Karnataka Loan Scheme For Overseas Education

Introduction

• Karnataka Loan Scheme for Overseas Education is one of the major educational reform scheme of Karnataka.
• The main objective behind starting this scheme is to support and encourage students of Karnataka to pursue their Graduation and Post Graduation from Foreign Universities.
• Karnataka Government's Minorities Development Corporation Limited is the implementing agency of this scheme.
• Educational Loan will be provided to all eligible students who secure admission in any top foreign university in the world.
• This scheme is also called "Karnataka Overseas Education Loan Scheme" or "Karnataka Loan for Higher Education in Foreign University".
• Government of Karnataka divided the beneficiary student in two sections in order to provide them educational loan.
• First Section is of those students whose annual family income is less than Rs. 8,00,000/- per Year.
• Those Students whose annual family income is less than Rs. 8 Lakh per Year can avail the benefit of education loan up to Rs. 20,00,000/-.
• The interest rate chargeable on loan is 3% for first section students.
• Second Section is of those students whose annual family income is more than Rs. 8,00,000/- per Year.
• Students whose annual family income is more than Rs. 8 Lakh per Year but Less than Rs. 15 Lakh per Year can avail the benefit of education loan up to Rs. 10,00,000/-.
• The interest rate chargeable on loan is 5% for second section students.
• Education Loan provided under Karnataka Loan Scheme for Overseas Education is not collateral free.
• Beneficiary students has to mortgage any land or building to secure loan under this scheme.
• Value of Mortgage Land and Building should not be less than the amount of loan taken.
• Only Minority Community Student are eligible to get foreign education loan under Karnataka Overseas Education Loan Scheme.
• It is mandatory for students to secure minimum 60% marks in their previous year exam.
• The last date to apply for education loan under Loan Scheme For Overseas Education of Karnataka Government is 03-10-2023.
• Eligible Students can apply for education loan under Karnataka Loan Scheme For Overseas Education on or before 3rd of October 2023.
• Online Application Form of Loan Scheme For Overseas Education is available on KMDCL Online Application Management Portal.

Benefits

• The below mentioned benefits will be provided by the Karnataka Government to students for their Education in Foreign College or University under Loan Scheme For Overseas Education :-
  • Education Loan to Study in Foreign University ranging up to Rs. 20,00,000/- will be Provided.
  • Criteria to Disburse Loan under Karnataka Overseas Educational Loan Scheme are as follows :-

    Annual Income	Loan Amount	Interest Rate
    If Below Rs. 8 Lakh	Loan up to Rs. 20 Lakh	3 %
    If More than Rs. 8 Lakh But Less than Rs. 15 Lakh.	Loan up to Rs. 10 Lakh	5%

Eligibility

• Beneficiary Student should be a Permanent Resident of Karnataka.
• Student should have Received an Admission Offer Letter from a Foreign University.
• Student should have minimum 60% marks in his/ her previous year exam.
• Student must be willing to Mortgage Property (Land or Building) to avail Education Loan.
• Beneficiary Student should belong to any one of the minority community :-
  • Muslims.
  • Parsis.
  • Christians.
  • Jains.
  • Sikhs.
  • Buddhism.

Document Required

• The following documents is needed to be uploaded on portal at the time of applying for Karnataka Loan Scheme For Overseas Education :-
  • 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.

How to Apply

• Minority Community Students who wants to pursue Graduation or Post Graduation from Foreign University can apply for education loan under Karnataka Loan Scheme For Overseas Education by filling Online Application Form.
• Karnataka Loan Scheme For Overseas Education Online Application Form is available on KMDCL Online Application Management Portal of Government of Karnataka.
• Aadhar Number and Mobile Number of Beneficiary Student is required mandatorily at the time of filling application form.
• KMDCL Portal will verify the Mobile Number and Aadhar Number of Student one by one through OTP Authentication.
• Then, Student has to Select Loan Scheme For Overseas Education from schemes list.
• After Clicking on Apply Online Button, Fill the below mentioned details in Loan Scheme For Overseas Education Online Application Form:-
  • Personal Details of Student.
  • Contact Details of Student.
  • Bank Account Details.
  • Upload the Required Documents.
• Preview the Karnataka Loan Scheme for Overseas Education Application Form before submitting it and then Click on Submit Button to Submit it.
• Application Form of Loan Scheme For Overseas Education along with all Documents will be scrutinised by the selection panel constituted by Karnataka Minorities Development Corporation Limited.
• Selection Panel will select the Students for education loan under Karnataka Government's Loan Scheme For Overseas Education.
• Selected Students List will then forwarded to bank/ financial institution for sanctioning of loan.
• Loan Amount under Karnataka Loan Scheme For Overseas Education will directly transferred in the Bank Account of concerned foreign college or foreign university.
• Beneficiary Student can also check the Application Status of Karnataka Loan Scheme For Overseas Education Online.
• Karnataka Government's KMDCL Online Application Management Portal is open for Loan Scheme For Overseas Education till 03-10-2023.
• Eligible Students can apply for education loan under Loan Scheme For Overseas Education on or before 03-10-2023.

Important Forms

• Karnataka Loan Scheme For Overseas Education Applicant Affidavit.
• Karnataka Loan Scheme For Overseas Education Joint Affidavit.
• Karnataka Loan Scheme For Overseas Education Promissory Note.

Important Links

• Karnataka Loan Scheme For Overseas Education Online Application Form.
• Karnataka Loan Scheme For Overseas Education Registration.
• Karnataka Loan Scheme For Overseas Education Application Status.
• Karnataka Minorities Development Corporation Limited Portal.
• Karnataka Loan Scheme For Overseas Education Guidelines.
• Karnataka Minorities Development Corporation Limited App.
• Karnataka Minorities Development Corporation Limited District Office Contact Numbers.

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.