NBCFDC provides Educational Loans to the students of Backward Classes living below double the poverty line for pursuing general/ professional/technical courses or trainings at graduate and/or higher levels. Maximum loan limit in India is Rs.10 lakh and abroad is Rs.20 Lakh. The rate of interest is 4% p.a. and girl students will get at special concessional rate of interest @ 3.5% p.a.
NBCFDC loan : 90% for study in India and 85% for study abroad.
a) Members of Backward Classes, as notified by Central Government/State Government from time to time.
b) The annual family income of the applicant must be up to Rs.5.00 Lakh.
c) The applicant should have obtained admission for any professional and technical courses approved by appropriate agency such as AICTE, Medical Council of India, UGC etc. in a duly accredited/recognised institute. Minimum 50% marks in qualifying exam i.e. the exam whose qualification is a pre-requisite for the course.
d) Applicant must have secured admission to professional/technical courses in India or abroad through Entrance Test/Merit based selection process. Applicant must have received Admission/Offer letter from the concerned institute.
e) For pursuing courses abroad, applicant must have secured admission in colleges accepting admission through standardised test scores (such as SAT, GMAT, GRE or other relevant score applicable for admission to the course).
All professional and technical courses at graduate and higher level approved by appropriate authority. Channel Partners are required to do their due diligence in terms of admission criteria (entrance or merit based/subject specific standardised tests or SAT or GMAT or GRE [not based entirely on language proficiency tests such as IELTS or TOEFL for undertaking studies abroad]) of the institute, employability of applicant after undertaking the course, reputation of the institute, alumni network etc.
Admission Fee & Tuition Fee, Books, Stationery & other instruments required for the course, examination, laboratory & library fees, boarding & lodging expenses, and insurance premium for policy during the loan period. The loan amount will be deposited periodically based on fees demand raised by the Institute (semester or half yearly basis etc.). Academic performance of the student in previous terms will form the basis for subsequent release of fees instalments.
85% of the expenditure of the course subject to maximum loan limit of Rs.25.00 Lakh per student
Rate of Interest for beneficiary : 8% p.a.
The scheme carries a timely payment rebate on an annual basis @1% that will be equally appropriated between Channel Partners and Beneficiaries.
The moratorium period for recoveries from these Channel Partners is hereby uniformly fixed as five years irrespective of the type and duration of the course for which loans are provided.
The maximum recovery period may be 10 years including the moratorium period of 5 years i.e. the loan needs to be repaid to NBCFDC by the Channel Partner within 10 years of the same being disbursed. Channel Partner may consider seeking life insurance policy or any other suitable security on the students availing Education Loan
The borrower can repay the loan any time after commencement of repayment of loan. No pre-closure charges shall be insisted from beneficiary in case of early repayment of loan.
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Government of India
