Educational Loan Scheme (GMFDC)

What is Educational Loan Scheme (GMFDC)?

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.

Benefit

1. 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. 1. For medical courses within India, ₹2,50,000/- for 1 year and ₹12,50,000/- for 5 years can be obtained. 1. For abroad studies, a maximum loan of ₹3,00,000/- for 1 year and ₹15,00,000/- for 5 years is provided. 1. 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.

Level

State — Gujarat

Ministry / Dept.

Social Justice and Empowerment Department

Benefit type

cash

Key eligibility

1. The applicant should be a resident of Gujarat. 1. 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. 1. The applicant or any family member should not have re

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Benefits

1. 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. 1. For medical courses within India, ₹2,50,000/- for 1 year and ₹12,50,000/- for 5 years can be obtained. 1. For abroad studies, a maximum loan of ₹3,00,000/- for 1 year and ₹15,00,000/- for 5 years is provided. 1. 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

Documents Required

How to Apply

1. Step 1: Online application — step 1

   Registration

2. Step 2: Online application — step 2

   Step 1: Visit the Gujarat Minority Finance and Development Corporation official website .

3. Step 3: Online application — step 3

   Step 2: Register as a new user with name, mobile number, email, Aadhaar number, and create a password.

4. Step 4: Online application — step 4

   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.

5. Step 5: Online application — step 5

   Application

6. Step 6: Online application — step 6

   Step 1: Visit the Gujarat Minority Finance and Development Corporation official website .

7. Step 7: Online application — step 7

   Step 2: Log in using your registered credentials. Select the Education Loan Scheme from the available schemes.

8. Step 8: Online application — step 8

   Step 3: Fill in personal details, income information, business details, and bank account details.

9. Step 9: Online application — step 9

   Step 4: Upload required documents: Identity Proof, Address Proof, Income Certificate, Minority Certificate, Educational Qualification Certificate, and Bank Passbook.

10. Step 10: Online application — step 10

    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.

11. Step 11: Online application — step 11

    Step 6: Carefully review all the information provided and the documents uploaded. Make corrections, if any.

12. Step 12: Online application — step 12

    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.

13. Step 13: Online application — step 13

    Track Application Status

14. Step 14: Online application — step 14

    Step 1: Visit the Gujarat Minority Finance and Development Corporation official website .

15. Step 15: Online application — step 15

    Step 2: Navigate to the bottom of the home page, and click "Your Application Status".

16. Step 16: Online application — step 16

    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.

17. Step 17: Online application — step 17

    Contact:

18. Step 18: Online application — step 18

    For any assistance, contact 079-23253843, 23254583, 23253757 or email [email protected].

Sources & References

• Official scheme website ↗
• Source record ↗
• Information is summarised from official government sources. Verify all details on the official website before applying.