The Educational Loan Scheme meant for providing loans to the members of Other Backward Classes for pursuing Professional / Technical education at Graduate and Post Graduate level is being implemented by this Corporation in association with National Backward Classes Financial Development Corporation (NBCFDC).

The maximum loan p.a. is Rs. 75,000 and maximum amount for loan for center is Rs. 3 lacs, which carry interest @ 4%. The loan is repayable after 6 months of the completion of the course in 5 years period.

OBJECTIVES :

• To extend loans to the members of Other Backward Classes for pursuing Professional / Technical education at Graduate and Post Graduate level.
• To provide better educational opportunities making other types of education (Professional / Technical courses) within the reach of eligible members of Other Backward Classes.
• To enable the needy students belonging to the Other Backward Classes, going for higher studies in Engineering, Medicines, Management, Hospitality Management and Computers and to meet their expenditure through this loan facility.

ELIGIBILITY :

1. The Loan shall be granted to the Members of Backward Classes as notified by Central Govt. and State Govt. from time to time.
2. Annual income of the applicant's family should be below double the poverty line i.e. Rs. 55,000/- p.a.
3. The applicant should have obtained admission for any professional course as mentioned below for the current academic year, during which application is made, including distance education and other professional courses being offered by IGNOU and other Institutions recognised by the Govt. of India.
4. Priority will be given to women, physically impaired and dependent of war widows.
5. The applicant should not be getting any other scholorship or loan from the State Government or through any other institution /organisation or body under its control. However, if willing to forego such scholarship in case of sanction of the Education Loan under the above scheme than he/she is otherwise eligible for the loan.

COURSES COVERED :

• MBA or equivalent (approved by AICETE)
• MCA (Master of Computer Applications or equivalent programme approved by AICETE )
• Graduate programme in Engineering conducted by Central Councils of India or any other concerned authority.
• Medicine (including Dental,Ayurdvedic,Homeopathic,Unani) Programme conducted by colleges recognized by respective Central Councils of India or any other concerned authority.
• Diploma in Hospitality Management Courses of National Council of Hotel Management.
• Graduate courses in Indian Institute of Information Technology (IIT).
• Information Technology Courses (B&C Level) conducted by Dept. of Electronic Accrediation of Computer Society.

MAXIMUM LOAN LIMIT :

90 % of the expenditure of course subject to maximum loan of Rs. 3.00 Lakh or Rs. 75,000/- p.a.

10 % of total cost of the course will be borne by student.

RATE OF INTEREST :

The Rate of Interest chargeable for the loan is 4 % p. a.

REPAYMENT PERIOD :

The entire loan shall be repaid within five years after six months of completing the course.

HIGHLIGHTS

• Beneficiaries should have secured admission in professional courses like Engineering, Health Science, Computers, Management etc. in the institutions approved by Central Councils.
• The minimum loan is Rs. 75,000 p.a. and maximum loan is Rs. 3 lacs, which carry interest @4% p.a.
• The loan is repayable after 6 months of the completion of the course in 5 years period.
• Beneficiaries' family income should be under Rs. 55,000/-

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ENCLOSURES

• Attested copy of Caste Certificate issued by the Competent Authority along with Caste Validity Certificate.
• Attested copy of Income Certificate issued by the Tahsildar (Candidate's whole family's annual income is below Rs. 55,000/- are eligible)
• Attested copy of Certificate of Physical Disability in case of physically handicapped candidates issued by the District Medical & Health Officer / Civil Surgeon clearly specifying the nature and percentage of the disability.
• Consent Letter from the employees of two Govt. employed Guarantors confirming that in case of default by beneficiary, recoveries of loan will be made from salaries of Guarantors or co-lateral security equivalent to the amount of loan.
• Two attested Passport size photos of the student.
• Schedule of expenses of the course issued by Institution.
• Proof of admission to course from the Institution where the student has secured admission.
• Copies of Mark Sheets of examinations passed fro SSC onwards, duly attested.

DOCUMENTATION

The candidates selected for the loan will have to furnish documentation such as agreement bond, guarantee from securities towards repayment of oan or mortgage of property etc. as may be required under the norms of sanction of loan.