In order to motivate students to pursue higher education both Central and state government implements various kinds of schemes. Through these schemes loan is provided to the beneficiaries. Recently the Government of Karnataka has also launched a scheme called the Karnataka Loan Scheme For Overseas Education. Through this scheme loans will be provided to the beneficiaries. This article will cover complete information regarding the education scheme 2023-24. You will get to know how you will be able to apply under the scheme. Other than that you will also get to know about other important aspects of the scheme
Karnataka Loan Scheme For Overseas Education 2024
The Government of Karnataka have launched the Karnataka Loan Scheme For Overseas Education. Under the scheme, the government is going to provide loans to those students who want to pursue their higher education abroad. The government is going to provide loans up to Rs 20 lakh under the scheme. The maximum rate of interest under the scheme will be 5% per annum. For those students whose annual family income is less than Rs 800000 per year, the rate of interest for such students will be 3%. For those students whose family income is more than Rs 8 lakh but less than 15 lakh the rate of interest for such students will be 5%. The loan provided under the scheme will not be collateral-free. Beneficiaries have to mortgage any land to secure a loan under the scheme. The value of the mortgage should not be less than the amount of the loan. It is mandatory for students to secure at least 60% marks in the qualifying examination. The last date to submit an application under the scheme is October 2023.
Also Read: Karnataka Arivu Education Loan Scheme
Objective Of Karnataka Loan Scheme For Overseas Education
- The main objective of the Karnataka Loan Scheme For Overseas Education is to provide loans at lower rates of interest to those students who want to pursue their education abroad
- Under the scheme, the government is going to provide loans up to Rs 20 lakh
- Beneficiaries have to secure the loan against the collateral security
- With the implementation of the scheme, students will not be required to depend on anyone in order to pursue higher education
- As the Government of Karnataka is going to provide them education loan
Key Highlights Of Karnataka Loan Scheme For Overseas Education
| Name of the scheme | Karnataka Loan Scheme For Overseas Education |
| Launched by | Government of Karnataka |
| Beneficiaries | Citizens of Karnataka |
| Objective | To provide education loan |
| Official website | Click here |
| Year | 2024 |
| State | Karnataka |
| Mode of application | Online |
Benefits And Features Of Karnataka Loan Scheme For Overseas Education
- The Government of Karnataka has launched the Karnataka Loan Scheme For Overseas Education
- Through the scheme, the Government is going to provide loans up to Rs 20 lakh to the beneficiaries
- The students have to pay a maximum rate of interest of 5% per annum on this loan
- Students belonging to minority communities will be able to take benefit of this scheme
- With the implementation of this scheme, the quality of education will be improved
- Other than that the beneficiary will also become self-dependent
- The loan provided under the scheme will be backed by a collateral security
- In order to get the benefit of this scheme beneficiaries are required to visit the department office or submit their application through the official website
Also Read: Devaraj Arasu Loan Scheme
Eligibility Criteria
- Applicant must be a permanent resident of Karnataka
- The student must have received an admission a letter from a foreign university
- The applicant must be long to the minority community
- Student must have secured at least 60% marks in the previous year
- Student must have received an offer letter from a foreign university
- The loan provided under the scheme will be banned by a collateral security
- The value of the property should not be less than the amount of the loan
- However students who have received a scholarship from the director of minorities will be eligible for an overseas education loan
- If the family income of the student is below Rs 8 lakh then the rate of interest will be 3%
- If the family income is above Rs 8 lakh but less than Rs 15 lakh then the rate of interest will be 5%
Also Read: KMDC Login
Required Documents
- Residence Proof of Karnataka.
- Aadhar Card.
- Minority Certificate.
- Income Certificate.
- Class 10th Marksheet/ Certificate.
- Class 12th Marksheet/ Certificate.
- Class 10th Transfer Certificate.
- Foreign University Offer Letter.
- Present Study Certificate.
- Fee Structure of College.
- Passport Copy.
- Visa Copy.
- Sale Deed Copy for Mortgage.
- Khata Certificate or Mutation.
- Nil Encumbrance Certificate.
- Tax Receipt Till Date.
- DM Spot Inspection Report of Property.
- Valuation Report of Registered Valuer.
- Affidavit from Applicant.
- Joint Affidavit from Beneficiary and Guarantor.
- Promissory Note
Procedure To Apply Under Karnataka Loan Scheme For Overseas Education
- First of all, you have to go to the official website of Karnataka minority development corporation limited
- The home page will appear on your screen
- On the homepage, you are required to click on apply for Karnataka loan scheme for overseas education
- You will be redirected to a new page
- On this page, you have to enter all the required details
- Now you have to upload all the required documents
- After that, you have to click on submit
- By following this procedure you can apply under the loan scheme for overseas education
Contact Details
- Karnataka Minorities Development Corporation Limited WhatsApp Help Line Number:- 08277799990.
- Karnataka Minorities Development Corporation Limited Help Line Number:- 080-22860999.
- Karnataka Minorities Development Corporation Limited Helpdesk Email:-
- info.kmdc@karnataka.gov.in.
- mwdhelpline@karnataka.gov.in.
- kmdc.ho.info@karnataka.gov.in.
- Karnataka Minorities Department Corporation Limited,
- No. 39-821, Subedhar Chatra Road,
- Sheshadripuram, Bengaluru,
- Karnataka – 5660001.
FAQs
The Government of Karnataka has launched the Karnataka loan scheme for overseas education. Under the scheme financial assistance will be provided for pursuing higher education abroad
Financial assistance up to Rs 20 lakh will be provided through this scheme. This loan will only be provided to students belonging to minority community
No, the loan will be back by a collateral security. The value of the collateral should security should be equal to the loan amount
In case of facing any kind of difficulties, beneficiaries can contact the department office. Complaints can also be submitted online