The “Financial Assistance to the Teachers/Lecturers’ Children Who Have Taken Loans from Nationalized Banks for Studying Medical/Engineering Courses” is an initiative by the Karnataka State Teachers’ Welfare Fund. This scheme provides financial assistance to children of government and aided institution teachers/lecturers who have availed educational loans from nationalized banks for professional courses in medicine and engineering, including postgraduate programs.
Benefits
- One-time financial assistance up to ₹50,000/- to cover the interest component of educational loans.
- Direct transfer of the sanctioned amount to the borrower’s bank account.
Eligibility Criteria
To qualify for this scheme, applicants must:
- Have a parent who is a teacher/lecturer working in a government or aided institution and holds life membership in the Karnataka State Teachers’ Welfare Fund.
- Be a student who has passed each year or semester on the first attempt.
- Have studied from 1st to 10th standard in a government or aided school in Karnataka.
- Have availed an educational loan from a nationalized bank for pursuing professional education in medicine or engineering.
- Have taken the educational loan for a course within India.
- Be in the final year of a vocational medical, engineering, or postgraduate program.
- Only one child per family can apply.
Exclusions
- Retired teachers’ children are not eligible for this scheme.
Application Process
Offline Application Process
- Download the prescribed application form from the official website.
- Fill in the required details regarding the student and teacher.
- Attach the necessary documents, including mark sheets, loan details, teacher’s HRMS copy, and proof of schooling.
- Get the proposal recommended by:
- The Controlling Officer.
- The Head of the concerned institution.
- Submit the completed application along with all certified documents to the Karnataka State Teachers’ Welfare Fund office.
- Obtain an acknowledgment receipt containing:
- Date and time of submission.
- Unique reference number (if applicable).
Documents Required
- Certified Mark Sheets of all years/semesters.
- Proof of Educational Loan (issued by a nationalized bank).
- Fee Payment Receipt.
- Teacher’s Life Membership (LMS) Card, attested by the Head of the Institution.
- Proof of school attendance (from 1st to 10th standard) certified by the Head of the School and the Taluk Constituent Education Officer.
- HRMS Copy or recruitment approval (for teachers from aided institutions).
- Bank Passbook (attested by a notary).
- Loan Details (including loan account number and interest paid).
Frequently Asked Questions (FAQs)
Q: Who is eligible for this scheme?
Children of government or aided institution teachers/lecturers who are life members of the Karnataka State Teachers’ Welfare Fund and have taken educational loans from nationalized banks for medical/engineering courses.
Q: What is the maximum financial assistance provided?
A one-time grant of up to ₹50,000/- to cover the interest component of the loan.
Q: Which types of loans are covered under this scheme?
Only educational loans availed from nationalized banks for medical and engineering courses are covered.
Q: Does the scheme cover postgraduate courses?
Yes, postgraduate medical and engineering courses are included.
Q: Can retired teachers apply for their children?
No, retired teachers’ children are not eligible for this scheme.
Q: Are there any academic requirements for eligibility?
Yes, the student must pass each semester or year on the first attempt.
Q: Is there an income limit for applicants?
No, there is no income limit for eligibility under this scheme.
Q: How many students per family can avail of this benefit?
Only one child per family can apply.
Q: Is this scheme applicable to students studying outside Karnataka?
No, the loan must be taken for courses within India.
Q: Is this scheme available for courses other than medicine and engineering?
No, only medical and engineering courses are covered.
Q: Do I need to repay the financial assistance?
No, this is a grant and does not require repayment.
Q: What is the duration of eligibility?
Only final-year students are eligible to apply.
Q: Can both parents apply if they are teachers?
No, only one parent can apply, and only one child per family is eligible.
Q: What documents are needed to apply?
Applicants need to submit mark sheets, loan proof, fee receipts, teacher’s membership card, proof of schooling, HRMS copy, and bank passbook details.
Q: How is the assistance disbursed?
The sanctioned amount is directly transferred to the borrower’s bank account.
Q: What if the loan interest is already paid?
If the loan interest has been paid, the applicant is not eligible for the scheme.
Q: Can I apply if I haven’t attended a government school?
No, applicants must have studied from 1st to 10th standard in a government or aided school.
Q: Is there a deadline to apply for this grant?
Yes, the application deadline is mentioned in the annual notification released by the Karnataka State Teachers’ Welfare Fund.