Arivu Education Loan

The Karnataka government started the Arivu Education Loan scheme under the Karnataka Minorities Development Corporation Limited. This scheme was started to encourage higher studies among students from religious minorities of Karnataka state to pursue professional courses.

Students of Karnataka can avail of an education loan of up to 3 lacs for each year of their higher education duration in Karnataka. The other details of the scheme are given below.

The loan amount for the Arivu education loan depends on the course that the student is going for. 

In the given table, we discuss the maximum loan amount provided to the students selected for the given courses, conducted by (CET/NEET) for Government/private colleges and verified by Karnataka Examination Authority (KEA).

In addition to the above courses, students selected for MBA, MCA, and LLB through KEA are also eligible for an Education loan of a maximum of Rs.50,000 for tuition fees.

Arivu education loan scheme is a great initiative for people of religious minority communities as they can get an education loan of up to 3 lacs for 1 year at a relatively lower rate of interest. Here are the eligibility criteria that the students need to meet.

• The student applying for the loan must belong to Karnataka state religious minority community
• The student should be a permanent resident of Karnataka
• The annual income of the student’s family should not be more than Rs.800,000

Students wanting to apply for the Arivu Education Loan will require the following documents:

• An Online application filled in by the student with 2 recent passport-size photographs.
• Caste and Income certificate of the student
• A copy of the student’s Aadhar card
• CET admission letter of the student
• Student’s NEET admission letter 
• Applicant’s 10th Marksheet
• Student’s diploma / PUC (Pre University Course) marks sheet copy
• Indemnity bond by the student and his/her parent or legal guardian
• Bank account details of the student’s college
• Bonafide/Study certificate of the student 
• Self-declaration form from the student
• Parent’s self-declaration form
• Fee structure of the college

Here's a step-by-step process to apply for Arivu Education Loan

1. Visit the official website of Karnataka Minorities Development Corporation Limited. 
2. Under the column of Loan/subsidy for minorities, click Apply Online and enter your mobile and Aadhar Card number. Enter the temporary OTP that you have received on your mobile to start the process.
3. After verifying your mobile and Aadhar details, click on the Arivu Education Loan option to proceed further.
4. Enter your details like your name and father’s name along with academic details like NEET or CET score and SSLC Score. Also, enter your income and caste or religion details to proceed further
5. On the next page, enter your address details
6. Upload all the required documents that we have mentioned in the documents section.
7. In the next step, check the details that you have entered and make any changes if required, After reviewing all the details, click on apply, a pop-up window with a submit option will appear, click on it.

Arivu education loan scheme offers education loans at an attractive rate of interest. However, what if you do not qualify for the Arivu education loan scheme? In such cases, you can look for other education loan options. Below are a few attractive education loan options for students wanting to study in India or abroad.

SBI Education Loan

State Bank of India can offer up to 1.5 Cr Education loans to fund your education at a relatively lower rate of interest than other lenders. This is one of the best options for students after the Arivu education loan.

Union Bank of India Education Loan

Union Bank of India offers up to 2 Cr for education in India or abroad and is a great alternative to the Arivu education loan. Students can repay the loan in 5 to 15 years, with a moratorium period of up to 1 year after the completion of the course.

Karur Vysya Bank Education Loan

Karur Vysya Bank provides an education loan of up to 1.5 Cr to students wanting to study in India or abroad. The best thing is that you do not need to pledge collateral for the Karur Vysya education loan and you can pay back the loan in up to 15 years. 

Students wanting to apply for an education loan can try the hassle-free, online process through WeMakeScholars by following the given steps.

1. Fill out a common application form or request a callback from the WeMakeScholars website.
2. A financial officer will get back to you and will ask you for a few basic details to check your eligibility.
3. He/She will then connect you to suitable public or private lenders, where you can get the best education loan deals.
4. The next steps of the process will be taken care of by your assigned lender. Meanwhile, your financial officer will also be in touch with you and will help you in any doubts that you may have regarding the process.
5. Your education loan will be sanctioned in the time frame that was promised to you by your financial officer.

WeMakeScholars is an organization supported by the Ministry of IT, Govt. of India under the Digital India campaign. We provide students with guidance and support to finance their higher education in India or Abroad. We are also partnered with 14+ banks(Public/Pvt) and hence can provide education loans at attractive terms.

• Better rate of Interest: We are partnered with 14+ banks and hence we can provide education loans at a lower rate of interest than when you go directly through banks. We can provide education loans at up to a 2% lower rate of interest.
• Expert guidance: We deal with education loans on a daily basis and hence can provide expert guidance on getting the loan sanctioned. We have even got education loans to students who did not meet the proper criteria set by banks.
• Negotiation support: Students can talk to us about the interest rate that the bank is offering them and if that is bothering them, then we can negotiate with the lender on behalf of the student.
• Digital Process: The education loan process when you go through us will be completed online, except for the collateral education loan where you will have to be there for legal and valuation of the property.
• End-to-end support: We provide students with support throughout the education loan process until the repayment of the loan. 
• Tax benefits: Students are eligible for tax exemptions under some sections of the Income Tax Act like 80E when they take an education loan. We make sure to educate them about all the eligible tax benefits they can avail.
• Cashback: Students who go through us are eligible for a cashback of up to ₹3,000.