WBMDFC Education Loan

Education is the key to unlocking a brighter future, but for many individuals from minority communities of society, financing higher education can be a challenge. In such situations, education loans can be a lifesaver.

The interest rate on education loans provided by the West Bengal Minorities Development and Financial Corporation are comparatively lesser than those imposed by the Banks and other financial institutions. The rate of interest is as low as 3% for up to 30 lakh rupees at a reducing balance rate for all the eligible students from lower income groups.

The WBMDFC education loan scheme is provided to the minority community, who are Residents of West Bengal. They can get financial support for their higher studies either in India or abroad. West Bengal Minorities Development and Financial Corporation help them to pursue higher studies in professional or technical fields of study.

NOTE- All the legal expenses like lawyer and solicitor fees, valuer’s fees, stamp duty, insurance premiums, registration charges, and other incidental expenses incurred in the process of the loan would be borne by the student only.

Before applying for the WBMDFC education loan, it's essential to check if you meet the eligibility criteria. In this paragraph, we'll delve into the WBMDFC Education Loan Eligibility Criteria and provide you with all the necessary details required:

• He/She must hold Indian citizenship and must be a resident of West Bengal
• Applicants must belong to a minority community in India
• Age of the applicant should be between 16-32 years as of 1st January of the year.
• Candidates should have obtained a minimum of 50% in the last examination (to study in India)
• Candidates should have obtained a minimum of 65% in the last examination (to study abroad)
• Annual family income of the students should not exceed Rs 1,20,000 for urban areas whereas Rs 98,000 for rural areas
• Students must have enrolled or are pursuing professional courses like Management, Engineering, Medical, Law, Nursing, etc. from recognized universities.
• The students should not have any financial obligation or loans that involve repayments without prior permission of the West Bengal Minorities Development and Financial Corporation.

This loan scheme offers various features and benefits like- 6 months repayment holiday excluding course duration. So, let’s explore the details of the WBMDFC Education Loan and how it can assist students in fulfilling their dream of studying overseas.

In this section of the blog, we will discuss the features and benefits of the WBMDFC Education Loan for studies in India and how it can contribute to improving the educational landscape for eligible minority community students:

• The loan amount equivalent to tuition fees will be paid directly to the institution either in whole or in installments, where you propose to enroll or are undergoing your study.
• Other expenses related to the cost of study like- the purchase of books, stationary, etc, will be paid to you from time to time on condition that you have to produce the original receipts evidencing the purchases.
• The amount related to the other expenses, which is agreed to be financed by the WBMDFC will be transferred to your bank account in a time interval decided by the corporation.
• Your loan amount will be disbursed to the joint account that you have provided while applying for the education loan.
• Every installment of your loan amount that is going to be disbursed in your bank account would be (total sanctioned loan amount divided by course duration)
  (e.g- if your total sanction amount is Rs 16,00,000 and the duration of the course is 5 years, then the amount that is going to be disbursed in your account in each installment would be 16,00,000/5 = Rs 3,20,000)

Obtaining an Education Loan can often be a daunting task due to the slow and cumbersome application process, requiring extensive documentation and a seemingly endless list of requirements.
WeMakeScholars, an organization funded by the Indian government's Ministry of IT provides a hassle-free alternative by offering a completely online and streamlined process, allowing you to skip the tedious paperwork and focus on achieving your educational goals. 

• Professional Support: Our financial officers offer end-to-end assistance, reviewing your profile and recommending the best loan alternative that might be accessible to you. We also provide ongoing assistance to help you with any problems that could come up while you repay the loan, such as an unexpected hike in interest rates.
• Support for Negotiations: Our team of financial officers is skilled and knowledgeable in dealing with lenders. In order to ensure that you receive the greatest terms and conditions for your education loan, they will negotiate with the lender on your behalf.
• Discounted Interest Rates: By partnering with over 14 commercial and public institutions, we are able to give you an interest rate discount of up to 2% on your student loans, which will enable you to save a lot of money over the course of time.
• Free of Cost: We do not charge any fee for our services, as we are supported by the Ministry of IT under the Digital India campaign. This means that you can take advantage of our expert guidance and support without worrying about any hidden costs or charges.
• Faster Loan Process: We are aware of how important speed is when applying for an education loan. We make sure the lending process is speedy and effective because of this. Your education loan application can be processed through state banks in about 21 days, while private banks and NBFCs just require 2–7 days for loan authorization.
• Tax Benefits: There are various ways through which you can save money on your income tax returns. Our financial officers will educate you on all the tax exemption options available under sec 80C and 80E, helping you maximize your savings and minimize your tax liability.
• Cashback Offers: As an added bonus, when your loan has been approved through us and you have received your disbursement, we will give you a cashback offer of up to Rs. 3000. This is our way of saying thank you for selecting WeMakeScholars as your provider of student loans.