Rajasthan Minority Finance and Development Co-operative Corporation Limited (RMFDCCL) has launched Educational Loan Scheme to provide term loan at moderate interest rates for job oriented educational courses with an object to promote economic and developmental activities for the benefit of “Backward Sections” amongst the minorities. The scheme is for individual beneficiaries and will be implemented by the State Channelizing Agency (SCA).
- The applicant should be in the age group of 16-32 years.
- Confirmed admission in the intended course in recognized institutes is the basic requirement for availing the loan. However, application for loan can be made in anticipation of admission to the recognized institutes. Similarly loan can also be sanctioned in anticipation of admission to such institutes.
- Women and physically challenged candidates would be given preference.
- Selection out of the eligible candidates will strictly be on merit.
- The selected candidates should fulfill the annual income criteria which have been specified for rural and urban areas.
- The college/institute should be recognized by the government at the central/state government or by appropriate authority such as AICTE.
- Under the scheme a maximum amount of Rs. 10.00 Lakhs will be available at the rate Rs. 2.00 Lakhs per annum for technical and professional courses of durations not exceeding 5 years.
- An amount of Rs. 3.00 Lakhs will be available for short duration cost intensive skill development trainings having duration of up to 1 year.
- For courses abroad, a maximum amount of Rs.20.00 Lakhs will be available @ Rs. 4.00 Lakhs per annum for course duration of maximum 5 years.
- Funds for this purpose will be made available to the SCAs at an interest rate of 1% per annum for on-lending to the beneficiaries at 3% interest p.a. The loan is payable in maximum 5 years after completion of the course.
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