Education Loan Scheme - Delhi

Scheme Category

Education & Learning,Social welfare & Empowerment,Universities and higher education,International education,Scholarships and student finance,Loan

Target Beneficiaries

Individual

Brief Description

"Education Loan Scheme" provides financial assistance to the SC/ST/OBC/PwD students for pursuing professional and technical education in India and abroad, with loan limits of ₹7,50,000/- and ₹15,00,000/- respectively. Delhi residents with an annual family income below ₹5,00,000/- are eligible.

Benefit Type

Cash

Eligibility Criteria

- The applicant must be a permanent resident of Delhi. - The applicant should be from one of the following target groups - Scheduled Caste, Scheduled Tribe, Other Backward Class, Minority, Persons with Disability. - The annual income of parents/guardian should be below ₹5,00,000/-. - The applicant must have secured admission in a recognized/Government/Technical Institution in India or abroad. - The College/Institute should have been offering the course for the last three years. - The College/Institute should be recognized by the Central/State Government or by appropriate authorities such as UGC (University Grants Commission), AICTE (All India Council for Technical Education), etc. - The duration of the course should not exceed 5 years. Post Sanction Eligibility for the Borrower - The borrower must not participate in any unlawful activity that would debar them from pursuing studies and must follow all rules and regulations laid down by the educational institution. - The borrower must not enter into any pecuniary obligation or financial liability during the currency of the loan. - The borrower must strive to secure suitable employment after completing the course and furnish full particulars of such employment, including income details, to DSFDC.

Application Mode

Offline

Application Process

Step 1: The application form for the Education Loan Scheme is available free of cost at the following branches: - 2-Battery Lane, Rajpur Road, Delhi-54. - A-33-38, B-Block, Lal Building, Opposite Police Station, Mangol Puri, Delhi. - A-Block, 1st Floor, Bunker Vihar, Deputy Commissioner’s Office (North East), Opposite Gagan Cinema, Nand Nagri, Delhi. Alternatively, the <nis:link nis:type=webUrl nis:id=slugId nis:text="prescribed format" nis:value=https://dsfdc.delhi.gov.in/sites/default/files/proforma_affidavit_app_form.pdf nis:enabled=true/> of the application form can be downloaded from the official website of DSFDC. Step 2: Carefully fill out the application form in black ink using a ball pen. Ensure all required details are accurately provided, including personal information, course details, and financial information. Fill in all the mandatory fields, paste the passport-sized photograph, and attach copies of all the mandatory documents (self-attest, if required). Step 3: Submit the duly filled application form along with the required documents to - The Deputy Manager (Education Loan) in Room No. 208, 2nd Floor, Ambedkar Bhawan, Sector-16, Rohini, Delhi-89. Bring the original documents for verification at the time of submission. Application Review Once the application is approved by DSFDC, the applicant will receive a sanction-cum agreement letter. The applicant must sign the agreement and complete any additional formalities, such as executing a guarantee deed or hypothecation deed. For any further information or inquiries, please contact DSFDC at: Phone No.: 011-27574521 & 27574377.

Required Documents

• Pre-Sanction/With Application
• - Copy of Aadhaar Card of Borrower (Applicant), Co-Borrower (Parents/Guardian), and Guarantor.
• - Copy of Income Certificate issued by the Office of the SDM Concerned or Copy of Form No. 16 of Co-Borrower.
• - Copy of Mark Sheet of the Last Examination on the Basis of Which the Applicant Has Obtained Admission in the Present/Particular Course.
• - Four Passport Size Photographs of the Borrower, Co-Borrower, and Guarantor, and One Full-Size Photograph of the Borrower (In Case the Applicant Belongs to PwD Category).
• - Copy of Birth Certificate/Age Proof.
• - Copy of Caste Certificate for SC/ST/OBC Issued by the Concerned Area SDM/DC and Affidavit in Case of Minority Category. For PwD Category, a Disability Certificate (40% or More) Issued by the Medical Board of a Government Hospital, Delhi, is Required.
• - Affidavit Stating That No Loan Has Been Availed from Any Government Agency for the Same Purpose.
• - Copies of Letter Confirming Scholarship, Freeship, Studentship, If Any.
• - Proof of Admission to the Recognized Course/Institute.
• - Copy of Schedule of Payment for the Courses or Demand Notice from the Institution/University.
• - Copies of Foreign Expenses Permit (If Applicable).
• - Statement of Bank Account for the Last Six Months of the Borrower and Co-Borrower.
• - Signature Identification of Borrower and Co-Borrower from the Bank.
• - Statement of Assets and Liabilities of Borrower/Co-Borrower.
• Post-Sanction
• - Copy of Acceptance of Sanction-Cum Agreement Letter.
• - Execution of Guarantee Deed.
• - Execution of Hypothecation Deed.
• - Affidavit of Legal Heir.
• - Affidavit of Personal Guarantee by Borrower and Co-Borrower.
• - ECS (Electronic Clearing Service)/Post-Dated Cheques.
• - Processing Fee of ₹350/-.
• - Two Witnesses Along with Copy of ID Proof.
• - Copy of Last Year Result of Student.
• - Undertaking for Non-Closing of Bank Account Till the Completion of Repayment.
• - Documents Required in Respect of the Guarantor:
• - Copy of Aadhaar Card/Election Card/Passport.
• - Copy of Identity Card from Employer.
• - Original Latest Pay Slip and Form 16.
• - Copy of Age Proof of Guarantor(s).
• - 04 Passport Size Photographs.
• - Affidavit of Guarantor(s).
• - 5 Post-Dated Cheques (PDC) from the Guarantor(s) in Case the Loan is Above ₹2,00,000/-.
• - Copy of Guarantor(s) Undertaking to Stand as Guarantor/Surety.
• OR Original Collateral Security in the Shape of NSC (National Savings Certificate)/KVP (Kisan Vikas Patra)/FDR (Fixed Deposit Receipt) and Letter of Lien in Favour of DSFDC.
• OR Original Documents of Property for Mortgage, in Case the Applicant Wishes to Give Collateral Security of Property, with Complete Chain of Documents.