Jharkhand NMDFC Education Loan for Minority Students 2024

Education loan is a kind of financial help for those students who belong to financially unstable families but aim to do higher studies in the country or abroad. To offer Education Loans the National Minorities Development and Finance Corporation has created Jharkhand NMDFC Education Loan for Minority Students 2024. Under this scheme students who are domiciled in Jharkhand and want to enroll in Technical and Professional courses will be eligible to avail of the education loan. Students who studied in Indian universities or institutions will get Rs. 20 lakh for the duration of their course and the students who are abroad for education will get Rs. 30 lakh.

In our article, we cover all the important information required to do online registration under the Jharkhand NMDFC Education Loan for Minority Students 2024 like: interest rates for loans, benefits, loan amount, eligibility criteria, application process, and many more.

About Jharkhand Education Loan for Minority

The National Minorities Development and Finance Corporation has extended Jharkhand NMDFC Education Loan for Minority Students at the nominal interest rate. The candidates who want to apply under the scheme should have an annual family income under Rs. 98,000 in rural areas or Rs. 1.20 lakh in urban areas. The education loan interest rate will be 3% for credit line 1 and 8% interest rate for credit line 2. The female candidates who want to apply under the  Jharkhand NMDFC Education Loan for Minority Students 2024 will get a 3% interest rate concession under credit line 2. Candidates from any minority community like Muslim, Sikh, Christian, Jain, Buddhist, and Parsi are eligible to avail of the benefits of the scheme. Students need to pay the education loan for 5 years.

Also Read: Maulana Azad Education Loan

The objective of Jharkhand NMDFC Education Loan for Minority Students

The main aim of Jharkhand NMDFC Education Loan for Minority Students is to extend the education loan limit for those meritorious students who want to appear in technical and professional courses in India or abroad but due to their financial condition, are not able to afford the high expense of their education. This education loan will be a relief for all the minority students, after completing their education students will get 5 years of time to repay the education loan amount. Students don’t need to feel the burden of college fees, they just utilize their course time in studies and after getting a job they will repay the loan amount.

Factors Jharkhand Education Loan for Minority Students

Launched By	National Minorities Development and Finance Corporation
Name of Scheme	Jharkhand Government Education Loan Scheme
Objective	Students from Jharkhand who enroll in technical or Professional courses
Benefits	Rs. 20 lakh and Rs. 30 lakh
Loan interest rate	3% and 8%
Eligibility Criteria	Students from Jharkhand who enroll in technical or Professional course

Also Read: Swami Dayanand Scholarship

Benefits of Jharkhand NMDFC Education Loan for Minority Students

•  To offer Education Loans the National Minorities Development and Finance Corporation has created Jharkhand NMDFC Education Loan for Minority Students 2023-24.
•  Students who studied in Indian universities or institutions will get Rs. 20 lakh for the duration of their course and the students who are abroad for education will get Rs. 30 lakh.
• Students from technical or professional courses in Indian universities will get Rs. 4 lakh per annum.
• Students from technical or professional courses in Indian universities will get Rs. 6 lakh per annum for 5 years.
• This education loan will be a relief for all the minority students, after completing their education students will get 5 years of time to repay the education loan amount.
• Students don’t need to feel the burden of college fees, they just utilize their course time in studies and after getting a job they will repay the loan amount.

Eligibility Criteria for Jharkhand NMDFC Education Loan for Minority Students

• Applicant must be a permanent resident of India with the domicile of Jharkhand.
• Candidates from any minority community like Muslim, Sikh, Christian, Jain, Buddhist, and Parsi are eligible to avail the benefit of the scheme.
•  Under this scheme students who are domiciled in Jharkhand and want to enroll in Technical and Professional courses will be eligible to avail of the education loan.
• The candidates who want to apply under the scheme should have an annual family income under Rs. 98,000 in rural areas or Rs. 1.20 lakh in urban areas for credit line 1.

Also Read: E Kalyan Jharkhand Scholarship

Interest Rate under Jharkhand NMDFC Education Loan for Minority Students

For Credit line-1

Rate of Interest: The education loan interest rate in Jharkhand will be 3% for credit line- 1.

For Credit Line-2

Rate of Interest: The education loan interest rate will be 8% for credit line- 2.

• The female candidates who want to apply under the  Jharkhand NMDFC Education Loan for Minority Students 2023-24 will get 3% of interest rate concession under credit line 2

Repayment Period for Jharkhand NMDFC Education Loan for Minority Students 2023-24

Applicants need to repay the education loan after 5 years of their course completion.

Moratorium Period: The moratorium period will be 6 months after completion of the course and getting a job.

Jharkhand NMDFC Education Loan for Minority Students Apply Online

• Applicants need to visit the official NMDFC website of the NMDFC Portal.
• The homepage will appear on your screen. You need to scroll down to click on the Find Scheme for You option.
• A new page will open on your screen, here you need to select the Education loan option and State\UT.
• After that Click on the Download Application Form option.
• The application will be downloaded on your device, fill in all the necessary details and attach the required documents.
• At last submit the application form at the Jharkhand State Minorities Development Finance Corporation (JSMDFC), acting as the State Channelizing Agency (SCA).

Contact Details

• Address: Ist Floor, Kalyan Complex, Balihar Road, Moradabadi Ranchi – 834 008 JHARKHAND 
• Phone number: 0651-2552055

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