Educational Loans

Educational Loan Schemes

(The scheme is for individual beneficiaries and is implemented through the SCAs).

NMDFC has introduced the scheme of Educational Loans with the objectives to facilitate job-oriented education amongst the weaker section of the minorities. The scheme envisages maximum loan of Rs.50,000/- every year for pursuing professional & technical courses of duration not exceeding 5 years. Funds for this purpose are made available to the SCAs at interest rate of 1% for lending to the beneficiaries at 3%. The loan is repayable maximum in 5 years after completion of the course.

S. No. Parameters Scheme Details
1 Loan Amount Maximum Loan amount per beneficiary is:– Up to Rs. 15.00 Lakhs

for ‘Professional & JobOriented Degree Courses’ in India with amaximum duration of 5 years @ Rs. 3.00

-Up to Rs.
20.00 Lakhs for ‘Courses Abroad’

with a maximum duration of 5 years @ Rs. 4.00 Lakhs per annum.

2 Rate of Interest for beneficiaries 3%p.a.
3 Rate of Interest for SCA 1%p.a.
4 Moratorium period 6 months after completion of the course or getting a job,

whichever is earlier.
5 Delegated authority to SCA tosanction loan SCAs are advised to sanction/disburse loan based

on ground reality.
6 Repayment period for beneficiaries 5 years
7 Repayment period for the SCA 5 years
8 Means of FinancingNMDFC : SCA : Beneficiary contribution 90 : 5 : 5