,000|
|M.B.A., M.C.A., and L.L.B. through KEA||Tuition fee loan of INR 50,000|
|B.Sc. in Horticulture, Agriculture, Dairy Technology, Forestry, Veterinary, Animal Science, Food Technology, Bio-Technology, Fisheries, Sericulture, Home/Community Sciences, Food Nutrition and Dietetics||Up to INR 50,000|
|B.Pharma., M.Pharma., Pharma.D., and D.Pharma.||Up to INR 50,000|
|B.Ayush. and M.Ayush.||Up to INR 50,000|
It is essential for all eligible students applying for the scheme to be aware of the applicable interest rates.
- The Arivu education loan carries a yearly interest rate of 2%.
- Furthermore, students are required to commence loan repayment within 1 year of completing their course.
- To renew their loan, students must pay 12% of the previous year’s loan amount at their respective District Office.
Arivu Education Loan Scheme – Documents Required
To apply for this loan scheme, students need to submit the following documents with the application form:
1. Caste certificate
2. Income certificate
3. Aadhaar card
4. Two recent passport-size photographs
5. Online application form for student
6. Letter of CET admission
7. Letter of NEET Admission
8. SSLC certificate/Class 10 marksheet
9. Pre-university course marks card/Diploma certificate
10. Indemnity bond by the parents and student
11. College bank details
12. Bonafide certificate/study certificate
13. Self-declaration form by student
14. Self-declaration form by parents
15. Fee structure of college
Note: Applicants need to fill in all the important details mentioned in the above images. The declaration forms and bonds are available in English and Kannada language.
Arivu Education Loan Scheme – How to Apply?
1. Visit the official website: kmdconline.karnataka.gov.in
2. Scroll down and click on the link that reads ‘Arivu Education Loan Scheme.’
3. Click on the ‘Apply Online’ button.
4. Now, click on the ‘Apply New’ button.
5. Enter the mobile number and OTP.
6. Enter the Aadhaar number, captcha text, and click on the ‘Next’ button.
7. Fill in the important details in the application form.
8. Click on the ‘Save the Application’ tab and download the form.
9. Attach the supporting documents.
10. Create a combined file (hardcopy) consisting of the application form and documents.
11. Submit the file to the KMDC office.
- Apply Online Link
- Download the Indemnity Bond
- Download the self declaration form for students
- Download the self declaration form for parents
- Link for Official website
Contact Details of Karnataka Minorities Development Corporation
Email ID – firstname.lastname@example.org
Phone Number – 8277799990
For the latest updates on scholarship-related information
Arivu Education Loan Scheme – FAQs
Q. What is the last date for the Arivu Education Loan Scheme?
Ans. The last date to apply for the Arivu Loan Scheme is July 10, 2023.
Q. Who is eligible for the Arivu Education Loan Scheme?
Ans. The scheme is open to students belonging to the religious minority communities in Karnataka. The annual family income of the applicants should not exceed INR 8 lakh.
Q. What amount is offered under the Arivu Loan Scheme?
Ans. The eligible candidates have the opportunity to apply for a loan ranging from INR 50,000 to INR 3 lakh per year under the scheme. Additionally, the loan amount varies based on the specific educational courses.
Q. What is the interest rate of the Arivu Loan Scheme?
Ans. The annual interest rate for the Arivu Loan Scheme is 2%.
Q. Who offers the Arivu Loan Scheme?
Ans. The Karnataka Minorities Development Corporation (KMDC) offers this scheme to students from religious minority communities in the state.
Q. Which communities can apply for the Arivu Loan Scheme?
Ans. Students belonging to religious minority communities in Karnataka – Muslims, Christians, Buddhists, Jains, Sikhs, and Parsis – can apply for the scheme.
Q. What are the repayment conditions for the Arivu Loan Scheme?
Ans. Students must start repaying their loans one year after completing their courses and must finish repaying them within six months, as required by the scheme.