Online Registration in Kerala State Government Education Loan Repayment Scheme for Students at elrs.kerala.gov.in (Application Form, Subsidy and Last date)
Kerala is always been a developed state in India where the state government has given special attention to the educational sector. Currently the state government is giving away educational loan repayment subsidy to the people who are struggling to repay the loan after completion of their respective courses.
The scheme has launched during first week of August this year. The scheme was launched and supervised by the Chief Minister of Kerala Pinarayi Vijayan. The details and the application form are available in their official website http://elrs.kerala.gov.in/#. Last date of form submission is 31st December 2017.
- The scheme is to help the students who making extra efforts to repay the education loan. This is not something like loan waivers’ scheme for farmers. In this scheme facilities will be given to the students to so that they can easily repay the loan.
- The scheme will be applicable only for the loan amount up to Rs. 9 Lac and for those who have taken loan before April 2016. Others will have to follow the previous rules for educational loan repayment.
- There will be 4 different categories of loan account students will get. According to the loan amount and requirement each student will fall under different categories. The categories are explained below:
Categorized Loan Account
- Loan Category I – It is the first category under the scheme. In this category, students who have the loan repayment commencement between 1st of April 2012 to 31st March 2016 will be applicable. Also their loan amount must not exceed Rs. 9 Lac. Under this category it has been said that the asset must be a standard one in the account book of the Bank, as per the guidelines of the IRAC by RBI.
- Loan Category II (a) – This category is made for the Non Performing Assets or NPA loan accounts of the bank. The loan amount under this category is Rs. 4 Lac (maximum). Under this category the borrower can go for two options. Either he/she can pay off the annual instalment and regularise the account again or can select one time settlement with the bank to close the account forever.
- Loan Category II (b) – Under this category the same rule will be applicable as Loan Category II (a). The only difference here is the loan amount. Under this category the loan amount is more than Rs. 4 Lac but less than or equal to Rs. 9 Lac.
- Loan Category III – This is a special category for the borrowers who have passed away or physically injured. It will also cover the students who are mentally or physically disable equal or more than 80% during their study tenure, especially after availing the loan will be falling under this category.
- Only scheduled commercial banks, cooperative banks, Kerala Gramin banks, KSCARD bank, Kerala State Cooperative Banks are the eligible banks for this scheme. No loans taken from other banks will be eligible under this scheme.
- The borrower student must be the permanent citizen of Kerala. The details of KYC should match with the details given in the banks. Also for NRI student or quota student will not be eligible for this scheme.
- Technical courses and nursing courses through management quota will be applicable for the education loan subsidy scheme. Any other courses availed by the student borrowers will not be applicable.
- As mentioned that only loan amount up to Rs. 9 Lac will be eligible. Also the loan repayment tenure must be fixed before April 2016 that is the repayment commencement date must not exceed 1st April 2016.
- The family income of the student borrowers must be equal or less than Rs. 9 Lac for deceased or physically / mentally disable with 40% or more disability. For other categories the family income will be Rs. 6 Lac maximum.
- Those student borrowers who are suffering from illness or met an accident that lead to 80% or more physical or mental disability will get financial benefits under the scheme. For this category no fixed date of loan sanction or repayment commencement is mandatory.
Three documents are mandatory for this scheme at the time of registration.
- Firstly the student has to submit the scanned copy of his / her 10th standard passing certification or matriculation certificate from a recognised institute.
- Secondly scanned copy of the PAN card is needed. If the student does not have a PAN card, then the earning member of the family will be required to submit his / her PAN card copy.
- Finally one must require a document that is the scanned copy of the Aadhaar Card of the student borrower. The scanned copies of the mentioned three documents are needed to be uploaded in the form available in the official website.
After registering the student will have to fill up the application form for the scheme. At the time of application the students need few documents. They are,
- Course completion certificate of the student is mandatory. In case of dropping out or discontinuation of course due to medical or other reasons then a letter from the dean of the institution is mandatory.
- Eligibility certificate that the borrower student will not be able to repay the loan on time should be submitted while applying for the scheme.
- In case of disability the student must submit the disability certificate at the time of filling up the application form. For the deceased students the death certificate is mandatory.
- If the student gets a job in formal sector after completion of the course then the student needs to submit the salary certificate as well. No certificate is needed if the student is appointed in informal sector.
How to get Kerala Educational Loan subsidy application form
- The loan subsidy loan form is available in their official online portal http://elrs.kerala.gov.in/#. Once you click on the mentioned link one will be redirected to the home page of the website.
- In the home page ‘Students Registration’ tab is there in the left side. Clicking on the tab will redirect to a registration form for the students. This is NOT the scheme application form.
- In the form general information such as name of the student, birthday, contact number etc are to be entered. A One Time Password will be generated to verify the phone number of the student.
- After filling up the form, the students are needed to upload the PAN, Aadhaar and 10th Certificate scanned copy on the portal and submit the form.
- After successfully submission of the registration form the student will receive a login ID and password. With the help of this ID and password the applicant can login to the website to find the scheme application form.
How to register in the Kerala Loan Scheme
Once the applicant gets the login ID and password he/she can login to the website using them. After logging in the student will have to find the Education Loan Subsidy Application Form.
- The form appears with some empty places where information must be entered. The permanent address of the student must be entered followed by other following details.
- Details of the course: Course name, management of other quota, completion date, details of the professional course and such are needed to be entered.
- Employment details of the student: In case the student is employed in any formal sector, the details of his/her employment must be entered such as salary details. Students who are differently able will not be applicable for this section.
- Category of the student: In which category the student is belonging to, family income and other sub-category details must be filled in.
- Disability details: In case of disable students, the dates and disability percentage details must be required. Also the certificate must be uploaded.
- Bank Details: In the bank section enter the bank and loan details such as how much loan is taken, the bank names, dates of loan sanctioned and repayment tenure and so on.
- Finally upload the required documents on the website and submit the application form. Before submission check all the information given by you. If there is any mistake, correct it then and there.
The state government has declared that total Rs. 900 Cr is been decided for the scheme as of now. By implementing this education loan subsidy scheme the state will have to carry a huge 900 Cr burden, this was stated by the CM Vijayan on the launch of the scheme.
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