Education Loan in Jharkhand

Education loan is a crucial tool that can shape your future and help you in achieving success.

Students of Jharkhand now have access to a wide range of education loans to pursue their academic dreams without financial barriers. Jharkhand government schemes like the Guruji Student Credit Card scheme, NMDFC scheme, minority loans, and education loan for girls help students to secure finances for their higher education.

Launched in the year 2024, the Guruji Student Credit Card scheme allows students to secure collateral-free education loans of up to INR 15 lakh at an interest rate of 4% per annum. These initiatives reflect the commitment of the Jharkhand government to make higher education more accessible to its students by providing financial support through affordable loan schemes.

Top Lenders Providing Education Loans in Jharkhand For Studies in India

Education loan in Jharkhand have now become one of the top sources for students to secure funds as they come with numerous benefits like moratorium periods, tax benefits, and lower interest rates. Below are some of the top lenders working towards making higher education more accessible. 

Top Lenders Providing Education Loans in Jharkhand For Abroad Studies 

Explore the loan amounts, interest rates, and processing fees for the Jharkhand education loans to study abroad.

Eligibility Criteria for Education Loan in Jharkhand

Meeting the eligibility criteria to avail of the benefits of a Jharkhand education loan is necessary. Below are some of the common criteria that you should meet to become eligible for an education loan.

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  Nationality - You must be an Indian citizen.

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  Age - The student should be between 18 to 35 years of age. 

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  Admission Status - You must have secured admission to a recognized institution, either in India or abroad for an approved course.

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  Academic Qualification - You should meet the minimum educational qualification criteria set by the lender. 

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  Co-applicant - You should have a financially stable co-applicant with a good credit score. It allows the lender to mitigate the risk by holding the co-applicant responsible for repayment in case the student fails to do so. 

Documents Required for an Education Loan in Jharkhand

You should gather below mentioned documents beforehand to apply for a student loan in Jharkhand. 

Documents Required to be Submitted by the Student:

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  Signed education loan application form.
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  Passport-size photograph.
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  Identity proof - copy of PAN card/ aadhaar card/ voter ID/ driver license
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  Address proof - electricity bill/ domicile certificate/ landline telephone bill/ aadhar card/ driving license/ passport. 
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  Academic transcripts up to the last qualifying examination.
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  Offer letter from the university of enrollment. 
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  Course details including fees, duration, etc.
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  Visa for studies abroad.
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  Passport copy.
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  Standardized test scores and English language proficiency test scores (TOEFL, GRE, GMAT, IELTS).

Documents Required to be Submitted by the Co-Applicant:

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  Passport-size photograph.
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  Copy of PAN card.
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  A copy of the bank account statement and bank passbook.
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  Form 16/ITR/ income certificate.
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  Loan statements for any existing liabilities from the previous year.
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  Salary slip for the last 3 to 6 months for a salaried co-applicant. 

Collateral Documents Required for a Secured Education Loan in Jharkhand:

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  The title deed of the property (for immovable property).
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  Encumbrance certificate for property (a legal document providing proof of the ownership of the property and confirming that it is free from debt).
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  Valuation report prepared by a bank-approved property evaluator.

Jharkhand Government Schemes For Education Loans

Jharkhand Government Schemes allow students to finance their higher education at concessional interest rates. The state government offers various schemes like minority education loan schemes and the Guruji Student Credit Card scheme. 

Guruji Student Credit Card Scheme:

The Guruji Student Credit Card Scheme was launched by the Jharkhand Government with the objective of providing financial support to students who wish to pursue higher education in India or abroad. One of the biggest advantages of this scheme is that it offers collateral-free education loans of up to INR 15 lakh that too at a subsidized 4% simple interest rate. The scheme covers various educational expenses, such as tuition fees, books, examination fees, and living expenses, allowing students to focus solely on their academics.

Guruji Student Credit Card Scheme Eligibility Criteria:

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  You must be a student and an Indian citizen.
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  You must have completed your class 10th and 12th from a recognized school in Jharkhand. 
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  You should have secured admission to top institutions within India such as IITs, IIMs, NITs, AIIMS, XLRI, IISc, NLUs, BITS, SPA, NID, IIFTs, ICFAI Business School, etc. The institute should be accredited with an NAAC grade "A" or above. 
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  Your age should not exceed 40 years at the time of application.
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  You should not have an existing education loan for the same course from any state co-operative banks, central co-operative banks, district central co-operative banks, or public or private sector banks. 

Documents Required to Apply for Guruji Student Credit Card Scheme:

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  Aadhaar Card
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  Colour Passport-size Photograph
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  Admission Document/Letter
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  Ration Card
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  Resident Certificate
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  Income Certificate
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  Caste Certificate
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  Bank Passbook
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  Birth Certificate.

How to Apply for Guruji Student Credit Card Scheme?

Follow the steps mentioned below to apply for the education loan in Jharkhand. 

Step 1 - Online Registration:

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  Visit the official website and register yourself. 
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  You will get a registration number via SMS after successful registration.

Step 2 - Login and Application Form:

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  Log in to your account via user ID and password. 
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  Fill out the application form with your basic details and address.
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  Upload your photo and signature and click on "Submit".
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  After submission, you will receive an application ID.

Step 3 - Loan Processing:

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  Select MLI (Member lending institution) from the onboarded list for your loan processing. The chosen MLI will review your application.
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  They will approve or reject the loan and inform you about the loan amount and disbursement schedule.
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  Once your application gets approved, the MLI will upload all loan details (amount, repayment period, etc.) along with the sanction letter.
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  The MLI will disburse the course fees directly to your college/institution as per their payment schedule.

Jharkhand NMDFC Education Loan Scheme

The National Minorities Development and Finance Corporation (NMDFC) is a government-backed organization under the Ministry of Minority Affairs. NMDFC offers specialized education loan for minority. The scheme provides loan amounts of up to INR 20 lakhs for studies in India and INR 30 lakhs for education abroad. The scheme targets students from minority communities pursuing technical and professional courses of durations not exceeding five years. The interest rates for the minority education loan scheme range between 3% to 8%. The scheme offers a moratorium period of 6 months after completing the course.

Whether it is the Guruji Student Credit Card Scheme, NMDFC Education Loan Scheme, or loans provided by various banks, students in Jharkhand have access to numerous options that cater to their unique financial needs. These loans cover a wide range of courses both in India and abroad and offer flexible repayment terms to reduce the financial stress after course completion.

Connect with GyanDhan if you are looking for a hassle-free way to finance your higher education. We connect students with various lenders to secure education loans for studying in India or abroad. We simplify the loan application process for you, making it faster and easier to find the best loan options tailored to your needs. You can apply for an education loan online through Gyandhan with minimal documentation which means no more running around banks and paperwork. Check your eligibility criteria today and let us help you focus on your studies, not on finances.

Frequently Asked Questions