Devaraj Arasu Education Loan

The D. Devaraj Arasu Backward Classes Development Corporation is dedicated to improving the lives of backward classes through innovative programs and activities. Their mission is to provide financial assistance in the form of loans and subsidies to promote self-employment, upgrade skills, and provide irrigation facilities.

Their objectives include providing economic upliftment for poorer families, providing irrigation facilities to small and marginal farmers, and assisting artisans in upgrading their skills. Their functions involve promoting economic and self-development activities, extending loans for education, and providing marketing facilities. The corporation aims to make a positive impact on the socio-economic conditions of backward classes and make them self-reliant.

Below given is the general overview of the Devaraj Arasu Education Loan Scheme. 

There are 3 schemes under which students can acquire an education loan through the D Devaraj Urs Backward Classes Development Corporation. 

• Interest-Free Loan for Higher Education in a foreign university
• Arivu Education Loan scheme
• D Devaraj Urs Individual Loan Scheme

Here are the scheme details summarized down below

Step 1: Visit the official D Devaraj Urs Backward Classes Development corporations 

Step 2: Select “Suvidha” under the online services menu listed on the website

Step 3: Select the language of your preference and select your district

Step 4: Sign up and sign in to your account on the Suvidha platform  

Step 5: Select that suits your requirements, check your eligibility and click Proceed to apply

Step 6: You can apply for the scheme of your choice either online or offline

You can access the Devaraj Arasu Education Loan Application Form by visiting the official D Devaraj Urs Backward Classes development corporation.

Some basic eligibility criteria for Devaraj Education Loan include:

1. The applicant must hold Indian citizenship.
2. They should have secured admission to recognized foreign institutions for higher education through merit-based exams or entrance tests.
3. Completion of 10+2 or an equivalent course is required.

Below are the steps you need to follow to check scheme-specific eligibility criteria for various education loan schemes under the D Devaraj Arasu Backward Classes Development Corporation.

Step 1: Log in to the “Suvidha” portal 

Step 2: Enter the details you are asked for in the portal

Step 3: Search for the scheme you are looking for

Step 4: Under the scheme, you will find a Know More button

Step 5: By clicking on it you can check if you are eligible for the scheme

State Bank Of India (SBI) Education Loan In Karnataka

SBI provides education loans that cover expenses related to tuition fees, accommodation, travel, and other related costs up to a maximum of 1.5 crores. The interest rate for SBI education loans starts at 8.55 percent and may vary based on factors such as the loan amount and repayment tenure. SBI also offers flexible repayment options ranging from 5 to 15 years, allowing students to select a repayment tenure that suits their financial situation.

Bank Of Baroda Education Loan In Karnataka

Bank of Baroda provides education loans for students pursuing higher education in India or abroad, with a maximum loan amount of 1.5 crores. The starting interest rate is 9.15 percent and varies depending on different factors. Bank of Baroda offers flexible repayment options, with no prepayment penalty and a moratorium period of up to one year after completing the course. The repayment tenure ranges from 5 to 15 years, providing borrowers with a variety of options.

Union Bank Of India Education Loan in Karnataka

Union Bank of India provides education loans up to 2 crores with an initial interest rate of 11.15 percent, and borrowers have flexible repayment options that range from 5 to 15 years. After completing the course, there is a moratorium period of up to 1 year. It's not necessary to provide collateral security.

Karur Vysya Bank Education Loan In Karnataka 

Karur Vysya Bank offers education loans to students who want to pursue higher education in India or overseas, and the maximum loan amount available is 1.5 crores. The interest rate for the loan starts at 10.30%, and the bank provides flexible repayment options for up to 15 years. Additionally, there is a moratorium period of up to 1 year after completing the course, during which no repayment is necessary.

• Manual Application Process: Many places still follow manual application processes, which can be time-consuming and involve a lot of paperwork. This can lead to delays and longer processing times for the loan application.
• Longer Processing Times: Trying to get an education loan directly by yourself may result in longer processing times for your loan, particularly if there are problems with your credit history or discrepancies in your application.
• Eligibility Requirements: Different lenders may have different criteria for loan eligibility. If you approach a lender directly, you may find that you are not eligible for their loan products, which can restrict your options and make it harder to obtain the financing you require.
• Limited Loan Options: If you approach a lender directly, you may have access only to their specific loan products. This can prevent you from comparing rates and terms from other lenders, potentially resulting in higher costs for your loan.

WeMakeScholars is an organization that is funded and supported by the Ministry of IT, Govt of India. Hence, all the services offered by us are free of cost. 

• Expert advice - A financial officer from WeMakeScholars will assess your profile and recommend the most suitable options for an education loan.
• Faster processing - WeMakeScholars has set a standard processing time of 21 working days for public banks and 7 working days for private banks and NBFCs to approve a loan. This is 50% quicker than applying directly to the banks.
• Negotiation assistance - Your WeMakeScholars financial officer will negotiate with the lender on your behalf to secure the best possible education loan deal.
• Comprehensive support - WeMakeScholars provides assistance to students even during the repayment phase to help them manage issues such as sudden increases in the ROI.
• Lower interest rates - Partnered with banks, we can secure a lower rate of interest of 0.5 to 2% for your education loans.
• Free-of-charge services - Supported by the IT Ministry under the Digital India Campaign, WeMakeScholars provides all services to students free of charge.
• Digital application process - When you apply through WeMakeScholars, the entire education loan process is done online, except for collateralized loans. This eliminates the need for multiple visits to the bank to submit documents.
• Tax benefits - We educate students about sections 80C and 80E so they can take full advantage of tax exemptions.
• Cashback offer - Students who apply through WeMakeScholars are eligible for a cashback of ₹3,000.