In a world where dreams often stumble under the weight of financial burdens, the Rajasthan Minority Finance & Development Co-operative Corporation (RMFDCC) steps in as a beacon of hope for countless students from minority communities. With the belief that talent should never be held back by circumstance, RMFDCC offers educational loans designed not just to fund degrees, but to fuel futures. Whether it’s a technical course in India or a professional program overseas, students can receive up to ₹20 lakhs for domestic education and ₹30 lakhs for international studies, tailored to cover up to five transformative years. With easy repayment terms and a strong focus on employability, this initiative isn’t just about education, it’s about opening doors, unlocking potential, and empowering a new generation to rise, dream and achieve. This article focuses on various features of the Rajasthan Minority Finance & Development Co-operative Corporation, shedding light on its loan schemes, eligibility criteria and the broader impact it aims to create in the lives of aspiring students.
Mission & Objective
The Rajasthan Minority Finance & Development Co-operative Corporation (RMFDCC) was established on April 19, 2000, under the Rajasthan Cooperative Society Act of 1965, with the goal of providing educational support to minority populations. Since its inception in May 2000, the Corporation has concentrated on providing affordable student loans for technical and professional courses both in India and overseas.
To ensure affordability, RMFDCC has partnered with the National Minorities Development & Finance Corporation (NMDFC) to offer a well-structured funding model, 90% from NMDFC, 5% from RMFDCC, and 5% from students. RMFDCC provides a ₹135 crore state government guarantee to NMDFC, ensuring prompt and dependable loan delivery. As the State Channelising Agency (SCA), it continues to play an important role in allowing students from the Muslim, Christian, Sikh, Buddhist, Parsi, and Jain groups to pursue higher education without financial barriers.
Key features of the Rajasthan Minority Finance & Development Co-operative Corporation
The Rajasthan Minority Finance & Development Co-operative Corporation (RMFDCC) offers a range of student-focused features designed to make higher education accessible and affordable for minority communities. From generous loan amounts to flexible repayment terms, here are the key highlights of this empowering initiative.
Target Group:
Students belonging to minority communities as per the National Commission of Minorities Act, including Muslims, Christians, Sikhs, Buddhists, Parsis, and Jains.
Financial Assistance:
- Loans provided for professional and technical courses in India and abroad.
- Covers tuition fees, maintenance allowance, books, and other education-related expenses.
Loan Amount:
- Up to ₹20 lakhs for studies in India — limited to ₹4 lakhs per annum for a maximum duration of 5 years.
- Up to ₹30 lakhs for studies abroad — limited to ₹6 lakhs per annum for a maximum duration of 5 years.
Interest Rate:
- Credit Line – I: 3% per annum for all beneficiaries.
- Credit Line – II: 8% per annum for male beneficiaries and 5% per annum for female beneficiaries.
Repayment Period:
- 5 years
Moratorium Period:
- Six months following course completion or employment, whichever comes first.
Eligibility Criteria
To ensure that its benefits reach the right individuals, the Rajasthan Minority Finance & Development Co-operative Corporation (RMFDCC) has laid out a clearly defined set of eligibility conditions. Below are the detailed eligibility requirements that applicants must meet to qualify for educational assistance under the RMFDCC loan scheme:
Residency:
- The applicant must be a permanent resident of Rajasthan.
Community:
- Must belong to one of the notified minority communities under the National Commission for Minorities Act, 1992, which includes: Muslim, Christian, Sikh, Buddhist, Parsi and Jains.
Age Limit:
- Applicants should be between 16 to 32 years of age.
Admission Requirement:
- Must have secured admission in a professional or technical course in India or abroad through a merit-based selection process.
Family Income Criteria:
- Credit Line I: Annual family income should not exceed ₹81,000 in rural areas and ₹1,03,000 in urban areas.
- Credit Line II: Annual family income eligibility is up to ₹6.00 lakhs, based on the “Creamy Layer” criteria used for OBCs by the Government of India (effective from September 2014).
Academic Performance:
- Should have a satisfactory academic record and meet the minimum qualifications required for the course being pursued.
Documents Required
To apply for an education loan from the Rajasthan Minority Finance & Development Co-operative Corporation, the following essential documents must be submitted along with the application.
Post-Dated Cheques
- 20 post-dated cheques or cheques as per the instalment schedule from the beneficiary (student).
Self Guarantee Deed
- To be executed on a ₹500 non-judicial stamp paper by the applicant.
Memorandum of Agreement
- Duly filled and signed by the applicant and co-borrower.
Domicile Certificate
- To prove the applicant’s residence status.
Minority Certificate
- Required if the applicant belongs to a minority community.
Income Certificate
Official income certificate to prove income below ₹81,000 per annum in rural areas and below ₹1,03,000 per annum for urban areas.
Recognition Certificate
- From a competent authority confirming the recognition of the institution/course.
Fee Structure
- Detailed and duly signed by the competent authority of the educational institution.
Security Requirements
- Parent/Guardian to be taken as a Co-borrower.
- One of the following securities must be provided: Approved securities equal to the loan amount (e.g., UTI, NSC, Public Sector Bonds), or charge creation on agricultural land valued at twice the loan amount, or personal surety from a permanent Government/ PSU/ Bank/ Autonomous Body employee with sufficient years of service. A certificate from the surety stating they will repay the loan in case of default is required.
Pan Card
- Copy of the applicant’s PAN card.
Aadhar Card
- Copy of the applicant’s Aadhaar card.
Bhamashah Card
- Copy of the Bhamashah card for identification and state benefit linkage (if available/applicable).
Application Process
The Rajasthan Minority Finance & Development Co-operative Corporation (RMFDCC) provides education loans to support minority students in pursuing higher studies. Here’s the step-by-step application process.
Step 1: Check Your Eligibility
- Make sure you belong to a minority community, are a resident of Rajasthan, and your family’s annual income is within the scheme’s limit. You should have secured admission to a recognized course.
Step 2: Visit the Official Website
Step 3: Choose the Right Scheme
- Select Shiksha Rin Yojana (Education Loan Scheme) from the list of schemes.
Step 4: Register and Fill the Application Form
- Create an account and fill in your details like name, address, income, course details, and institution information.
Step 5: Upload Required Documents
- Upload Aadhar card, minority certificate, income proof, domicile, admission letter, fee structure, and marksheets.
Step 6: Submit the Form
- After verifying all the details, submit the online form and download the acknowledgment.
Step 7: Submit Hard Copies (If Required)
- Visit your district RMFDCC office and submit a printed copy of the form with self-attested documents.
Step 8: Follow Up and Track Your Application
- Use the website or contact your district office to check the status of your application.
FAQs
1. Can I apply for the loan before securing admission?
No, RMFDCC requires proof of confirmed admission to a recognized institution at the time of application. A provisional letter may not be accepted.
2. Can I apply for the loan if I’ve already started my course?
Yes, loans can be considered for students already enrolled, but typically only the remaining duration of the course will be funded.
3. Is a guarantor required for the education loan?
Yes, a co-applicant or guarantor (usually a parent or guardian) with a stable income is generally required. For higher amounts, additional security may be asked.
4. Does RMFDCC help with visa-related expenses for studying abroad?
Yes, certain pre-departure expenses like visa fees, travel costs, and insurance can be covered within the total sanctioned amount.
5. What happens if I fail to complete the course?
The repayment obligation still exists. However, case-specific leniency (like deferred repayment or restructuring) might be granted based on genuine reasons.