Jharkhand NMDFC Education Loan Scheme
Scholarship Amount
About This Scholarship
This education loan scheme provides financial assistance for students from minority communities in Jharkhand to pursue job-oriented technical and professional courses. It aims to support eligible candidates in furthering their education both within India and abroad.
Candidates can receive substantial funding to cover their educational expenses:
• Up to ₹20 lakh for studying in India.
• Up to ₹30 lakh for pursuing education abroad.
These loans are offered at nominal interest rates, which vary based on the applicant's gender and the specific credit line accessed:
• For Credit Line-1: A 3% interest rate is applied uniformly for both male and female candidates.
• For Credit Line-2: Male candidates will have an 8% interest rate, while female candidates benefit from a reduced 5% interest rate.
Important Notes:
• A concession of 3% is specifically extended to women beneficiaries under Credit Line-2, promoting their access to higher education.
• A moratorium period is provided, lasting 6 months after the completion of the course or securing a job, whichever occurs earlier. This allows students time to settle before repayment begins.
Eligibility Criteria
Applicants are required to fulfill the following eligibility criteria to be considered for the loan scheme:
• 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, and must reside in Jharkhand.
• Students must have cleared their 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 fulfill the annual family income criteria mentioned below:
• For Credit Line-1: The annual family income must be less than ₹98,000 for rural areas and ₹1.2 lakh for urban areas.
• For Credit Line-2: The annual family income must be less than ₹8 lakh for both urban and rural areas.
Required Documents
The following documents are required to be submitted with the application form:
• Self Attested Income Certificate
• Self Attested Residence Proof (such as Aadhaar Card, Ration Card, Voter ID, Passport, Phone Bill, Electricity Bill, etc.)
• Self Attested Religious Certificate
• Self Attested Marksheet of the previous year's qualifying examination
• Two passport-sized photographs of the applicant
• Two passport-sized photographs of parents/co-obligant/guarantor
Note: Students are required to submit the hard copy of all documents along with the completed application form to the State Channelising Agency (SCA).
How to Apply
Students can apply for the education loan by following the below-mentioned steps:
1. Step 1: Visit the official website of NMDFC.
2. Step 2: Scroll down to the bottom of the page and click on the ‘Find Schemes For You’ button.
3. Step 3: Click on the ‘Loan Type’ option and select ‘Education Loan’. Then, click on ‘Select State/UT’ and choose ‘Jharkhand’ from the available options.
4. Step 4: Scroll down and locate the option labelled ‘Download Loan Application Form’. Click on it to save the application form.
5. Step 5: After successfully downloading the application form, fill in all the required details accurately and attach the necessary supporting documents.
6. Step 6: Submit the combined file (hardcopy) of the completed application form and all supporting documents to the Jharkhand State Minorities Finance Development Corporation. This corporation acts as the State Channelizing Agency (SCA) for education loans in Jharkhand.