(The scheme is for individual beneficiaries and is implemented through the SCAs)
NMDFC has introduced the scheme of Educational Loans with the objectives to facilitate job-oriented education amongst the weaker section of the minorities. The scheme envisages maximum loan of Rs.50,000/- every year for pursuing professional & technical courses of duration not exceeding 5 years. Funds for this purpose are made available to the SCAs at interest rate of 1% for lending to the beneficiaries at 3%. The loan is repayable maximum in 5 years after completion of the course.
| Sr. No | Parameters | Scheme Details |
|---|---|---|
| 01 | Loan Amount Maximum | oan amount per beneficiary is:– Up to Rs. 15.00 Lakhs for ‘Professional & JobOriented Degree Courses’ in India with amaximum duration of 5 years @ Rs. 3.00 -Up to Rs. 20.00 Lakhs for ‘Courses Abroad’ with a maximum duration of 5 years @ Rs. 4.00 Lakhs per annum. |
| 02 | Rate of Interest for beneficiaries | 3%p.a. |
| 03 | Rate of Interest for SCA | 1%p.a. |
| 04 | Moratorium period | 6 months after completion of the course or getting a job, whichever is earlier. |
| 05 | Delegated authority to SCA to sanction loan | SCAs are advised to sanction/disburse loan based on ground reality. |
| 06 | Repayment period for beneficiaries | 5 years |
| 07 | Repayment period for the SCA | 5 years |
| 08 | Means of FinancingNMDFC : SCA : Beneficiary contribution | 90 : 5 : 5 |