Organisation : Government of Kerala
Scheme Name : Education Loan Repayment Support Scheme
Applicable States/ UTs : Kerala
Website : http://elrs.kerala.gov.in/index.php#
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Education Loan Repayment Support Scheme Kerala
The Government has now proposed an Education Loan Repayment Support Scheme which is intended to help those who are struggling to repay the education loan debts after the completion of their course.
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Scope of the Scheme
Education Loan Repayment Support Scheme is not a debt relief scheme, but rather a loan repayment support/prompt repayment incentive scheme offered to the youngsters by providing them with government support for a relief period of four years after the repayment holiday.
Know Your Loan
The scheme would be adopted by all the Scheduled Commercial Banks/Co-operative banks and would be applicable only for the recognized Technical/Professional Courses in India. But this scheme would not be applicable for the students admitted in Management/NRI quota as well as unrecognized institutes except students who secured admission for nursing courses under management quota.
** The student should be an individual permanent resident of Kerala
** The KYC records should match with that provided with the bank
** Only those education loans availed from a branch situated in Kerala, of, a scheduled commercial bank, Kerala Gramin bank Kerala State Co operative Bank, KSCARD Bank or any of the 14 District Co operative banks in the state are covered under the scheme
** Students who secured admission under Management seats/management quota/NRI Quota are not eligible. Management seats /management quota refers to seats in private education institutions for which the management has discretion to give admission on factors other than merit as explained in IBA’s “Revised guidance notes on model educational loan scheme for pursuing higher education in India and abroad -2015 (Amended 2016)
** However, Students who secured admission under Management quota/Management seat for nursing courses are also eligible.
** Loans taken for study abroad are not eligible
** Income Tax Permanent Account Number (PAN) for the student borrower (for co borrower, in the case of a deceased student ) is a pre requisite for registration
** Upper limit for present annual gross family/parental income is Rs.9 lakhs for deceased students, and students with disability of 40 % or more and 6 lakhs for all other categories.
** In addition to the above , the present Annual Income of student should be within 4 times of the scheduled annual repayment amount in the loan
** Student borrowers who become permanently mentally/physically disabled with 80% or more disability due to accident/ illness or expired during the course of study/tenure of the loan after availing the loan will be eligible for financial assistance irrespective of date and sanctioned amount of loan and classification of loan account.
Procedure For Filing Claim Application
The procedure for filing the claim application involves following 6 steps.
2. Uploading certificates
3. Filing the claim application
4. Online Submission of claim to bank
5. Submission of signed printout of application with original certificates to bank
6. Remitting the borrower’s contribution in advance with the bank