Devaraj Arasu Education Loan: Eligibility, ROI & How to Apply

Devaraj Arasu Education Loan 2024: Important Dates, Process, Eligibility and More

The Devaraj Arasu Education Loan is designed to bridge the financial gap for students aiming to pursue their dreams. In this blog, we'll walk you through everything you need to learn about this loan—from eligibility to interest rates.

There are three types of schemes that students can avail 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 

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Devaraj Arasu Loan Details: Eligibility Criteria

Before you dive into the application process, it's crucial to understand if you qualify for the Devaraj Arasu Education Loan. The eligibility criteria are straightforward but essential to meet:

1. Indian Citizenship

The loan is available only to Indian citizens.

2. Academic Qualifications

Applicants can only apply for the scheme for admission to recognised institutions in India or abroad, including undergraduate, postgraduate, and diploma courses.

3. Course Recognised

The UGC, AICTE, or other government-approved bodies must recognise the course.

4. Age Limit

Generally, applicants should be between 18 to 35 years of age.

*Note: Students must also check the scheme-specific eligibility criteria for the scheme they wish to apply for. You can find this under the Suvidha portal. 

You can also check out other Karnataka Govt. Education Loan schemes: Apply if you are eligible. 

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Devaraj URS Loan Application Form 2024 Last Date

The last date to apply for the Devaraj Arasu Education Loan has recently been extended from 31.8.2024 to 15.09.2024. 

Applicants should fill out their application form before 15.09.2024 to avail themselves of the benefits. 

Documents Required For Devaraj Arasu Education Loan

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Must Read: Arivu Education Loan: Eligibility and Application Process

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Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility. 

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Devaraj Arasu Education Interest Rate and Repayment Terms

Understanding the financial implications is crucial before taking any loan. The Devaraj Arasu Education Loan offers competitive interest rates and flexible repayment options:

Here's a concise table summarising the information you provided:

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Must Read: Arivu Education Loan Scheme 2024

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Loan Disbursement and Management

Once your loan is approved, the bank will manage the disbursement directly to your educational institution:

Disbursement Process: 

The amount is credited to the educational institution's account in instalments that are in sync with your course requirements. Regularly and carefully review your loan account to ensure there are no discrepancies.

During Studies: 

Focus on your finances and manage the financial aspects. Regular communication with your loan officer can help address any issues promptly.

There are various other schemes for students. Read this blog to learn more about Government Education loans for SC/ ST Students.

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Benefits and Drawbacks

Like any financial product, the Devaraj Arasu Education Loan has its advantages and potential downsides:

Benefits:

Comprehensive Coverage: 

It covers almost all educational expenses, making it easier for students to focus on their studies.

Flexible Repayment: 

The option for a moratorium period and extended repayment terms provides flexibility.

Competitive Interest Rates:

Lower-than-average interest rates reduce the financial burden.

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Education Loan in Karnataka: Other Options 

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Why Propelld

If you are looking for an education loan that accommodates all your needs as a student, with a quick and easy process and more functional ways to assess your creditworthiness, check out Propelld! 

Propelld offers education loans for students through a 100% digital and easy process. Here are some benefits of taking an education loan from Propelld: 

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FAQs on Devaraj Arasu Education Loan

Who is eligible for the Devaraj Arasu Education Loan?

The loan is available to Indian citizens with secured admission into recognised institutions in India or abroad for undergraduate, postgraduate, or diploma courses. Applicants should be between 18 and 35 years of age.

What documents are required to apply for the Devaraj Arasu Education Loan?

You'll need an admission letter from the institution, previous academic records, proof of identity and residence, income proof of parents or guardians, and a statement of expenditure for the course.

How much loan amount can I get under the Devaraj Arasu Education Loan?

The maximum loan amount is ₹25 lakhs for studies abroad and ₹15 lakhs for studies in India. The loan covers tuition fees, accommodation, books, travel expenses, and the cost of a laptop or computer if required.

What is the interest rate for the Devaraj Arasu Education Loan?

The interest rate is approximately 9% per annum, which is competitive compared to other Concessions available. Concessions may be available for specific categories of students, such as women or those from economically weaker sections.

What are the repayment terms for the Devaraj Arasu Education Loan?

The repayment period ranges from 5 to 15 years, with a moratorium period of up to one year after course completion or six months after securing a job, whichever comes first.

How can I apply for the Devaraj Arasu Education Loan?

You can fill out the application through the Devaraj Arasu official portal. You can also apply offline by visiting and submitting your application with the required documents.

Is there any collateral required for the Devaraj Arasu Education Loan?

Students may need collateral within a certain threshold. Tangible collateral may be required, such as property for loans above a specific limit or fixed deposits. However, loans under ₹7.5 lakhs may not require collateral.

What expenses are covered by the Devaraj Arasu Education Loan?

The loan covers tuition fees, examination fees, accommodation, travel expenses for studying abroad, books, and supplies. However, the city does not provide a laptop or computer, which is essential for the course.

What happens if I need more time to finish my studies?

The loan provides a moratorium period of up to one year after course completion or six months after securing a job, whichever comes to repayment time to start repaying your loan after finishing your studies.

Can I repay the Devaraj Arasu Education Loan early?

You can repay the loan early without any prepayment penalties. This flexibility allows you to reduce your interest burden by paying off the loan sooner than the scheduled term.

How is the loan disbursed to the institution?

The loan amount is disbursed directly to the institution in instalments according to the payment schedule specified by the institution. This ensures that tuition fees and other expenses are paid on time.

Can I apply for the Devaraj Arasu Loan if my course has started?

You can apply for the education loan even if your course has already begun, as long as you meet the eligibility criteria and provide the necessary documents.

Are there any tax benefits available on the Devaraj Arasu Education Loan?

Yes, under Section 80E of the Income Tax Act, you can claim a deduction on the interest paid on the education loan. This deduction is available for up to 8 years or until you pay the interest back, whichever comes earlier.

What if my loan application is rejected?

If the application is rejected, the bank typically provides a reason for the rejection. You can reapply after addressing the issues mentioned or consider alternative funding options. It’s advisable to ensure all documents are accurate and complete before reapplying.

Is there any support available for loan applicants during the application process?

Yes, the bank offers customer support through dedicated helplines and in-branch assistance to guide you through the application process. They can help clarify any doubts and ensure your application is complete.