Education Loan Scheme

Education Loan Scheme for Tribal Student in West Bengal

1.  WB Scheduled Castes, Scheduled Tribes and Other Backward Classes Development & Finance Corporation has been implementing ‘Education Loan Scheme’ of National Scheduled Castes Finance & Development Corporation (NSFDC) and National Safai Karmachari Finance & Development Corporation (NSKFDC) as their State Channelizing Agency (SCA). Education Loan Scheme of National Backward Classes Finance & Development Corporation (NBCFDC) has been taken up by the Corporation from 15 November 2017 (15/11/2017) after merger of erstwhile WB Backward Classes Development & Finance Corporation with WB SC & ST Development & Finance Corporation and thereby constitution of the new corporation.

 

2.  In terms of present policy of the Apex Corporations, viz. NSFDC, NSKFDC & NBCFDC, benefit of the scheme shall be extended to students residing in the State by the respective State Corporation (SCA) subject to compliance of the following terms and conditions:

a.      Applicant must belong to either SC or OBC or Safai Karmachari communities.

 

b.      Applicant must have valid caste certificate issued by competent Authority (in case of safai Karmachari community identity certificate issued by competent Authority).

 

c.       Annual family income shall not exceed Rs. 1,50,000/- from all sources (No income ceiling for safai karmachari community).

 d.      Education Loan shall be extended for pursuing full time Technical/ professional courses or higher education in the field of engineering, Technology, Medicine, Management etc. in which there is likelihood of getting employment immediately after completion of the course.

e.      Amount of Loan shall be restricted within 90% of the cost of the Course subject to maximum of Rs. 10.00 lakh for study within the Country and Rs. 20.00 lakh for study abroad. Cost of the course includes admission fees, tuition fees, hostel charges, library fees, soft skill dev fees, exam fees and other charges/ fees as applicable.

f.        Education Loan is available for pursuing full time courses in the Govt. Institutes / Govt. recognized Institutes. Courses conducted in off-campus basis or distant learning courses or short term skill development courses are excluded.

g.      Education Loan shall not be available for courses run by Polytechnics, ITIs or any other Govt./ Non-Govt. institutes which are below graduation level.

h.      Education Loan shall not be available for studying Graduation, Post-Graduation courses only except a few applied courses eligibility of which shall be determined by the Corporation from time to time.

i.        Applicable rate of interest: @ 4% per annum for Boy students and @ 3.5% per annum for girl students .

j.        Disbursement against sanctioned cases is done semester/ year wise as per terms of the Institute through A/C payee cheque drawn in favour of the Institute on behalf of the Student. Disbursement to student’s account is not permissible only except unavoidable circumstances.

k.       Repayment starts after 6 months from completion of the course or getting employment whichever is earlier. Principal with interest is repayable within a period of 5 years in equal monthly installments after moratorium period. Interest accrued during the period of study is paid by the Ministry of HRD, GoI under prevailing Interest subsidy scheme.

l.        The Corporation receives loan from the Apex Corporations for extending education loan assistance to the target group students. The Corporation is also bound to repay the loan as per the terms of apex corporations irrespective of the fact that students have been repaying or not. It is important hence for the interest of larger no. of students to make repayment within stipulated time schedule. Students will have to execute a NACH mandate so that EMI is remitted electronically to the Corporation’s account automatically.

m.    No Guarantor or collateral security is required for availing Education Loan assistance.

1.           Application for Education Loan is received by the Corporation, in the beginning of new academic session during September to October, every year. A brief Notice is published declaring the schedule of receiving on-line application in the Corporation’s portal

 

2.            Students have to apply on-line – Click here for apply 

2.1     Students will be able to create log-in credential for future use.

2.2     They are to take print out of the filled in application and download verification certificate in prescribed format.

2.3     Downloaded Verification certificate is to be filled in manually and authenticated by the Institute where he/she has taken admission.

2.4     Authenticated Certificate is to be scanned in *.pdf format and uploaded through their log-in credential.

2.5     Only those applications which are complete in all respect and for which Verification certificates have been uploaded by November shall be taken up for sanction in the month of December.

2.6     Students can check status of their application and download sanction order through their log-in.

3.  Applicants are advised to pay admission fees and tuition fees to the extent of 10% of the cost of the course or fees for 1st semester and secure admission before submitting on-line application. The Corporation will disburse all fees payable from 2nd semester onwards. Fees paid by the students shall be treated as promoters’ contribution.

 

4.  Insurance is compulsory for all cases which would be sanctioned by the Corporation and the student has to bear the cost of insurance. Corporation has made an

arrangement for group insurance which ensures low premium but covers risks like death/ permanent in capacitance for the entire period from the commencement of course till completion of repayment. Student will have to pay the onetime premium of the insurance separately.

1.  Applicants would be informed, as soon as their application is sanctioned, for appearing in person along with one of the parents, preferably father who will sign as co-applicant of the education Loan to complete formalities like signing loan agreement, submitting all relevant documents. Applicants should carry original documents with a photocopy as proof of 1) DOB (2) Educational qualification (3) Rank Card (4) Caste certificate/ Identity proof for safai karmachari community (5) Annual income (6) Residence (7) Admission certificate/ receipt against payment of fees (8) College Id etc.

 

2.  Corporation has fixed up a limit of sanctioning 250 Education Loan applications, every year, considering the financial status and capability of handling time-bound disbursement of sanctioned cases. These 250 cases shall be selected on the basis of merit as follows:

 

2.1     Applicants who scored at least 55% (SC & Safai Karmachari)/ 60% (OBC) in the last qualifying exam (12th standard) shall be given priority.

2.2     Selection will prima facie be on the basis of Rank secured by the Applicant in All India/ State level Entrance Examination.

2.3     Applicants who have secured admission in Govt. Institutes through National or State level Entrance Exam shall be given priority.

2.4                         Ratio of Boy and girl students among the sanctioned cases shall be 50:50 as far as practicable. However girl students shall get priority.

2.5     Application made by students who secure admission under management quota or directly shall not be entertained.

2.6     Admission through Institute level exam only except a few Institutes of repute like VIT, KIIT, SRM, AIIMS, CMC Vellore, JIPMER, BITSAT which conducts all India level entrance exam for Admission, shall not be entertained.

 

3.      Decision of the Corporation regarding sanctioning of education Loan application shall be final and binding. Merely lodging on-line application shall not confer any right or claim for sanctioning education loan application. Whoever submits on-line application shall be deemed to have read over all the provisions, Terms and conditions and have agreed to these entirely.

 

4.   However, the Corporation reserve the Right to sanction or to reject any or all the cases without assigning any reason whatsoever.

All applicants are to go through the terms and conditions and agree before lodging on- line application.

1.       Please go through the Terms & Conditions before applying.

2.       Only on-line application shall be accepted.

3.       Please fill in the mandatory fields marked * carefully

4.       Select Institute through drop-down menu. There is no provision for entering new institute name. If the institute of your choice is not available please get in touch through help line.

5.       Generate password for future use.

6.       Do not forget to enter the security code in the space provided.

7.       After submission of application you will get acknowledgement ID. Preserve the ID for future log-in.

8.       Get a print out of the filled in application form. A signed copy of the application form would be required before disbursement.

9.       You have to upload verification certificate duly filled in and authenticated by the Institute in pdf format. For this you can download verification certificate from the link provided after logging in by user Id (Acknowledgement Id), Password (You generated) and your date of birth.

10.    You can view status of your application at any point of time through your log-in.

11.   You need not submit application further if you find that you have provided some wrong information/ data. You can update the same application you have already submitted through the link provided.

12.    Please do not change your Tel/ Mobile no.

Following documents will be required during Documentation

a)   Application form signed by the applicant and his / her Father/Mother/Guardian as co-loanee.

b)       Two copies of recent 3.5X3.5 cm size colored photographs

c)       Original & photocopy copy of SC Certificate issued by the Competent Authority

d)      Income Certificate [ Certificate issued by Prodhan, Sabhapati, Chairman of Municipality, Municipal Councilor, Block Development Officer, Sub-Divisional Officer, Additional District Magistrate, Any Gazetted officer, MP, MLA may be accepted]

e)      Copy of Ration Card, Voter’s ID Card, Electricity/ Telephone Bill, Passport, Pass Book issued by Any Nationalised Bank, Certificate issued by appropriate Authority as proof of residence.

f)        Certification by the Institute in prescribed format duly signed and bearing seal of the Institute.