Educational Loan Scheme (ELS) : NFSDC Loan Benefits up to ₹40 lakh
Educational Loan Scheme (ELS) is a comprehensive initiative launched by the Government to provide financial assistance to students pursuing full-time professional or technical courses. The scheme aims to empower students from economically weaker sections, including SC/ST students, by covering essential education-related expenses. The Education Loan Scheme by Narendra Modi is designed to ensure that higher education remains accessible for all, promoting financial inclusion. The NSFDC Education Loan is a significant part of this scheme, focusing on marginalized communities.
Educational Loan Scheme by the Government offers financial support for tuition fees, hostel expenses, and other educational costs. The scheme also provides loans for students seeking education abroad. The Education Loan Scheme by Narendra Modi 2024 covers a variety of professional courses, ensuring that students can pursue higher education without financial constraints.
Objectives
- To provide financial aid for students pursuing professional and technical education.
- To encourage higher education among economically weaker sections, especially SC/ST students.
- To support students studying both in India and abroad.
- To reduce the financial burden on students and their families.
Eligibility Criteria
- The applicant must be pursuing a full-time professional or technical course.
- The applicant should belong to an economically weaker section, particularly the SC/ST category.
- The NSFDC Education Loan Eligibility mandates that the family’s annual income should be less than ₹3,00,000.
- The applicant must be admitted to a recognized institution, either in India or abroad.
| Professional/Technical Courses Covered | Degree/Diploma |
|---|---|
| Engineering | Diploma, B.Tech, B.E., M.Tech, M.E. |
| Architecture (B.Arch/M.Arch | B.Arch, M.Arch |
| Medical | MBBS, MD, MS |
| Biotechnology/Microbiology/Clinical Technology | Diploma, Degree |
| Pharmacy | B.Pharma, M.Pharma |
| Dental | BDS, MDS |
| Physiotherapy | B.Sc., M.Sc. |
| Pathology | B.Sc., M.Sc. |
| Nursing | B.Sc., M.Sc. |
| Information Technology | BCA, MCA |
| Management | BBA, MBA |
| Hotel Management & Catering Technology | Diploma, Graduation, Post Graduation |
| Law | LLB, LLM |
| Education | CT, NTT, B.Ed, M.Ed |
| Physical Education | C.PEd., B.PEd, M.PEd |
| Journalism & Mass Communication | Graduation, Post Graduation |
| Geriatric Care | Diploma, Post Graduate Diploma |
| Midwifery | Diploma |
| Laboratory Technician | Diploma |
| Chartered Accountancy | CA |
| Cost Accountancy | ICWA |
| Company Secretaryship | CS |
| Actuarial Sciences | Graduation, Post Graduation, FIA |
| Associate Member of Institute of Engineers | AMIE |
| Institute of Electronics & Telecommunication | AMIE |
| Higher education like Doctoral Studies | M.Phil, PhD |
Benefits
- Maximum Loan Amount: Up to ₹30 lakh for studies in India and up to ₹40 lakh for studies abroad, or 90% of the course fee, whichever is less.
- Interest Rate:
- For studies in India: 6% interest, with a 0.5% rebate for women beneficiaries.
- For studies abroad: 7% interest, with a 0.5% rebate for women.
- Repayment Period:
- Loans up to ₹10 lakh: 10 years.
- Loans above ₹10 lakh: 12 years.
This makes the NSFDC Education Loan one of the best options available for students, especially those looking for an Education Loan by Government of India.
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Required Documents
- Passport-size photograph.
- Aadhaar card and caste certificate.
- Income certificate to prove eligibility under the NSFDC Education Loan.
- Admission confirmation from a recognized institution.
- Educational qualification certificates.
- Valid passport and visa for students applying for loans to study abroad.
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How to Apply
- Interested students can apply NSFDC Education Loan Apply Online or offline through district offices of State Channelizing Agencies (SCAs).
- The applicant must submit their documents, including income and admission proof, to the respective district office.
- The SCAs review the application and then send it to NSFDC for approval.
- Once approved, we will send the loan amount directly to the person who is receiving it.
The Education Loan Scheme by Narendra Modi is a game-changer for aspiring students, providing them the necessary funds to pursue their dreams. With its easy eligibility criteria, significant benefits, and government support, this scheme is a lifeline for many students aiming for higher education.
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