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Raghuvamshi Kanukruthi
Apr 17, 2024

Explore the Kerala Government Education Loan Subsidy with our complete guide. Learn about eligibility, application steps and benefits for students!

About Kerala Government Education Loan Subsidy

Numerous students in Kerala, a state with the highest literacy rate in India, dream of pursuing higher studies in both India and abroad. This is why students take education loans in Kerala to fulfill their dreams, the number which stands now at 47%. However, the skyrocketing interest rates can immensely burn their pockets. This makes it both overwhelming and expensive to repay that loan.

To cater to students struggling to repay their education loans, the Kerala government has introduced an education loan repayment scheme. The Kerala government education loan subsidy program can reduce the interest rate on your education loan and help you pay the loan timely.

Let us delve deeper into the benefits of Kerala's education loan subsidy program and how you can apply for it in detail.

Features of Kerala Education Loan Subsidy

Education loan subsidies are crucial in ensuring that every student fulfills their dream of higher education. If you envision yourself doing the same, then the Kerala education loan subsidy is all that you require. With the subsidy, you can focus more on studies and career prospects without the worries of being weighed down by debt in the future. That is why you must consider the education loanrepayment scheme under the Kerala government.

Particulars Feature
Feature Ease the burden of the loan repayment amount
Introduced by Kerala Government
Official Website http://elrs.kerala.gov.in/
Major Beneficiaries Students of Kerala
Mode of Application Online only
Major Benefit Eases the burden of the loan repayment amount

Benefits of Kerala Government Education Loan Subsidy

This subsidy scheme offers students a range of benefits to ease their repayment. 90% of the payback amount will be covered by the Kerala government in the first year, 75% in the 2nd, 50% in the 3rd, and 25% in the fourth. For loans up to 4 lakh, the government would cover 60% of the principal; the borrower is responsible for the remaining balance.

List of Kerala Government Education Loan Subsidy Schemes

The Government of Kerala has introduced a number of interest subsidies to meet the educational needs of the students. If you are a prospective candidate, then this program is for you. Eligible and qualifying students get the opportunity to seek a low-interest rate on their student loan debt.

Name of the program Objective Eligibility Subsidy
Central Government Interest Subsidy Scheme (CSIS) Interest subsidy during the moratorium period Students under the EWS category with family gross income not more than 4.5 Lakhs yearly 100% interest subsidy
Padho Pardesh Scheme Interest subsidy during the moratorium period Minority students (Muslims, Christians, Sikhs, Buddhists, Jains) with family gross income not more than 6 Lakhs annually 100% interest subsidy
Dr. Ambedkar Scheme for OBC and EBC Interest subsidy during the moratorium period Students from Economically Backward Classes (EBCs) and Other Backward Classes (OBCs) with family gross income not more than 8 Lakhs annually 100% interest subsidy

Note: Padho Pardesh scheme was discontinued in April, 2022. But, current beneficiaries are still eligible to receive the scheme's benefits.

Eligibility Criteria to Qualify for Kerala Education Loan Subsidy

Knowing your eligibility is extremely important before dealing with its complexities. We have curated a list of the eligibility criteria that you need to qualify for the Kerala Education Loan Subsidy powered by the Education Loan Repayment Scheme.

  1. You must be a resident of Kerala and should belong to an economically weaker section. 
  2. If you are a Degree Online Services, Telangana (DOST) and have acquired an education loan from either Kerala Gramin Bank, Kera Scheduled Commercial Bank, or Kerala State Cooperative Agricultural and Rural Development (KSCARD) Bank, you will be eligible for this scheme.
  3. You have secured admission to a recognized university under the government and don't have any arrears from previous loans.
  4. You have acquired a seat for a nursing course under the management quota. 
  5. Your current parental annual income must be at least four times of scheduled annual repayment debt amount.

Necessary Documents for Kerala Education Loan Subsidy

Getting an education loan subsidy includes proper implementation of the application process along with the submission of valid documents. Here is a list of necessary documents that you must carry while applying for an education loan repayment scheme under the Kerala Government:

  1. A clear photocopy of your Permanent Account Number (PAN) card.
  2. A photocopy of your original Aadhar card
  3. A photocopy of your class 10th passing certificate
  4. The eligibility certificate ought to be issued by the village officer. Plus, it should be countersigned by the gazetted officer.
  5. A valid certificate of course completion, if any
  6. Valid salary slips if you are a working professional in the private or government sector.

How to Apply for Kerala Education Loan Subsidy Programs

Applying for the Kerala government education loan subsidy follows a simple but thorough process. If you want to get the benefits of the subsidy, you must follow the subsidy application process thoroughly. Follow the steps below to apply for the Kerala government education loan subsidy:

Registration Process

  1. Visit the Kerala government's official website: http://elrs.kerala.gov.in/.
  2. Move your cursor towards 'Add Student Registration Form' and click on the tab. The website will be redirected to another web page.
  3. Now, enter all the necessary details as asked in the education loan repayment registration form. These details include the student’s name, date of birth, type of student, Email ID, mobile number, and passing year.
  4. Now, upload copies of your PAN card, pass certificate of class 10, and Aadhar card. Ensure that these copies are properly scanned.
  5. Click on the 'Submit' button.
  6. Finally, you will receive your unique user ID and password on your registered mobile number.

Application Process 

  1. Visit the official website of Kerala government: http://elrs.kerala.gov.in/
  2. Next, log in to your loan account by using your unique user ID and password.
  3. Then, plug in the following details:
  • Permanent address
  • Name and other details of co-borrower
  • Student category
  • Details of professional courses
  • Non-resident Indian (NRI) and Management Quota
  • Date of course completion
  • Bank details from which the loan was taken
  • Current employment details of the student
  • Current annual income
  1. Finally, submit the online registration form.

How Propelld is Helping towards Kerala Education Loan Subsidy?

For students in Kerala who intend to pursue higher education but are faced with financial impediments, Propelld helps you ease it down with a successful application. We understand that getting an education loan can be an overwhelming process. That's why we at Propelld make the process easier, quicker, and successful. We do it by helping you get a student loan with beneficiary terms and conditions.

  • We connect you with a wide range of partners willing to make the educational journey easy.
  • Our financial and loan experts bargain with financial institutions for the lowest interest rates, terms, and agreements.
  • Our experience comes from managing such cases, and we can help you get the best scheme for financing your education.
  • Our transparency is a value-addition where you’ll be informed of your next steps. Plus, there would be no servicing fees to incur.

Wrapping Up

The education loan repayment scheme successfully addresses the loan subsidy program in Kerala. If you struggle with your education loans EMIs and miss some payment schedules, then you can easily avail this service to pay off your EMIs. It further helps you to avoid snowballing of interest while you continue your education freely.

We at Propelld, will assign you a financial officer who will help you to apply the education loan repayment scheme properly and correctly. We will also ensure you qualify for the loan subsidy and clear your outstanding debt successfully. Our commitment is to facilitate the process of loan application, provision of the right resources, and answer your questions in the best possible way.

Kerala Government Education Loan Subsidy - Complete Guide!

Raghuvamshi Kanukruthi
April 17, 2024
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Shivam Bhardwaj
March 15th 2022

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About Kerala Government Education Loan Subsidy

Numerous students in Kerala, a state with the highest literacy rate in India, dream of pursuing higher studies in both India and abroad. This is why students take education loans in Kerala to fulfill their dreams, the number which stands now at 47%. However, the skyrocketing interest rates can immensely burn their pockets. This makes it both overwhelming and expensive to repay that loan.

To cater to students struggling to repay their education loans, the Kerala government has introduced an education loan repayment scheme. The Kerala government education loan subsidy program can reduce the interest rate on your education loan and help you pay the loan timely.

Let us delve deeper into the benefits of Kerala's education loan subsidy program and how you can apply for it in detail.

Features of Kerala Education Loan Subsidy

Education loan subsidies are crucial in ensuring that every student fulfills their dream of higher education. If you envision yourself doing the same, then the Kerala education loan subsidy is all that you require. With the subsidy, you can focus more on studies and career prospects without the worries of being weighed down by debt in the future. That is why you must consider the education loanrepayment scheme under the Kerala government.

Particulars Feature
Feature Ease the burden of the loan repayment amount
Introduced by Kerala Government
Official Website http://elrs.kerala.gov.in/
Major Beneficiaries Students of Kerala
Mode of Application Online only
Major Benefit Eases the burden of the loan repayment amount

Benefits of Kerala Government Education Loan Subsidy

This subsidy scheme offers students a range of benefits to ease their repayment. 90% of the payback amount will be covered by the Kerala government in the first year, 75% in the 2nd, 50% in the 3rd, and 25% in the fourth. For loans up to 4 lakh, the government would cover 60% of the principal; the borrower is responsible for the remaining balance.

List of Kerala Government Education Loan Subsidy Schemes

The Government of Kerala has introduced a number of interest subsidies to meet the educational needs of the students. If you are a prospective candidate, then this program is for you. Eligible and qualifying students get the opportunity to seek a low-interest rate on their student loan debt.

Name of the program Objective Eligibility Subsidy
Central Government Interest Subsidy Scheme (CSIS) Interest subsidy during the moratorium period Students under the EWS category with family gross income not more than 4.5 Lakhs yearly 100% interest subsidy
Padho Pardesh Scheme Interest subsidy during the moratorium period Minority students (Muslims, Christians, Sikhs, Buddhists, Jains) with family gross income not more than 6 Lakhs annually 100% interest subsidy
Dr. Ambedkar Scheme for OBC and EBC Interest subsidy during the moratorium period Students from Economically Backward Classes (EBCs) and Other Backward Classes (OBCs) with family gross income not more than 8 Lakhs annually 100% interest subsidy

Note: Padho Pardesh scheme was discontinued in April, 2022. But, current beneficiaries are still eligible to receive the scheme's benefits.

Eligibility Criteria to Qualify for Kerala Education Loan Subsidy

Knowing your eligibility is extremely important before dealing with its complexities. We have curated a list of the eligibility criteria that you need to qualify for the Kerala Education Loan Subsidy powered by the Education Loan Repayment Scheme.

  1. You must be a resident of Kerala and should belong to an economically weaker section. 
  2. If you are a Degree Online Services, Telangana (DOST) and have acquired an education loan from either Kerala Gramin Bank, Kera Scheduled Commercial Bank, or Kerala State Cooperative Agricultural and Rural Development (KSCARD) Bank, you will be eligible for this scheme.
  3. You have secured admission to a recognized university under the government and don't have any arrears from previous loans.
  4. You have acquired a seat for a nursing course under the management quota. 
  5. Your current parental annual income must be at least four times of scheduled annual repayment debt amount.

Necessary Documents for Kerala Education Loan Subsidy

Getting an education loan subsidy includes proper implementation of the application process along with the submission of valid documents. Here is a list of necessary documents that you must carry while applying for an education loan repayment scheme under the Kerala Government:

  1. A clear photocopy of your Permanent Account Number (PAN) card.
  2. A photocopy of your original Aadhar card
  3. A photocopy of your class 10th passing certificate
  4. The eligibility certificate ought to be issued by the village officer. Plus, it should be countersigned by the gazetted officer.
  5. A valid certificate of course completion, if any
  6. Valid salary slips if you are a working professional in the private or government sector.

How to Apply for Kerala Education Loan Subsidy Programs

Applying for the Kerala government education loan subsidy follows a simple but thorough process. If you want to get the benefits of the subsidy, you must follow the subsidy application process thoroughly. Follow the steps below to apply for the Kerala government education loan subsidy:

Registration Process

  1. Visit the Kerala government's official website: http://elrs.kerala.gov.in/.
  2. Move your cursor towards 'Add Student Registration Form' and click on the tab. The website will be redirected to another web page.
  3. Now, enter all the necessary details as asked in the education loan repayment registration form. These details include the student’s name, date of birth, type of student, Email ID, mobile number, and passing year.
  4. Now, upload copies of your PAN card, pass certificate of class 10, and Aadhar card. Ensure that these copies are properly scanned.
  5. Click on the 'Submit' button.
  6. Finally, you will receive your unique user ID and password on your registered mobile number.

Application Process 

  1. Visit the official website of Kerala government: http://elrs.kerala.gov.in/
  2. Next, log in to your loan account by using your unique user ID and password.
  3. Then, plug in the following details:
  • Permanent address
  • Name and other details of co-borrower
  • Student category
  • Details of professional courses
  • Non-resident Indian (NRI) and Management Quota
  • Date of course completion
  • Bank details from which the loan was taken
  • Current employment details of the student
  • Current annual income
  1. Finally, submit the online registration form.

How Propelld is Helping towards Kerala Education Loan Subsidy?

For students in Kerala who intend to pursue higher education but are faced with financial impediments, Propelld helps you ease it down with a successful application. We understand that getting an education loan can be an overwhelming process. That's why we at Propelld make the process easier, quicker, and successful. We do it by helping you get a student loan with beneficiary terms and conditions.

  • We connect you with a wide range of partners willing to make the educational journey easy.
  • Our financial and loan experts bargain with financial institutions for the lowest interest rates, terms, and agreements.
  • Our experience comes from managing such cases, and we can help you get the best scheme for financing your education.
  • Our transparency is a value-addition where you’ll be informed of your next steps. Plus, there would be no servicing fees to incur.

Wrapping Up

The education loan repayment scheme successfully addresses the loan subsidy program in Kerala. If you struggle with your education loans EMIs and miss some payment schedules, then you can easily avail this service to pay off your EMIs. It further helps you to avoid snowballing of interest while you continue your education freely.

We at Propelld, will assign you a financial officer who will help you to apply the education loan repayment scheme properly and correctly. We will also ensure you qualify for the loan subsidy and clear your outstanding debt successfully. Our commitment is to facilitate the process of loan application, provision of the right resources, and answer your questions in the best possible way.

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Frequently Asked Questions

How much student education loan can be extended in Kerala?

Under the Kerala Gramin Bank education loan scheme, the student loan threshold varies from ₹10 Lakhs to ₹20 Lakhs. The interest rate typically ranges from 10.50% to 13.60%. The loan margin ranges from 5% to 10% which more or less depends upon the courses or country you are willing to pursue your studies from. 

Can I apply for Kerala's education loan repayment scheme offline?

No, the registration and application process of the Kerala education loan repayment scheme is conducted through online mode only. To apply for the same, you are required to visit the official website of Kerala Government: http://elrs.kerala.gov.in/

Who is eligible to apply for the Education Loan Repayment Scheme in Kerala?

To become eligible for the education loan repayment scheme, a student must be a resident of Kerala. You must also belong to an economically weaker section and have secured admission to a recognized university or educational institution. 

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