Educational Loan Scheme (GMFDC)
Social Justice and Empowerment Department
Last updated:
Overview
The scheme aims to provide financial assistance for technical and non-technical education that creates employment or job opportunities for beneficiaries. Through this scheme, loans are provided to eligible students from minority communities for studies within India and abroad.
Details
The "Educational Loan Scheme" is implemented by the Gujarat Minorities Finance and Development Corporation GMFDC under the Social Justice and Empowerment Department, Government of Gujarat. The scheme aims to provide financial assistance in the form of loans for all types of education, including various technical and non-technical courses, that help beneficiaries gain employment or enhance their job prospects. Under this scheme, low-interest loans are offered to eligible students from minority communities to pursue graduate and postgraduate courses in technical, vocational, professional, and medical fields, either in India or abroad.
Benefits
• For studies within India, a maximum loan of ₹1,50,000/- per year and up to ₹7,50,000/- for a five-year course can be obtained.
• For medical courses within India, ₹2,50,000/- for 1 year and ₹12,50,000/- for 5 years can be obtained.
• For abroad studies, a maximum loan of ₹3,00,000/- for 1 year and ₹15,00,000/- for 5 years is provided.
• The annual interest rate on this loan is 3%.
• Note 1: If the applicant’s annual family income is up to ₹98,000 in rural areas or ₹1,20,000 in urban areas, the loan is provided at a concessional interest rate of 3% per annum.
• Note 2: According to the National Corporation's Credit Line-2, for families with an income of ₹1,20,000/- up to ₹8,00,000, the interest rate is 5% for female students and 8% for male students.
• Note 3: The loan and interest amount is to be repaid in 60 equal monthly installments within five years from the date of completion of studies or from the date of getting a job, whichever is earlier.
• Note 4: Penalty interest at the rate of 2% is payable on delayed payments.
Eligibility Criteria
1. The applicant should be a resident of Gujarat.
2. The applicant should belong to a minority religious community (Muslim, Christian, Sikh, Jain, Buddhist, Parsi, and Jewish) or a linguistic community (Sindhi, Marathi, Urdu) of Gujarat State.
3. The applicant or any family member should not have received a loan from Gujarat Minorities Finance and Development Corporation Limited, Gujarat Backward Class Development Corporation, Gandhinagar, or any other central/state government corporation/institution or bank.
4. The annual income of the applicant's family should be:
5. - ₹98,000/- for rural areas.
6. - ₹1,20,000/- for urban areas.
7. - However, families with income exceeding ₹1,20,000/- and up to ₹8,00,000/- are also eligible, albeit with different interest rates
8. The applicant's age should be between 16 and 32 years.
9. <br>
Application Process
Step 1: Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Online
Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Step 2: Step 2: Register as a new user with name, mobile number, email, Aadhaar number, and create a password.
Online
Step 2: Register as a new user with name, mobile number, email, Aadhaar number, and create a password.
Step 3: Step 3: In the form, provide all the mandatory fields, fill in the captcha code, and click "Submit" to complete the registration process. A pop-up will appear acknowledging successful registration and displaying your User ID for Login.
Online
Step 3: In the form, provide all the mandatory fields, fill in the captcha code, and click "Submit" to complete the registration process. A pop-up will appear acknowledging successful registration and displaying your User ID for Login.
Step 4: Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Online
Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Step 5: Step 2: Log in using your registered credentials. Select the Education Loan Scheme from the available schemes.
Online
Step 2: Log in using your registered credentials. Select the Education Loan Scheme from the available schemes.
Step 6: Step 3: Fill in personal details, income information, business details, and bank account details.
Online
Step 3: Fill in personal details, income information, business details, and bank account details.
Step 7: Step 4: Upload required documents: Identity Proof, Address Proof, Income Certificate, Minority Certificate, Educational Qualification Certificate, and Bank Passbook.
Online
Step 4: Upload required documents: Identity Proof, Address Proof, Income Certificate, Minority Certificate, Educational Qualification Certificate, and Bank Passbook.
Step 8: Step 5: You will be taken to the online application form of the scheme. In the form, provide all the mandatory fields and upload all the mandatory documents in the specified format and size.
Online
Step 5: You will be taken to the online application form of the scheme. In the form, provide all the mandatory fields and upload all the mandatory documents in the specified format and size.
Step 9: Step 6: Carefully review all the information provided and the documents uploaded. Make corrections, if any.
Online
Step 6: Carefully review all the information provided and the documents uploaded. Make corrections, if any.
Step 10: Step 7: Click "Submit" to submit your application. You'll receive a confirmation message. Note down your Application Number for future reference. You can also take a printout of the submitted application form.
Online
Step 7: Click "Submit" to submit your application. You'll receive a confirmation message. Note down your Application Number for future reference. You can also take a printout of the submitted application form.
Step 11: Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Online
Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Step 12: Step 2: Navigate to the bottom of the home page, and click "Your Application Status".
Online
Step 2: Navigate to the bottom of the home page, and click "Your Application Status".
Step 13: Step 3: On the next page, provide your Application Number, Date of Birth, and click "View Status". The current status of your application will be displayed.
Online
Step 3: On the next page, provide your Application Number, Date of Birth, and click "View Status". The current status of your application will be displayed.
Required Documents
• Identity Proof
• Address Proof
• Income Certificate
• Minority Certificate
• Educational Qualification Certificate
• Bank Passbook
• Any other documents as required
Frequently Asked Questions
Q: What is the primary purpose of this scheme?
A: This scheme provides credit for all types of technical and non-technical education that create special employment or job opportunities for the beneficiary.
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Q: When does the repayment period for the loan and interest begin under this scheme?
A: The repayment of the loan and interest amount begins six months after the completion of studies or from the date of getting a job, whichever is earlier.
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Q: How long is the total repayment period for the loan, and how are the installments structured?
A: The loan and interest amount are to be repaid in 60 equal monthly instalments within five years.
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Q: What is the minimum and maximum age requirement for an applicant for this scheme?
A: The applicant's age should be between 16 and 32 years.
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Q: Which religious communities are recognized as minorities by the Corporation?
A: Muslim, Christian, Sikh, Jain, Buddhist, Parsi, and Jewish communities are recognised as religious minorities.
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Q: Which linguistic communities are recognized as minorities by the Corporation?
A: Sindhi, Marathi, and Urdu communities are recognised as linguistic minorities.
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Q: Is an applicant eligible for this loan if they have previously received a loan from another government financial institution?
A: No, the applicant or any family member should not have received a loan from Gujarat Minorities Finance and Development Corporation or any other central/state government corporation/institution or bank.
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Q: Where can beneficiaries get more information regarding this scheme?
A: More information can be obtained by contacting the Corporation's office in Gandhinagar or the District Deputy Director/District Social Welfare Officer (Developing Castes) office in the district.
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Q: Are there any security requirements or bonds that a loan recipient must fulfill for this scheme?
A: Yes, the loan recipient must fill security bonds according to the loan amount, as per orders from the Social Justice and Empowerment Department, Gandhinagar.
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Q: Which types of higher education courses are eligible for loans under this scheme?
A: Loans are provided to eligible students from minority communities for graduate and postgraduate technical, professional, medical, and paramedical courses.
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Q: Who determines the income and economic criteria for providing low-interest loans?
A: The income limits and economic criteria for providing low-interest loans are determined by the Government from time to time.
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Eligibility Criteria
The applicant should be a resident of Gujarat.
The applicant should belong to a minority religious community (Muslim, Christian, Sikh, Jain, Buddhist, Parsi, and Jewish) or a linguistic community (Sindhi, Marathi, Urdu) of Gujarat State.
The applicant or any family member should not have received a loan from Gujarat Minorities Finance and Development Corporation Limited, Gujarat Backward Class Development Corporation, Gandhinagar, or any other central/state government corporation/institution or bank.
The annual income of the applicant&#39;s family should be:
- ₹98,000/- for rural areas.
- ₹1,20,000/- for urban areas.
- However, families with income exceeding ₹1,20,000/- and up to ₹8,00,000/- are also eligible, albeit with different interest rates
The applicant&#39;s age should be between 16 and 32 years.
<br>
Benefits
For studies within India, a maximum loan of ₹1,50,000/- per year and up to ₹7,50,000/- for a five-year course can be obtained.
For medical courses within India, ₹2,50,000/- for 1 year and ₹12,50,000/- for 5 years can be obtained.
For abroad studies, a maximum loan of ₹3,00,000/- for 1 year and ₹15,00,000/- for 5 years is provided.
The annual interest rate on this loan is 3%.
Note 1: If the applicant’s annual family income is up to ₹98,000 in rural areas or ₹1,20,000 in urban areas, the loan is provided at a concessional interest rate of 3% per annum.
Note 2: According to the National Corporation's Credit Line-2, for families with an income of ₹1,20,000/- up to ₹8,00,000, the interest rate is 5% for female students and 8% for male students.
Note 3: The loan and interest amount is to be repaid in 60 equal monthly installments within five years from the date of completion of studies or from the date of getting a job, whichever is earlier.
Note 4: Penalty interest at the rate of 2% is payable on delayed payments.
Required Documents
| # | Document |
|---|---|
| 1 | Identity Proof |
| 2 | Address Proof |
| 3 | Income Certificate |
| 4 | Minority Certificate |
| 5 | Educational Qualification Certificate |
| 6 | Bank Passbook |
| 7 | Any other documents as required |
How to Apply
Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Online Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Step 2: Register as a new user with name, mobile number, email, Aadhaar number, and create a password.
Online Step 2: Register as a new user with name, mobile number, email, Aadhaar number, and create a password.
Step 3: In the form, provide all the mandatory fields, fill in the captcha code, and click "Submit" to complete the registration process. A pop-up will appear acknowledging successful registration and displaying your User ID for Login.
Online Step 3: In the form, provide all the mandatory fields, fill in the captcha code, and click "Submit" to complete the registration process. A pop-up will appear acknowledging successful registration and displaying your User ID for Login.
Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Online Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Step 2: Log in using your registered credentials. Select the Education Loan Scheme from the available schemes.
Online Step 2: Log in using your registered credentials. Select the Education Loan Scheme from the available schemes.
Step 3: Fill in personal details, income information, business details, and bank account details.
Online Step 3: Fill in personal details, income information, business details, and bank account details.
Step 4: Upload required documents: Identity Proof, Address Proof, Income Certificate, Minority Certificate, Educational Qualification Certificate, and Bank Passbook.
Online Step 4: Upload required documents: Identity Proof, Address Proof, Income Certificate, Minority Certificate, Educational Qualification Certificate, and Bank Passbook.
Step 5: You will be taken to the online application form of the scheme. In the form, provide all the mandatory fields and upload all the mandatory documents in the specified format and size.
Online Step 5: You will be taken to the online application form of the scheme. In the form, provide all the mandatory fields and upload all the mandatory documents in the specified format and size.
Step 6: Carefully review all the information provided and the documents uploaded. Make corrections, if any.
Online Step 6: Carefully review all the information provided and the documents uploaded. Make corrections, if any.
Step 7: Click "Submit" to submit your application. You'll receive a confirmation message. Note down your Application Number for future reference. You can also take a printout of the submitted application form.
Online Step 7: Click "Submit" to submit your application. You'll receive a confirmation message. Note down your Application Number for future reference. You can also take a printout of the submitted application form.
Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Online Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Step 2: Navigate to the bottom of the home page, and click "Your Application Status".
Online Step 2: Navigate to the bottom of the home page, and click "Your Application Status".
Step 3: On the next page, provide your Application Number, Date of Birth, and click "View Status". The current status of your application will be displayed.
Online Step 3: On the next page, provide your Application Number, Date of Birth, and click "View Status". The current status of your application will be displayed.
Frequently Asked Questions
This scheme provides credit for all types of technical and non-technical education that create special employment or job opportunities for the beneficiary. <br>