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Educational Loan

Scheme Type:

Soft loan for pursuing higher professional courses. The rate of interest is 3% p.a. on reducing balance basis. Repayment starts 6 months after completion of courses or on getting an employment, whichever is earlier.

Objective:

To provide financial assistance to minority students to help them pursue professional courses like Medical, Engineering, Management, Nursing and Law etc.

Quantum of Assistance:

Maximum ₹ 20 lakhs for study within the country and ₹ 30 lakh for study abroad.

Method of Implementation:
Eligibility Criteria:
  1. Annual family income should not exceed ₹ 120000 for urban area,
  2. Age group : 16-32 years.
When and Where to Apply:

Online application may be submitted round the year through www.wbmdfc.net.

Nodal Organisation:
West Bengal Minorities Development & Finance Corporation