You have scored well in your exams and looking for a prestigious college in India or abroad? Meanwhile, monetary problems are 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 to all and with the objective that it should not be denied to any student because of his/her economic background, 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 the corporation also introduced several educational loan and scholarship scheme.
In Karnataka, now 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 center in the year 2014, the central government schemes for students from all the states are published on a single platform. The major source of loan and scholarship 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.
Student can avail this facility during course period plus one year on educational loan taken from the Scheduled Banks listed under the Model Education Loan Scheme of Indian Bank Association.
These loan facilities are available to the 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 Gross Enrolment Ratio.
Educational Loans And Scholarships In Karnataka – Vidya Lakshmi Portal
This portal has been launched to administer and monitor education loans for the aspirants by the central government. Any student can access to education loans through this website. This portal provides a link to 36 registered banks and through this, a student can proceed further.
Through this portal one can track the status of his education loan since the inception to the sanction of the loan.
- Education loan schemes available at different banks
- Application form to apply for an education loan
- Facility to download the application forms at 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, Corporation Bank, State Bank of India, Central Bank of India, IDBI Bank , Syndicate Bank have registered their names in this portal and total 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 up the Application Form for the loan. After filling the form with necessary details, he can submit the form.
Guidelines For Registration
- The student’s name should be written as per 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 loan to multiple banks in a single application form. Maximum one can apply for three banks. For Interest rate applicant can check the portal.
The bank updates the status of an application in this portal and an applicant can view the status of this application here.
In case if application got rejected applicant can contact the concerned bank for more details. Once the loan gets sanctioned to your application means money will be disbursed directly by the bank.
Education Loan and The Karnataka Scenario
In Karnataka, beside the educational loan scheme by the MHRD, various state government agencies are also providing the educational loan scheme for the deserving students.
Major agencies involved in disbursement of educational loan. According to the authorities, from BBMP to various Urban Local Bodies, boards and corporations and government departments are engaged in the distribution of the educational loans for the students of the 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 the educational loan for the higher education in the 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 loan 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 loan and scholarships offered in the state by visiting below links:
Educational Loans And Scholarships In Karnataka – Schemes For Economically Backward Students
The Department of Collegiate Education (DCE) has launched a total of 8 schemes for students from poor families but good in academics. The details of these schemes are available on the site – https://dce.kar.nic.in.
Interestingly the DCE also offer an educational scholarship for the Anglo-Indian origin students. The site – https://www.karnataka.gov.in/ will provide students comprehensive details of the various facilities, loans, and scholarships available for the students from the Karnataka.
Why Educational Loans From Government Agencies Are Preferred
According to the authorities, compared to the bank loans, students better to prefer the loan schemes of the government agencies as they are interest-free and most of the time they are waived off due to the political reasons.
Educational Loans And Scholarships In Karnataka – Documents Required
In Karnataka, Aadhaar card is mandatory to apply for all kinds of educational loans offered by the government agencies. The money is directly credited into the Aadhaar linked bank accounts to avoid any kind of 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 the multiple websites to get updates in the schemes.