WBMDFC

AIKYASHREE(STATE MINORITY SCHOLARSHIP SCHEME)

FAQ for EDUCATION LOAN

1.Who are eligible to apply for education loans?
Ans. The candidate must have obtained at least 70% marks in last examination (Domestic- loans for study in India) and 75% marks in last examination (Abroad- loans for study outside India) The age of the candidate must be within 16 to 32 years as on 1st January of the year of the application. Annual family Income should be upto Rs. 1,20,000 for Urban and Rs. 98,000 for Rural areas.
2.What are the courses that are eligible for education loan?
Ans. Domestic: Regular technical and professional degrees/ diploma courses both at Graduation and Post-Graduation level conducted by colleges/ universities approved by UGC/ AICTE/ IMC/ Govt. etc. Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM, etc. Teacher training/ Nursing courses approved by Central Government or the State Government Regular Degree/ Diploma Courses like Aeronautical, pilot training, shipping, etc. approved by the Director General of Civil Aviation/ Shipping/ concerned regulatory authority. Abroad: Job oriented professional/ Technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in USA etc.
3.What are the interest rates for different income criteria for education loan?
Ans.

SL. NO.	CATEGORY	ANNUAL FAMILY INCOME(RURAL)	ANNUAL FAMILY INCOME(URBAN)	ADMISSIBLE RATE OF INTEREST
1	Both Male & Female	Upto 98,000	Upto 1,20,000	3% per annum
2.	Male	From 98,001 to 6,00,000	From 1,20,001 to 6,00,000	8% per annum
3.	Female	From 98,001 to 6,00,000	From 1,20,001 to 6,00,000	5% per annum

4. What is the maximum amount that can be sanctioned as Education Loan to a student?
Ans. Maximum Rs. 4 lacs per year and Rs. 20 lacs for the entire course (Domestic) and maximum Rs. 6 lacs in a year and Rs. 30 lacs for the entire course (Abroad).
5. How to apply for education loan for fresh applicant?
Ans.Visit the website www.wbmdfc.net and apply online.
6.What is the date within which loan application can be filed?
Ans. It can be done throughout the year at www.wbmdfc.net
7.What are documents required for fresh application of education loan?
Ans. Admit card of Madhyamik/10th Examination
Last examination Mark sheet
Family income certificate issued by Pradhan/Councellor/ Sabhadhipati/ any gazetted officer, etc.
Fee structure of current educational institute.
Current Year bonafide certificate issued by the Institute
Guardian’s and candidate’s ID proof.
Rank card for Entrance Exam (if any).
Copy of Joint Bank pass book with parents (preferably with father), with photographs.
Copy of Joint Bank pass book along with 22 blank cheques/ NACH with signatures of the joint account holders have to be submitted for repayment purposes in the future.
8.What are the requirements for the Guarantor?
Ans. A guarantor who must be a salaried employee of a Central or State government, or a semi-Central, or State government corporation or organisation. The maximum permissible age limit of the guarantor shall be 54 years.
9.How to apply for education loan for renewal applicant?
Ans. The renewal application of the educational loan should be done in an offline mode by approaching the corporation.
10.What are documents required for renewal application of education loan?
Ans. Xerox copy of the sanctioned letter
Current year bona fide certificate.
Previous year mark sheet copy (last semester).
Application to the Managing Director of the corporation for release of renewal amount.
Copy of Bank Account pass book
11.What is the repayment procedure of Education Loan?
Ans. A total of 22 PDCs are taken from the candidate for the repayment purpose. This procedure of repayment will start after six months of completion of the course or on getting any gainful employment whichever is earlier. The candidate will be required to keep sufficient funds in the account before the PDCs are sent through the bank. A penalty will be charged to the candidate is case of cheque dishonour. The cheques will be sent quarterly (every three months).

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