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Education Loan

Education Loan


Rajasthan Minority Finance & Development Co-operative Corporation extends educational loans with an objective to facilitate job oriented education for the eligible persons belonging to Minorities. Under the scheme a maximum amount of Rs. 20.00 Lakhs is available at the rate Rs. 4.00 lakhs p.a. for technical and professional courses of durations not exceeding five years. Further, for courses abroad, a maximum amount of Rs.30.00 lakhs is available @ Rs.6.00 lakhs per annum for a course duration of maximum 5 years. The loan is payable in maximum five years after completion of the course.
Target Group: The prime mandate of RMFDCC is to provide concessional finance to the Minorities for self employment/ income generation activities. As per the National Commission of Minorities Act, 1992 the notified Minorities are Muslims, Christians, Sikhs, Buddhists, and Parsis. Subsequently, Jains community was also added into the list of notified Minority Communities in January, 2014.
Age Group: Should be between 16 to 32 years.
Income Group Loan Amount: Up to Rs. 20.00 Lakhs for ‘Professional Post Graduate Courses’ with a maximum duration of 5 years @ Rs. 4.00 Lakhs per annum in India & Up to Rs.30.00 Lakhs for ‘Courses Abroad’ with a maximum duration of 5 years @ Rs. 6.00 Lakhs per annum.
Rate of Interest: 3% per annum for Credit Line –I & For Male Beneficiary 8% & For Female Beneficiary 5% per annum for Credit Line –II.  
Moratorium Period: 6 months after completion of the course or getting a job, whichever is earlier.
Repayment Period: 5 years.
Means of Finance: NMDFC: RMFDCC: Beneficiary Contribution:: 90:5:5
Relevant Enclosures With Education loan ..
  1. Minority Certificate
  2. Income Certificate- Family income of the beneficiary should be below Rs.98000/- per annum in rural areas & Rs.120000/- per annum in urban area for credit line 1 & 6.00 lacs for credit line 2.
  3. Aadhar Card
  4. Bhamashah Card
  5. PAN Card
  6. Land Title of residence (Patta/Purchase Deed/ Rent Deed/Lease Deed)
  7. Marks sheet of Examination Passed
  8. Recognition certificate of Educational Institute from competent authority.
  9. Fee Structure duly signed by competent authority
  10. Self guarantee deed (Rs. 500 non judicial Stamp
  11. Memorandum of agreement
  12. Post Dated Cheques (20 cheques) or instalment wise
  13. ECS Mandate
  14. Membership fee at least 2 % of Project Cost
  15. Own Contribution 5% of Project Cost.
  16. Insurance Policy equal to the value of the loan, assigned in the name of DMWO.
Approved securities equal to the value of the loan such as UTI/NSC/ Public Sector Bond, etc. OR Creation of charge on agriculture land having value double the loan amount. OR One Personal surety of permanent employee working in Government/ PSU/  Bank /Autonomous Bodies. The employee should have sufficient years in service to cover the amount being sanctioned as loan. Or a Income Tax Payee in case of loan up to 2 lakhs & 2 personal  surety of permanent employee working in Government/ PSU/  Bank /Autonomous Bodies. Or Income Tax Payee in case of loan more than 2 lakhs.  A certificate to be obtained from the surety that in case of default, the repayments would be made by him/her. Or his/her heir
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