What you get
Concessional Credit to the beneficiaries among minority communities.
Who can apply
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.
Required Paperwork
- Aadhaar Card
- PAN Card
- Income Certificate
- Residence Proof (Domicile)
Common Questions
What is the objective of NMDFC’s Education Loan Scheme?
The Education Loan Scheme aims to provide concessional credit to minority students for pursuing professional and technical courses in India and abroad to promote employability and skill development.
What is the maximum amount of education loan that can be availed?
Under both Credit Lines, loans are available up to Rs. 20.00 lakh for professional or job-oriented degree courses in India and up to Rs. 30.00 lakh for courses abroad.
What are the interest rates applicable to Education Loans?
Under Credit Line–1, the interest rate is 3% per annum. | Under Credit Line–2, the rate is 8% per annum for male students and 5% per annum for female students.
When does the repayment period begin, and how long is it?
Repayment begins six months after completion of the course or upon obtaining employment, whichever is earlier, and must be completed within five years.