Kerala state government is launching the education loan repayment scheme 2017 today in the state to help repay the education loans of students. The state government is inviting online registrations and claim application forms from the students for availing the scheme benefits through its newly launched portal at www.elrs.kerala.gov.
Students can do the online registration for the education loan repayment scheme at elrs.kerala.gov and fill the claim application form along with attaching the required documents. The scheme may also be termed as “Education Loan Repayment Support Scheme” or “Education Loan Repayment Subsidy Scheme”.
Below is the complete procedure to register online as student and fill claim application form for the education loan repayment scheme.
Kerala Education Loan Repayment Scheme Online Registration
STEP 1: Visit the official website of Kerala Education Loan Repayment Scheme at elrs.kerala.gov
STEP 2: Click on the “Student Registration” button and fill the registration form as seen below.
STEP 3: After Registration, a user ID and password would be sent to the registered mobile number of the applicant which will be used to fill the online application form.
Apply Online for Education Loan Repayment Claim
On completion of the registration, a user ID and password will be sent to the registered mobile number of the applicant. For filing claim application, the applicant has to login to the portal and enter the following information using this user ID and password.
- Full permanent address of the applicant
- Name of parent/spouse/guardian
- Details of co borrower(in the case of student deceased or suffered 80% & more disability)
- Details of the professional course studied (for which the education loan was availed)
- Whether Management & NRI Quota or not
- Date of completion of course
- Category of the student
- Details of the bank from which loan was availed
- Details of the loan availed
- Amount repaid (interest subvention shall not be treated as repayment for this scheme)
- Present Annual income of the family
- Present employment details of student (not applicable for deceased student/student with 80% or more disability)
- Present Annual income of the student (not applicable for deceased student/student with 80% or more disability)
- Date of occurrence of disability/death in the case of deceased student /student with 80% or more disability
- Details of relief availed under any other scheme (if any)
- Choosing Govt Support category
List of Required Documents
The applicant is required to upload copies (in PDF format) of the following certificates.
i) At the time of Registration
1) Copy of 10th pass certificate of student ,
2) Copy of Aadhaar of student (of co borrower in the case of student deceased/suffered 80 % or more disability) ,
3) Income Tax PAN of student (of co borrower in the case of student deceased/suffered 80 % or more disability)
ii) At the time of filing application
1) Eligibility certificate issued by the Village Officer and countersigned by a gazetted Officer.(The format can be downloaded from the portal)
2) Death Certificate issued by the Registrar of Deaths of the concerned local body (in the case of deceased student)
3) Disability certificate by competent authority as stipulated in the Persons with Disabilities Act 1995 (in the case of a student borrower suffering permanent physical/mental disability of 40 % or more)
4) Course Completion certificate pertaining to the course for which the education loan was availed). (If the student discontinued the course for medical or other valid reasons, a certificate from the head of institution, stating the reason for discontinuation)
5) Salary certificate in the case of a student employed in formal sector (not applicable for deceased/student with % or more disability)
After filling the mandatory fields and uploading the certificates, the registration form is to be submitted.
After filling all the fields and uploading the certificates, the applications can be submitted online in the portal
The last date for submission of application will be 31.10.2017.
- 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.
Under the Kerala education loan repayment scheme 2017 Scheme, education loans sanctioned to students are classified into two categories namely
1. Education Loan Non-NPA/standard account
2. Education loan turned to NPA account on or before 31st March, 2016
Annual repayment amount (Principal plus Interest) will be shared between the Government and the borrower in the specified ratio during the 4 year relief period for the first category. In the case of the second category, Government will assist the borrower to settle and close the loan account by paying specified amount as per eligibility.