Karnataka Loan Scheme For Overseas Education

Scheme Introduction: A Brief Overview

• Karnataka Loan Scheme for Overseas Education is one of the major educational reform schemes 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".
• Earlier, the Karnataka Government divided the beneficiary students in two sections.
  • If students annual family income is below 8 lakh then they can avail loan up to Rs 20 Lakh at 3 % interest.
  • Students with an annual family income more than 8 lakh but less than 15 lakh can avail loan up to Rs 10 Lakh at 5% interest rate.
• Now such limitation has been waived off and now students with annual family income up to Rs 8 lakh can avail loan up to Rs 20 lakh at zero interest rate.
• Education Loan provided under Karnataka Loan Scheme for Overseas Education is not collateral free.
• Beneficiary students have to mortgage any land or building to secure a loan under this scheme.
• Value of Mortgage Land and building should not be less than the amount of loan taken.
• Only Minority Community Students are eligible to get foreign education loans 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 31-08-2024.
• Eligible Students can apply for education loan under Karnataka Loan Scheme For Overseas Education on or before 31st of August 2024.
• Online Application Form of Loan Scheme For Overseas Education is available on KMDCL Online Application Management Portal.

Scheme 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 : -
  • Students can avail education loan up to Rs 20 lakh to study in foreign Universities.
  • Education Loan will be provided to all students at Zero Interest Rate.

Eligibility Requirements

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

Required Documents

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

Steps to Apply

• Minority Community Students who want 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 Students one by one through OTP Authentication.
• Then, student have to Select Loan Scheme For Overseas Education from the 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.
• The Selection Panel will select the Students for education loan under Karnataka Government's Loan Scheme For Overseas Education.
• Selected Students List will be 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 Students 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 31-08-2024.
• Eligible Students can apply for education loans under Loan Scheme For Overseas Education on or before 31-08-2024.

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.

Relevant 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 Information

• 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.