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.
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|