Jharkhand NMDFC Education Loan Scheme
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Jharkhand NMDFC Education Loan Scheme is an initiative by the National Minorities Development & Finance Corporation (NMDFC) to provide financial assistance to students from minority communities in Jharkhand. It is implemented by SCAs (State Channelising Agency). The religious minority community include Muslims, Sikhs, Buddhists, Christians, and Parsis. The scheme provides education loan to students who are enrolled in job-oriented technical and professional courses with a maximum duration of 5 years.
Under this scheme, the students will receive funding of up to INR 20 lakh for studying in India and up to INR 30 lakh for pursuing education abroad at nominal interest rates.
The loan is offered under 2 credit lines depending on the annual income of the students. The repayment duration for the NMDFC Education Loan Scheme is determined by the terms and conditions agreed upon by the students. However, the standard repayment period is set at 60 months, equivalent to 5 years.
Jharkhand NMDFC Education Loan Scheme
DeadlineAlways Open Eligibility The applicants must fulfil the below eligibility criteria:
- Applicants must be Indian citizens with a domicile in Jharkhand.
- Candidates must belong to religious minority communities including Muslims, Christians, Sikhs, Buddhists, and Parsis residing in Jharkhand.
- Applicants must have secured admission in a job-oriented technical and professional course with a duration not exceeding 5 years.
- Students must fulfil the annual family income criteria mentioned below:
- For Credit Line-1: Less than INR 98,000 in rural areas and INR 1.2 lakh in urban areas
- For Credit Line-2: Less than INR 8 lakh in both the urban and rural areas
Benefits: The candidates will receive the following benefits:
- For job-oriented technical and professional courses in India, a candidate can avail of a maximum loan amount of up to INR 20 lakh. The yearly disbursement limit is set at INR 4 lakh.
- For job-oriented technical and professional courses outside India, students can avail of a maximum loan amount of up to INR 30 lakh. The yearly disbursement limit is set at INR 6 lakh.
The interest rates for the scheme differ based on the candidates’ gender and the specific credit lines:
- For Credit Line-1: The interest rate of 3% will be applied for both male and female candidates.
- For Credit Line-2: The interest rate of 8% will be applicable for male candidates and 5% for female candidates.
Documents The students are required to submit the following documents to the designated State Channelising Agency (SCA):
- Two passport-size photographs of the applicant
- Two passport-size photographs of the parents/co-obligant/guarantor
- Aadhaar card
- PAN card
- Minority certificate (if applicable)
- Self-attested family income certificate issued by the State Revenue Authority
- Self-attested address proof (Aadhaar card/ration card/Voter ID/passport/phone bill/electricity bill, etc.)
- Self-attested marksheet of the last qualifying examination
- Provisional admission letter from the institute/university
- Course expense details issued by the institute
How can you apply? The students can apply for the education loan by following the below-mentioned steps:
Step 1: Visit the official website of NMDFC.
Step 2: Scroll down to the bottom of the page and click on the ‘Find Schemes For You’ button.
Step 3: Click on the ‘Loan Type’ option and select ‘Education Loan’. Then, click on ‘Select State/UT’ and choose ‘Jharkhand’ from the available options.
Step 4: Scroll down and locate the option labelled ‘Download Loan Application Form’. Click on it to save the application form.
Step 5: After successfully downloading the application form, fill in all the required details and attach the supporting documents.
Step 6: Submit the combined file (hardcopy) of the completed application form and supporting documents to the Jharkhand State Minorities Finance Development Corporation, which is the State Channelizing Agency (SCA) for education loans in Jharkhand.
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Frequently Asked Questions
How does a student apply for the NMDFC Jharkhand Loan Scheme?
A student can apply for the NMDFC Jharkhand Loan Scheme by contacting the State Channelizing Agency (SCA) in Jharkhand. The SCA will provide the necessary application forms and check-list for documents.
What is the interest rate on loans under the NMDFC Jharkhand Loan Scheme?
The interest rate on loans under the NMDFC Jharkhand Loan Scheme is 3% per annum for students from Credit Line-1, and 8% per annum for students from Credit Line-2. Female beneficiaries under Credit Line-2 are eligible for a 5% interest rate concession.
What is the repayment period for loans under the NMDFC Jharkhand Loan Scheme?
The repayment period for loans under the NMDFC Jharkhand Loan Scheme is a maximum of 7 years after the completion of the course, including a moratorium period of up to 6 months.
What documents are required to apply for the Jharkhand NMDFC Loan Scheme?
A student an apply for the scheme by submitting a complete application form, proof of domicile, proof of minority community status, admission letter, marksheets, income certificate, and guarantor's details (if required).
Contact
In case of any queries, please reach out to:
(0651)-2552055 (Monday to Friday - 10:00AM to 06:00 PM (IST))jsmfdc.ranchi@gmail.com
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