Educational Loan Scheme

Schemes of NMDFC


Bihar State Minorities Financial Corporation ltd. has been appointed as Channelising Agency of National Minority Development & Finance Corporation ltd., New Delhi in 1997 to implement their schemes related to minorities in the State of Bihar. The following schemes of National Minority Development & Finance Corporation ltd., New Delhi are being implemented by Bihar State Minorities Financial Corporation ltd.:-


Education Loan


With effect from the year 2007-2008, NMDFC has introduced the scheme of Educational Loans with the objective to facilitate job oriented education amongst the weaker section of the minorities. This scheme is being implemented through  Bihar State Minorities Financial Corporation ltd. The scheme envisages maximum loan of Rs. 2,50,000/- @ Rs. 50,000/- per year for persuing professional and technical courses of duration not exceeding five years. It carries 3% simple interest per annum which is refundable in five years after completion of the course.


Eligibility Criteria

  1. The applicant should be in the age group of 16-32 years.
  2. Confirmed admission in the intended course in recognized institute is the basic requirement for availing the loan. However, application for loan can be made in anticipation of admission to the recognized institutes. Similary, loan can also be sanctioned in anticipation of confirmed admission to such institutes.
  3. Women and Physically challenged candidates would be given preference.
  4. Selection out of the eligible candidates will strictly be on merit.
  5. The selected candidates should fulfill the annual income criteria  which has been specified for rural and urban areas in the case of Term Loan.


Eligibility Courses

  • The course of study should have good potential in the job market.
  • The duration of the course will not exceed five years. However, shorter duration courses may be preferred.
  • The College/Institute should have been offering the course for the last 3 years and should be recognized by the Government at the Central/State Government or by appropriate authority such as AICTE.


Download Application form for education loan

Application Form Download

Bond Form

 

 

 

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