Sarkari Yojana
Educational Loan Scheme (GMFDC)
About Educational Loan Scheme (GMFDC)
The Gujarat Minorities Finance and Development Corporation (GMFDC), functioning under the Social Justice and Empowerment Department, Government of Gujarat, implements the “Educational Loan Scheme”. The scheme offers loans for every kind of education, technical as well as non-technical, that can lead to a job or improve career prospects. Students from minority communities can obtain these low-interest loans to study graduate and postgraduate technical, vocational, professional and medical courses in India or overseas.
Scheme Overview
State Government
Gujarat Minorities Finance & Development Corporation Limited
Individual
Scheme Details
Eligibility Requirements
To qualify for Educational Loan Scheme (GMFDC), applicants must satisfy the following conditions:
Applicants must live in Gujarat
Applicants must live in Gujarat.
The applicant must be part of a minority…
The applicant must be part of a minority religious community (Muslim, Christian, Sikh, Jain, Buddhist, Parsi, and Jewish) or a linguistic community (Sindhi, Marathi, Urdu) of Gujarat State.
Neither the applicant nor any family member should…
Neither the applicant nor any family member should have taken a loan earlier 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 family's yearly income must fall within these…
The family's yearly income must fall within these limits:
₹98,000/- in rural areas.
₹1,20,000/- in urban areas.
Families earning above ₹1,20,000/- and up to ₹8,00,000/- may also apply, though at different interest rates
Applicants must be aged between 16 and 32…
Applicants must be aged between 16 and 32 years.
Benefits Provided
Educational Loan Scheme (GMFDC) provides the following benefits to eligible applicants:
Students studying in India can borrow up to…
Students studying in India can borrow up to ₹1,50,000/- each year, with a ceiling of ₹7,50,000/- for a course lasting five years.
Medical students in India can get ₹2,50,000/- for…
Medical students in India can get ₹2,50,000/- for 1 year, up to ₹12,50,000/- over 5 years.
Students going abroad can receive up to ₹3,00,000/-…
Students going abroad can receive up to ₹3,00,000/- for 1 year and ₹15,00,000/- across 5 years.
The loan carries interest of 3% per year
The loan carries interest of 3% per year. Note 1: A concessional rate of 3% per annum applies when the family's yearly income is no more than ₹98,000 in rural areas or ₹1,20,000 in urban areas. Note 2: Under the National Corporation's Credit Line-2, families earning from ₹1,20,000/- up to ₹8,00,000 are charged 5% interest for female students and 8% for male students. Note 3: Principal and interest are repaid in 60 equal monthly installments over five years, starting from the end of studies or from getting a job, whichever happens first. Note 4: Late payments attract penalty interest at 2%.
Documents Required
Applicants should keep the following documents ready before starting the application:
A document proving identity
A document proving identity
A document proving address
A document proving address
Certificate of income
Certificate of income
Certificate of minority status
Certificate of minority status
Certificates of educational qualifications
Certificates of educational qualifications
Passbook of the bank account
Passbook of the bank account
Other documents, if requested
Other documents, if requested
How to Apply
Online Application
Applicants can apply for Educational Loan Scheme (GMFDC) through the online application process outlined below.
Registration
Open the Gujarat Minority Finance and Development Corporation's…
Open the Gujarat Minority Finance and Development Corporation's online portal.
Sign up as a new user by entering…
Sign up as a new user by entering your name, mobile number, email and Aadhaar number, then set a password.
Complete every mandatory field on the form, type…
Complete every mandatory field on the form, type the captcha code and press "Submit" to finish registering. A pop-up will confirm the registration and show the User ID you will use to log in. Application
Return to the Gujarat Minority Finance and Development…
Return to the Gujarat Minority Finance and Development Corporation's online portal.
Sign in with your registered credentials and pick…
Sign in with your registered credentials and pick the Education Loan Scheme from the list of schemes.
Provide your personal details, income information, business details…
Provide your personal details, income information, business details and bank account details.
Upload the required documents, namely Identity Proof, Address…
Upload the required documents, namely Identity Proof, Address Proof, Income Certificate, Minority Certificate, Educational Qualification Certificate and Bank Passbook.
The scheme's online application form will open
The scheme's online application form will open. Fill in all mandatory fields and upload the necessary documents in the stated format and size.
Go through the details and uploaded documents carefully…
Go through the details and uploaded documents carefully and correct any mistakes.
Press "Submit" to send the application
Press "Submit" to send the application. A confirmation message will appear; record your Application Number for later use, and print the submitted form if you wish. Track Application Status
Go to the Gujarat Minority Finance and Development…
Go to the Gujarat Minority Finance and Development Corporation's online portal.
Scroll to the bottom of the home page…
Scroll to the bottom of the home page and select "Your Application Status".
Enter your Application Number and Date of Birth…
Enter your Application Number and Date of Birth on the following page, then press "View Status" to see where your application stands. Contact: For help, call 079-23253843, 23254583, 23253757 or write to md-gmfdcl@gujarat.gov.in.
Official Application & Website
Verify the latest eligibility, dates and instructions before applying.