Jharkhand NMDFC Education Loan Scheme

About The Program:

Eligibility:

The applicants are required to fulfill the following eligibility criteria:

• Applicants must be Indian citizens with a domicile in Jharkhand. 
• Students must be between the age group of 16 to 32 years.
• Candidates must belong to religious minority communities including Muslims, Christians, Sikhs, Buddhists, and Parsis residing in Jharkhand.
• Students must have cleared previous qualifying examination.
• Applicants must have secured admission in a job-oriented technical and professional course with a duration not exceeding 5 years.
• Students must fulfil the annual family income criteria mentioned below: 
  • For Credit Line-1: Less than ₹98,000 for rural areas and ₹1.2 lakh for urban areas
  • For Credit Line-2: Less than ₹8 lakh for both the urban and rural areas

Benefits:

Candidates will receive funding of up to ₹20 lakh for studying in India and up to ₹30 lakh for pursuing education abroad at nominal interest rates.

The interest rates for the scheme differ based on the candidates’ gender and the specific credit lines:

• For Credit Line-1: The interest rate of 3% will be applied for both male and female candidates. 
• For Credit Line-2: The interest rate of 8% will be applicable for male candidates and 5% for female candidates.

Note:

• A concession of 3% is extended to women beneficiaries under credit line-2.
• The moratorium period is 6 months after the completion of the course or getting a job, whichever is earlier.

Documents:

• Self Attested Income Certificate
• Self Attested Residence Proof (Aadhaar Card/Ration Card/Voter ID/Passport/Phone/Bill/Electricity Bill etc.)
• Self Attested Religious Certificate
• Self Attested Marksheet of previous year
• Two photographs of applicant
• Two photographs of parents/co-obligant/guarantor

Note: The students are required to submit the hard copy of documents along with the application form to the State Channelising Agency (SCA).