National Minorities Development & Finance Corporation is a Govt. Company under section 8 of Companies Act 2013, under the administrative control of Ministry of Minority Affairs, Government of India. The Corporation has been set up to promote economic development for the benefit of "Backward Sections" amongst the Minority Communities i.e. Muslims, Christians, Sikhs, Buddhists, Parsis & Jains, preference being given to the occupational group and women.
Based on annual income, target group bifurcated into two credit lines as follows:
- Credit Line-1, the benefits are available for persons having annual family income of upto Rs.3.00 lakhs.
- Credit Line-2, the benefits are available to persons with annual family income of upto Rs. 8.00 lacs.
NMDFC implements its schemes & programs through State Channelizing Agencies (SCAs) nominated by the respective State Governments & Banking Partners.
EDUCATION LOAN SCHEME
Under this scheme, loan is available for job-oriented 'technical and professional courses' of durations not exceeding five years.
Loan of up to Rs. 20 lakhs for domestic courses and Rs. 30 lakhs for courses abroad under Credit Line-1 and Credit Line-2
is extended to beneficiaries at 3% p.a. & 8% p.a respectively. Further, concession of 3% is extended to women beneficiaries under Credit Line-2.
| Education Loan Scheme |
| Credit Line |
Income Level |
Type |
Maximum Loan Amount |
Rate of Interest (p.a.) |
| Credit Line - I |
Up to ₹3.00 lakhs p.a. |
Domestic Courses |
₹20.00 lakhs |
3% |
| Credit Line - I |
Up to ₹3.00 lakhs p.a. |
Foreign Courses |
₹30.00 lakhs |
3% |
| Credit Line - II |
Up to ₹8.00 lakhs p.a. |
Domestic Courses |
₹20.00 lakhs |
8% (5% for women) |
| Credit Line - II |
Up to ₹8.00 lakhs p.a. |
Foreign Courses |
₹30.00 lakhs |
8% (5% for women) |
| Moratorium Period |
6 months after course completion or getting a job (whichever is earlier) |
| Repayment Period |
5 years |