Under the Education Loan Scheme, a one-time loan is available to students enrolled in full-time professional or technical programs at accredited universities. Admission fees, tuition fees, books, stationery, equipment, examination fees, mess, and hostel costs, insurance premiums for policies protecting loanees against loans in the event of death or permanent disability, travel and passage expenses, including visa costs for studying abroad, caution money, development fund, and clothing allowance, including weather-appropriate clothing in extreme climates (in the event of studying abroad), are all covered by the educational loan.
Education Loan Scheme 2024
To support students from the Backward Classes in their pursuit of vocational courses and graduate-level professional and technical education, the National Backward Classes Finance and Development Corporation, Ministry of Social Justice & Empowerment, has launched the “Education Loan” program. Vocational courses as well as all graduate-level and higher professional and technical courses are approved by the relevant authority.
Education Loan Scheme Overview
| Yojana Name | Education Loan Scheme |
| Year | 2024 |
| Who Started | India Government |
| Objectives | To provide education loans |
|
Beneficiary
|
For the students |
| Country | India |
| Apply Mode | Online |
| Official Website | – |
Education Loan Scheme Eligibility Criteria
- Members of the Backward Classes, as periodically notified by the State or Federal Governments.
- The applicant’s family income for each year is set at ₹ 3,00,000. For individuals whose household income does not exceed ₹1,50,000 per year, the Channel Partners (State Channelising Agencies/Banks) are asked to provide a minimum of 50% of the entire funds.
- The candidate must have been admitted to any professional or technical courses that have been approved by the relevant body, such as the Medical Council of India, AICTE, UGC, etc., in an institution that has been properly accredited or recognized. A minimum of 50% in the qualifying exam, which is the test that must be passed to be admitted to the course.
- Should have completed an entrance exam or merit-based selection procedure to get admission to professional or technical degrees in India or elsewhere.
Education Loan Scheme: Important Documents
- Identity Proof (Aadhaar Card)
- Photograph the size of a passport
- Evidence of Academic Qualification (Grading Report Card/Marksheet)
- Caste Certificate (issued by the appropriate District Administration official)
- The beneficiaries must self-certify and provide an annual Family Income Certificate, which must be endorsed by any Gazetted Officer appointed by the State or Central government.
- SSelf-certification that has been evaluated and approved by the Branch Manager may be accepted as legitimate documentation when applying for a loan at the Bank (Channel Partner).
Education Loan Scheme: Benefits & Features
- Admission and tuition fees, books, stationery, and other course-related expenditures, examination fees, boarding and lodging costs, and insurance premiums for policies during the loan period are all covered. The
- Finance Quantum: Only for Professional and Technical Courses: 90% of the course costs are subject to a maximum loan limit of ₹15,00,000 per student (for study in India); the remaining amount is the responsibility of the student or SCA.
- 85% of the course costs, up to a maximum of ₹20,000,00 per student (for study abroad), will be covered by the student or SCA.
- For Vocational Courses: 90% of the allowable course expenses, as determined by the Channel Partners by current government regulations, market realities, etc., must be covered by need-based financing.
How To Apply For Education Loan Scheme
- First, go to the National Backward Classes Finance and Development Corporation login page by clicking on it.
- Step 2: Complete the Education Loan Form in its entirety.
- Click “Submit” in step three.
FAQ
Q. What Is The Complete NBCFDC Form?
Ans. “National Backward Classes Finance And Development Corporation” is how NBCFDC is officially known.
Q. This Scheme is Managed by Which Ministry/Department?
Ans. The Ministry of Social Justice & Empowerment is in charge of running this program.