What you get
- For studies within India, a maximum loan of ₹1,50,000/- per year and up to ₹7,50,000/- for a five-year course can be obtained. | - For medical courses within India, ₹2,50,000/- for 1 year and ₹12,50,000/- for 5 years can be obtained. | - For abroad studies, a maximum loan of ₹3,00,000/- for 1 year and ₹15,00,000/- for 5 years is provided. | - The annual interest rate on this loan is 3%. | Note 1: If the applicant’s annual family income is up to ₹98,000 in rural areas or ₹1,20,000 in urban areas, the loan is provided at a concessional interest rate of 3% per annum. | Note 2: According to the National Corporation's Credit Line-2, for families with an income of ₹1,20,000/- up to ₹8,00,000, the interest rate is 5% for female students and 8% for male students. | Note 3: The loan and interest amount is to be repaid in 60 equal monthly installments within five years from the date of completion of studies or from the date of getting a job, whichever is earlier. | Note 4: Penalty interest at the rate of 2% is payable on delayed payments.
Who can apply
Required Paperwork
- Aadhaar Card
- PAN Card
- Income Certificate
- Residence Proof (Domicile)
Common Questions
What is the primary purpose of this scheme?
This scheme provides credit for all types of technical and non-technical education that create special employment or job opportunities for the beneficiary.
When does the repayment period for the loan and interest begin under this scheme?
The repayment of the loan and interest amount begins six months after the completion of studies or from the date of getting a job, whichever is earlier.
How long is the total repayment period for the loan, and how are the installments structured?
The loan and interest amount are to be repaid in 60 equal monthly instalments within five years.
What is the minimum and maximum age requirement for an applicant for this scheme?
The applicant's age should be between 16 and 32 years.
Which religious communities are recognized as minorities by the Corporation?
Muslim, Christian, Sikh, Jain, Buddhist, Parsi, and Jewish communities are recognised as religious minorities.
Which linguistic communities are recognized as minorities by the Corporation?
Sindhi, Marathi, and Urdu communities are recognised as linguistic minorities.
Is an applicant eligible for this loan if they have previously received a loan from another government financial institution?
No, the applicant or any family member should not have received a loan from Gujarat Minorities Finance and Development Corporation or any other central/state government corporation/institution or bank.
Where can beneficiaries get more information regarding this scheme?
More information can be obtained by contacting the Corporation's office in Gandhinagar or the District Deputy Director/District Social Welfare Officer (Developing Castes) office in the district.
Are there any security requirements or bonds that a loan recipient must fulfill for this scheme?
Yes, the loan recipient must fill security bonds according to the loan amount, as per orders from the Social Justice and Empowerment Department, Gandhinagar.
Which types of higher education courses are eligible for loans under this scheme?
Loans are provided to eligible students from minority communities for graduate and postgraduate technical, professional, medical, and paramedical courses.
Who determines the income and economic criteria for providing low-interest loans?
The income limits and economic criteria for providing low-interest loans are determined by the Government from time to time.