Have you scored well in your exams and are looking for a prestigious college in India or abroad? Meanwhile, are monetary problems haunting in your mind? Worry not. There are many educational loans and scholarships in Karnataka.
In order to ensure an opportunity to pursue higher education for all and with the objective that it should not be denied to any student because of his/her economic background, the Ministry of Human Resource Development has launched a scheme titled `Central Sector Interest Subsidy Scheme’ (CSIS) in 2009.
Besides, in Karnataka, various government departments, boards, and corporations also introduced several educational loans and scholarship schemes.
In Karnataka, lakhs of students are all set to join the BE and MBBS courses through the Karnataka Examination Authority (KEA) and COMED-K. At the time of admission, all the major banks open their educational loan disbursement branches in the respective offices to enable the students to pay the fee without any problems.
How To Secure Educational Loans And Scholarships In Karnataka
After the NDA government came to power at the centre in the year 2014, the central government schemes for students from all the states were published on a single platform. The primary source of loans and scholarships for the students is the Union Ministry of Human Development (MHRD).
MHRD will provide loans to study recognized Professional / Technical courses in recognized institutions in India. An interest subsidy will be given to a student during this period.
Students can avail of this facility during the course period plus one year on educational loan taken from the Scheduled Banks listed under the Model Education Loan Scheme of the Indian Bank Association.
These loan facilities are available to students from economically backward sections whose annual parental income is within INR 4.5 lakhs. The subsidy is allowed only once. It aims at increasing the Gross Enrolment Ratio.
Educational Loans And Scholarships In Karnataka – Vidya Lakshmi Portal
This portal has been launched by the central government to administer and monitor education loans for aspirants. Any student can access education loans through this website. This portal provides a link to 36 registered banks; a student can proceed further through this.
Through this portal, one can track the status of his education loan from its inception to its sanction.
- Education loan schemes available at different banks
- Application form to apply for an education loan
- Facility to download the application forms at the bank
- Facility to upload the application form to the portal for further process
- Facility for further interaction like query / grievances
As many as 36 banks like Canara Bank, State Bank of India, Central Bank of India, and IDBI Bank have registered their names in this portal, and a total of 110 loan schemes are available here.
How To Apply For Education Loan Via Via Vidyalakshmi Portal?
First, an applicant should register his name and should create a login to Vidyalakshmi portal. After completing this procedure, he can fill out the Application Form for the loan. After filling out the form with the necessary details, he can submit the form.
Guidelines For Registration
- The student’s name should be written per the SSLC marks card and SSLC marks card.
- The student should provide a valid mobile number.
- Students should provide valid e-mail ID and all necessary information will be communicated through e-mail.
This portal provides an opportunity to apply for education loans to multiple banks in a single application form.
The bank updates the status of an application in this portal, and an applicant can view the status of this application here.
In case the application is rejected, the applicant can contact the concerned bank for more details. Once the loan gets sanctioned to your application, money will be disbursed directly by the bank.
Education Loan and The Karnataka Scenario
In Karnataka, besides the educational loan scheme by the MHRD, various state government agencies are also providing the educational loan scheme for deserving students.
Major agencies involved in the disbursement of educational loans. According to the authorities, from BBMP to various Urban Local Bodies, boards corporations and government departments are engaged in the distribution of educational loans for the students of Karnataka. These loans can be broadly divided into two categories:
1. Loan/ Scholarship To Pursue Higher Education In Foreign Countries
The ULBs, government departments including minority welfare, backward classes development, and Social Welfare departments are engaged in the disbursement of educational loan for higher education in foreign countries. The amount is distributed under a separate head. The students need to contact the nearest branches/ divisional offices.
2. Educational Loan For Education In India
Various boards and corporations like minority welfare, tribal development, etc are offering educational loans to pursue higher education within the country. The applications are invited in mid-June.
Educational Loans And Scholarships In Karnataka – Useful Sites
Students can get details of loans and scholarships offered in the state by visiting the below links:
Educational Loans And Scholarships In Karnataka – Schemes For Economically Backward Students
The Department of Collegiate Education (DCE) has launched 8 schemes for students from poor families but good in academics. The details of these schemes are available on the Department of Collegiate Education site.
Interestingly, the DCE also offers an educational scholarship for students of Anglo-Indian origin. The site https://www.karnataka.gov.in/ will provide students with comprehensive details of the various facilities, loans, and scholarships available for students from Karnataka.
Why Educational Loans From Government Agencies Are Preferred
According to the authorities, compared to bank loans, students prefer the loan schemes of the government agencies as they are interest-free and most of the time, they are waived off due to political reasons.
Educational Loans And Scholarships In Karnataka – Documents Required
In Karnataka, an Aadhaar card is mandatory to apply for all educational loans government agencies offer. The money is directly credited into the Aadhaar-linked bank accounts to avoid misuse.
At the central government level, all the educational loan schemes are uploaded on the MHRD website. But in Karnataka, the students need to visit multiple websites to get updates in the schemes.