A four per cent rate of interest is charged on the loan and it has to be repaid after completion of the course
BANGALORE: The Karnataka Minority Development Corporation (KMDC) has increased the quantum of education loan given to students from religious minorities from Rs. 25,000 to Rs. 75,000 for those who got admission in private educational institutions.
Addressing presspersons here on Tuesday, Minister for Minority Welfare Iqbal Ansari said the corporation was charging four per cent rate of interest on the loan and had to be repaid after the completion of the course.
Under the scheme called Ariyu , the KMDC would pay the fee up to Rs. 25,000 for students who got admitted to government educational institutions, which would be repayable after completion of the course.
The department had set aside Rs. 42.60 crore for educational programmes and other welfare activities of minorities during 2006-07.
He said the department would grant Rs. 50 lakh for construction of shaadi mahals in district headquarters and Rs. 20 lakh in taluk headquarters.
The deputy commissioners had been authorised to audit the accounts of shaadi mahals, which were exempted from luxury tax.