Karnataka Minorities Development Corporation (KMDC) Education Loan Schemes 2024

To ease the burden of the rising education cost, the Karnataka Minorities Development Corporation (KMDC) offers education loan schemes and subsidies for the underserved and minority sections of communities from Karnataka. The KMDC loan for education aims to provide financial relief to students and help them focus solely on their education. KMDC majorly offers education loans under two schemes i.e., the Arivu education loan scheme and the overseas education loan scheme.

Arivu Education Loan Scheme

The Arivu Education Loan Scheme is designed for students from religious minority communities in Karnataka who wish to pursue professional courses. Applications are submitted online via the KMDC website. For renewals, students must pay 12% of the previous year's loan amount at their respective district offices.

Students from religious minority groups in Karnataka, such as Muslims, Jews, Sikhs, Christians, Buddhists, and Parsis, can apply for this program. The loan amount is transferred directly from the K.M.D.C. to the student's selected college's bank account using the Direct Benefit Transfer (D.B.T.) mechanism.

Note - The deadline for the Arivu education loan is 10 July 2024. To apply, visit the program's official website at kmdconline.karnataka.gov.in.

Eligibility Criteria:

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  Applicants must belong to a recognized minority community in Karnataka.
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  The family's annual income should not exceed INR 8,00,000.
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  M.Tech, M.E., and M.Arch. students may be eligible for a maximum loan of INR 50,000 if they are chosen through the Karnataka Examination Authority (CET/NEET) for Government or private colleges under the Government Quota for Bachelor of Architecture, Engineering, or Technology (B. Arch/B.E./B.Tech).

Documents Required for Arivu Education Loan Scheme:

Applicants who want to apply for the Arivu education loan must submit the following documents along with their kmdc.karnataka.gov.in the online application.

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  A certificate of caste
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  A certificate of income
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  Adhaar card
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  A pair of current passport-sized photos
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  A student's online application
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  Admission letter for CET
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  Admission Letter for NEET
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  Class 10 mark sheet with SSLC certificate
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  Diploma or course mark card for pre-university coursework
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  The student's and parents' indemnity bond
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  Bank account information for college
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  An actual certificate or diploma from the school
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  Student self-declaration form
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  Parents' self-declaration form
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  College tuition fees

How to Apply for the Arivu Education Loan Scheme?

To apply for the KMDC loan online Application 2024 or Arivu education loan, students need to follow the steps mentioned below -

Step 1 - Visit the kmdconline.karnataka.gov.in

Step 2 - Scroll below and click on the - Arivu Education Loan Scheme.

Step 3 - Click on the “Apply Online” button

Step 4 - Select the “Apply New” button.

Step 5 - You will receive an OTP.

Step 6 - Enter the OTP and complete the application form.

Step 7 - Submit the application and download your form.

Once you have submitted your application, a selection panel will review your student loan in Karnataka application and then approve or deny your application. Further, the bank will receive the Arivu loan sanction list of selected students to grant an education loan. The loan amount is directly disbursed to the college or university. To check your application status, visit Karnataka arivu education loan scheme's application status online.

Overseas Education Loan Scheme

KMDC provides financial assistance for students aspiring to pursue higher education abroad. Applications are submitted online through the KMDC portal. The last date for a student loan in Karnataka application submission is typically announced annually.

Eligibility Criteria:

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  Applicants must belong to a recognized minority community in Karnataka (Muslim, Christian, Jain, Buddhist, Sikh, and Parsi).
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  Admission to a recognized foreign university is required.
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  A minimum of 60% marks in the previous qualifying examination.
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  If the family income is below INR 8 Lakh then loans up to INR 20 Lakh are provided at a 0% interest rate. 
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  Students can apply for an abroad education loan if they haven't been awarded a scholarship by the Directorate of Minorities.

Documents Required for Overseas Education Loan Scheme:

Applicants who want to apply for the overseas education loan must submit the following documents along with their kmdc.karnataka.gov.in the online application.

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  Residence Proof of Karnataka.
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  Aadhar Card.
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  Minority Certificate.
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  Income Certificate.
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  Class 10th Marksheet/ Certificate.
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  Class 12th Marksheet/ Certificate.
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  Class 10th Transfer Certificate.
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  Foreign University Offer Letter.
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  Present Study Certificate.
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  Fee Structure of College.
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  Passport Copy.
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  Visa Copy.
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  Sale Deed Copy for Mortgage.
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  Khata Certificate or Mutation.
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  Nil Encumbrance Certificate.
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  Tax Receipt Till Date.
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  DM Spot Inspection Report of Property.
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  Valuation Report of Registered Valuer.
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  Affidavit from Applicant.
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  Joint Affidavit from Beneficiary and Guarantor.
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  Promissory Note

How to Apply for an Overseas Education Loan Scheme?

To apply for the KMDC loan online Application 2024 or the overseas education loan scheme follow the steps mentioned below -

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  Visit the Karnataka Minority Development Corporation Limited's official website.
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  Select the "Apply for Karnataka Loan Scheme for Overseas Education" from the webpage.
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  Complete the application form and submit the required documents.
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  Proofread and submit your loan application.

The KMDC loan for education is a valuable financial aid option for students from Karnataka who belong to minority communities, making higher education more accessible and affordable. However, if you are not from Karnataka or do not meet the eligibility criteria for education loan Karnataka, don't worry, there are several other government schemes and private education loan options you can explore.

At GyanDhan, we simplify the process of finding the right education loan for you. From Whether comparing over 15 education loan options from banks and NBFCs, our team is here to help. Check your loan eligibility now and take the first step toward achieving your study abroad with GyanDhan today!

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