Kerala state government has launched the education loan repayment scheme 2023 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.in
Students can do the online registration for the education loan repayment scheme at elrs.kerala.gov.in 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 Support Scheme 2023
The scheme would be adopted by all the Scheduled Commercial Banks/Co-operative banks and would be applicable only for the recognized Technical/Professional Courses in India. But this scheme would not be applicable for the students admitted in Management/NRI quota as well as unrecognized institutes except students who secured admission for nursing courses under management quota.
Kerala Education Loan Repayment Scheme Online Registration
STEP 1: Visit the official website of Kerala Education Loan Repayment Scheme at elrs.kerala.gov.in
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.
After submitting the application online, you should take a print out of the application, sign and submit it with requisite/supporting documents to the bank.
About Registration ID Number – This will facilitate to authenticate your Identity and will help in avoiding duplication. Using this Id only you can login to the website.
Download Certificate of Eligibility under Student Education Loan Repayment Scheme
Visit the official website at http://elrs.kerala.gov.in/. At the homepage, click at the “Download Certificate of Eligibility – Annexure 2 Format Here” link. The the Student Education Loan Repayment Scheme Eligibility Certificate will appear as shown below:-
How to 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 homepage of the http://elrs.kerala.gov.in/ 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
In case of Forgot User ID / Password, click the link – http://elrs.kerala.gov.in/index.php/home/forgot_password
List of Required Documents
The applicant is required to upload copies (in PDF format) of the following certificates.
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)
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
Kerala Education Loan Repayment Scheme Last Date Extended
Last date for submitting online application for Kerala Education Loan Repayment Scheme has been extended by the state government. The new last date for the scheme is 31st December.
Online registration for the Kerala Education Loan repayment scheme are being invited through the official website of the scheme at www.elrs.kerala.gov.in. All eligible students can register themselves at the portal and submit application form for the claim of repayment of their education loan. The state government has also added the option to edit the application form after submission in the website. Students can also edit their Matriculation details after the submission.
Under the scheme, the state government is re-paying the education loans of students whose annual household income is not more than 6 Lakh per annum. However, only the students who have taken loans of up to Rs. 9 Lakh will be benefited under the scheme. The total budget of the scheme is Rs. 900 Crore.
- 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.
- 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.
Classification of Education Loans Sanctioned to Students in Kerala
Under the Kerala education loan repayment scheme 2023 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, 2023
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.
Out of the total loan repayment amount eligible under the scheme, state government would borne 60% while rest 40% will have to be borne by the students themselves. Students belonging to households whose annual household income is more than 6 Lakh are not eligible to apply for the scheme.
Launch of Kerala Education Loan Repayment Scheme
Kerala state government has launched the “Education Loan Repayment Scheme” with an aim to reduce the financial burden on families belonging to lower income group. The Rs. 900 crore scheme would benefit the students who have availed loans of upto Rs. 9 Lakh and whose annual household income is not more than Rs. 6 Lakh.
The scheme aims to extend help to those financially weaker students who didn’t get a job after their studies and unable to repay their education loan. The state government may extend the scheme by by infusing more funds in future. The current budget was set for the scheme on the basis of preliminary collected data. The government would conduct a detailed survey later to help all those students who are in real need of this scheme.
Kerala ELRS Operational Guidelines
The detailed guidelines of Kerala education loan repayment scheme can be downloaded from the official website at elrs.kerala.gov.in. People can even download the Certificate of Eligibility – Annexure 2 Format.
The education loan repayment scheme of Kerala Government would benefit those with total household income of not more than Rs. 6 Lakh per annum and have availed no more than Rs. 9 Lakh in education loan. Under the scheme, 60% of the loan repayment amount would be borne by the state government while rest 40% would have to be borne by the student itself.
The banks would have to waive interest on the loan and penal interest to avail repayment from the bank.
Highlights of Kerala Education Loan Repayment Scheme
- The scheme will apply to loans whose repayment began before April 1, 2023.
- The government will bear 90 percent of the amount repayable during the first year and 75 percent in the second year.
- 50 percent of the repayable amount in the third year and 25 percent in the fourth year would be borne by govt.
- For loans up to Rs 4 lakh which were deemed non-performing assets before March 31, 2023, the government will bear 60 per cent of the principal amount. The remaining 40 per cent has to be borne by the loanee.
- For loans between Rs 4 lakh and Rs 9 lakh that have turned NPAs, the state government will shoulder 50 percent of the principal amount, subject to a maximum of Rs 2.4 lakh.
For any query about the scheme, interested candidates can contact at the below mentioned contact details
Email – [email protected]
Contact Number – 0471-2517187 (All working days)
Or visit the contact page on official website.