Education Loan Scheme of NMDFC

Under this scheme of NMDFC, loan is available for job oriented 'technical and professional courses' of durations not exceeding five years. Loan of upto Rs. 20 lacs for domestic courses & Rs. 30 lacs 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.

Concessional Credit to the beneficiaries among minority communities.

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.

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.

Offline

NMDFC implements its schemes & programs through State Channelizing Agencies (SCA list: www.nmdfc.org/SCA ) nominated by the respective State Governments & Banking Partners on refinance mode (Presently through Canara Bank & Punjab Grameen Bank).