Jharkhand NMDFC Education Loan Scheme – The National Minorities Development and Finance Corporation (NMDFC) extends education loans to students belonging to minority communities in Jharkhand at nominal interest rates. This loan scheme offers up to ₹ 20 lakh for studying in India and up to ₹ 30 lakh for pursuing education abroad.
The Jharkhand NMDFC Education Loan Scheme applies to students whose annual family income does not exceed ₹ 98,000 (rural areas) and ₹ 1.2 lakh (urban areas) for Credit Line-1. The maximum annual family income limit is ₹ 8 lakh for Credit Line-2.
The interest rates for this education loan is 3% per annum for Credit Line-1 and 8% per annum for males under Credit Line-2. Additionally, female beneficiaries under Credit Line-2 are eligible for a 5% interest rate concession.
The scheme, sponsored by the central government, offers loans for job-oriented technical and professional courses with a maximum duration of 5 years. The program is designed to provide benefits to students from minority communities, including Muslims, Sikhs, Buddhists, Christians, Jains, and Parsis, who are residents of the state.
This article provides comprehensive information about the Jharkhand NMDFC Education Loan Scheme’s eligibility criteria, necessary documents, maximum loan amount, repayment period, interest rate, application process, State Channelising Agency (SCA) in Jharkhand, and other significant details.
Jharkhand NMDFC Education Loan Scheme – Overview
| Particulars | Details |
| Name of the Scheme | Jharkhand NMDFC Education Loan Scheme |
| Provider | National Minorities Development and Finance Corporation (NMDFC) |
| Beneficiaries | Students belonging to minority communities in Jharkhand |
| Loan Amount | ₹ 20 lakh (Study in India)
₹ 30 lakh (Study Abroad) |
| Moratorium Period | 6 months after course completion or getting a job, whichever is less |
| Loan Repayment Time | Within 5 years |
| Interest Rate | 3% for Credit Line-1
8% for Credit Line-2 (for males) 5% for Credit Line-2 (for females) |
| Official Website | jsmfdc.com
nmdfc.org |
| Application Mode | Online/offline |
Jharkhand NMDFC Education Loan Scheme – Eligibility Criteria
The eligibility criteria to apply for the NMDFC educational loan scheme for minorities through SCAs are as follows:
- Applicants must be citizens of India with a domicile of Jharkhand.
- Students must belong to minority communities comprising Muslims, Christians, Sikhs, Buddhists, Parsis, and Jains.
- Applicants must have secured admission to a technical or professional course in a recognised institution/university in India or abroad.
- Candidates must fulfil the prescribed academic requirements for the chosen course.
- The students must fulfil the annual family income criteria mentioned below:
- For Credit Line*-1: Annual family income for students belonging to Credit Line-1 must be less than ₹ 98,000 in rural areas and ₹ 1.2 lakh in urban areas.
- For Credit Line-2: Annual family income for students belonging to Credit Line-2 must be less than ₹ 8 lakh in both the urban and rural areas.
Note –
- The course duration must not exceed 5 years for an education loan of up to ₹ 10 lakh.
| Important Note – The applicant is required to fulfil any additional criteria specified by the State Channelizing Agency (SCA), namely the Jharkhand State Minorities Development Finance Corporation (JSMDFC), responsible for disbursing the loans. |
| *Credit line in an education loan is a pre-approved amount of money that the borrower can access as needed, up to a certain limit. This can be a useful option for students who need to borrow money for their education but are not sure how much they will need or when they will need it.
With a credit line, the student can borrow money as needed to pay for tuition, fees, books, and other expenses. The interest rate on the loan is typically calculated on the amount of money that the student has borrowed, not on the entire credit line. This means that the student can borrow money only when they need it and only pay interest on the amount that they have borrowed. |
Jharkhand NMDFC Education Loan Scheme – Loan Amount
The eligible candidates will receive the following loan amount under Credit Line-1 and Credit Line-2:
- For job-oriented technical and professional courses in India, a candidate can avail of a maximum loan amount of up to ₹ 20 lakh. The yearly disbursement limit is set at ₹ 4 lakh.
- For job-oriented technical and professional courses outside India, students can avail of a maximum loan amount of up to ₹ 30 lakh. The yearly disbursement limit is set at ₹ 6 lakh.
Note – These loan amounts are designed to support students to cover their educational expenses, including tuition fees, living expenses, and other related costs.
Jharkhand NMDFC Education Loan Scheme – Interest Rates
For Credit Line-1
- Rate of Interest: The beneficiaries need to pay an interest rate of 3% per annum on availing of this loan scheme.
For Credit Line-2
- Rate of Interest: The rate of interest for male beneficiaries is 8% per annum, and for female students, it is 5% per annum.
Jharkhand NMDFC Education Loan Scheme – Repayment Period
For Credit Line-1 and Credit Line-2
- The beneficiaries are obligated to repay the loan within a period of 5 years from the date of loan sanction.
| Important Note: The loan financing pattern follows a ratio of 90:5:5, where NMDFC contributes 90%, the State Channelizing Agency (SCA) contributes 5%, and the beneficiary’s contribution is 5%. |
Jharkhand NMDFC Education Loan Scheme – Moratorium Period
For Credit Line-1 and Credit Line-2
- Moratorium period*: The moratorium period for this loan is 6 months after completion of the course of the applicants or getting a job, whichever is earlier.
| Moratorium period* is a period of a loan tenure during which the borrower does not have to repay anything. This period typically begins when the borrower starts their course of study and ends after the course has been completed and the borrower has started earning. |
| Guidelines for Jharkhand NMDFC Education Loan Scheme |
Jharkhand NMDFC Education Loan Scheme – How to Apply?
Students who meet the eligibility criteria can proceed with the following steps to apply for the scholarship scheme:
1. Visit the official website of NMDFC (nmdfc.org)
2. Scroll down to the bottom of the page and click the ‘Find Schemes For You’ tab.
3. Select the ‘Loan type’ as ‘Education Loan’ from the drop-down menu and similarly, select ‘Jharkhand’ in the ‘Select State/UT’ tab.
4. Click on the ‘Download Loan Application Form’ option and download the form.
5. Complete all the required details in the downloaded form and attach the necessary documents.
6. Combine the hard copy of the application form with all the required documents into a single file.
7. Submit this file to the Jharkhand State Minorities Development Finance Corporation (JSMDFC), acting as the State Channelizing Agency (SCA).
| Application Form of Jharkhand NMDFC Foundation Loan Scheme |
Jharkhand NMDFC Education Loan Scheme – Documents Required
Students must submit the following documents along with the application form to apply for the student loan:
- Two passport-size photographs of the applicant
- Two passport-size photographs of the parents/co-obligant/guarantor
- Aadhaar card
- PAN card
- Minority certificate (if applicable)
- Self-attested family income certificate issued by the State Revenue Authority
- Self-attested address proof (Aadhaar card/ration card/Voter ID/passport/phone bill/electricity bill)
- Self-attested marksheet of the last qualifying examination
- Provisional admission letter from the institute/university
- Course expense details issued by the institute
| Important Note – The students need to submit hard copies of the documents along with the completed application form to the designated State Channelizing Agency (SCA). |
Jharkhand NMDFC Education Loan Scheme – SCA Contact Details
Jharkhand State Minorities Finance Development Corporation
Address – 1st Floor, Kalyan Complex, Balihar Road,
Moradabadi Ranchi – 834008, Jharkhand
Phone Number – (0651)-2552055
Also Read: Maulana Azad Education Loan – 3% Interest Rate for Maharashtra’s Minorities
Jharkhand NMDFC Education Loan Scheme – FAQs
No application fee is required for the loan scheme offered by the National Minorities Development and Finance Corporation (NMDFC) in Jharkhand.
An online portal for applying to this loan scheme is not available. NMDFC releases advertisements for applications at the start of each financial year. Candidates can obtain the application form from the official website of NMDFC and subsequently submit it to the Jharkhand State Minorities Development Finance Corporation (JSMDFC), acting as the State Channelizing Agency (SCA).
To facilitate easy differentiation among the various loan schemes, the National Minorities Development and Finance Corporation (NMDFC) has introduced color-coded application forms for each scheme. For the ST/SC Education loan scheme, the application form is specifically designed in blue, ensuring clear identification for the applicants.
To apply for the NMDFC Jharkhand Loan Scheme, the following essential documents are mandatory - identity proof, address proof, income certificate, caste certificate, bank account statement, and provisional admission letter. For more comprehensive information, please refer to the above-mentioned article.
Led by the National Minorities Development and Finance Corporation (NMDFC), this program seeks to extend financial assistance to minority communities in Jharkhand, encompassing individuals from Muslim, Sikh, Buddhist, Christian, Jain, and Parsi backgrounds. Is there any application fee for Jharkhand NMDFC Education Loan Scheme?
Can I apply for the Jharkhand NMDFC Education Loan Scheme online?
How does the NMDFC application form look?
What are the mandatory documents required to apply for NMDFC Jharkhand Loan Scheme?
Who are the beneficiaries of the Jharkhand NMDFC Education Loan Scheme?