Education Loan Scheme of NMDFC

DETAILS Under this scheme of NMDFC, loan is available for job oriented 'technical and professional courses' of durations not exceeding five years. Loan of upto ₹20,00,000/- for domestic courses & ₹30,00,000/- for courses abroad under Credit Line-1 and Credit line -2 is extended to beneficiaries belong to minority communities at 3% p.a. & 8% p.a respectively. Further, concession of 3% is extended to women beneficiaries under Credit Line-2. BENEFITS Concessional Credit to the beneficiaries among minority communities. ELIGIBILITY a) The applicant must be Indian and belong to one of the six notified minority communities (Muslim, Christian, Sikh, Buddhist, Parsi, Jain). b) The annual family income limit is: Up to Rs. 3.00 lakh per annum under Credit Line-1. Up to Rs. 8.00 lakh per annum under Credit Line–2. c) The applicant must have secured admission to a recognized institution in India or abroad through a merit-based selection or entrance test. d) The course must be technical or professional, with a duration not exceeding 5 years. e) The applicant must not have availed financial support for the same course under any other Government scheme. f) The loan is admissible for tuition fees, hostel charges, books, equipment, and travel (for abroad studies). g) The applicant must have a co-borrower (parent/guardian) with a verified income certificate. h) Preference shall be given to female students and candidates from economically weaker sections.  Exclusions Other than Six Notified minority communities having annual family income of more than Rs. 3.00 Lakhs under credit line 1 and of more than Rs.8.00 Lakhs under credit line 2.