NSFDC Education Loan Scheme for SC Students
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NSFDC Education Loan Scheme is being offered by the National Scheduled Castes Finance and Development Corporation (NSFDC) to SC category students who wish to pursue regular professional/technical courses recognized by the Government in India and abroad.
Under this scheme, the students can obtain an education loan of up to INR 20 lakh to study in India and up to INR 30 lakh to pursue education abroad at a maximum interest rate of 4%. The grants will be provided to the female applicants at an interest rebate of 0.5%.
Furthermore, for students in India, the Government will provide either a maximum of 90% of the course fee or INR 20 lakh, whichever amount is lower. Similarly, for students aspiring to study abroad, they may either receive financial aid that covers up to 90% of the course fee or INR 30 lakh, depending on whichever amount is less. The education loan repayment period is up to 10 years (for loans up to INR 7.50 lakh) and up to 15 years (for loans above INR 7.50 lakh).
NSFDC Education Loan Scheme for SC Students
DeadlineAlways Open Eligibility The applicants must fulfill the following eligibility criteria:
- Applicants must be Indian citizens.
- They must belong to the Scheduled Castes (SC) category.
- Students must be planning to pursue regular professional/technical courses approved by the Government in India and abroad.
- Applicants must have cleared their last qualifying examination (school, undergraduate, or postgraduate level).
- The candidates must be enrolled in one of the following professional and technical courses approved by the Government for pursuing studies in both Indian and International institutions:
- Architecture (B.Arch./M.Arch.)
- Medical (M.B.B.S/M.D./M.S.)
- Law (L.L.B./L.L.M.)
- Education (C.T./N.T.T./B.Ed./M.Ed.)
- Education (C.T./N.T.T./B.Ed./M.Ed.)
- Physical Education (C.PEd./B.PEd./M.PEd.)
- Journalism & Mass Communication (Graduation/postgraduation)
- Geriatric Care (Diploma/postgraduate/diploma)
- Midwifery (Diploma)
- Laboratory Technician (Diploma)
- Chartered Accountancy (C.A.)
- Cost Accountancy (I.C.W.A.)
- Company Secretaryship (C.S.)
- Biotechnology/Microbiology/Clinical Technology (diploma/degree)
- Pharmacy (B.Pharm./M.Pharm.)
- Dental (B.D.S./M.D.S.)
- Physiotherapy (B.Sc./M.Sc.)
- Pathology (B.Sc./M.Sc.)
- Nursing (B.Sc./M.Sc.)
- Information Technology (B.C.A./M.C.A.)
- Management (B.B.A./M.B.A.)
- Hotel Management & Catering Technology (Diploma/graduation/postgraduation)
- Actuarial Sciences (Graduation/post graduation/F.I.A.)
- Associate Member of the Institute of Engineers (A.M.I.E.) and Institute of Electronics & Telecommunication
- Higher education (Doctoral studies leading to M.Phil./Ph.D. from recognized institutions)
- Annual family income of applicants belonging to urban and rural areas should not exceed INR 3 lakh.
Benefits: The following benefits will be covered under this education loan:
- Admission fee
- Tuition fee
- Books, stationery, and equipment expenses
- Examination fee
- Hostel and mess expenses
- Insurance premium for policy (covering loan in case of death or permanent disability)
- Travel expenses/passage money (including visa expenses) for studying abroad
- Caution money
- Development fund
- Clothing allowance (including weather-protective clothing in extreme climates for foreign study)
- Provision of 1% of the total course cost is allocated to cover unforeseen expenses
- Thesis printing charges
- Other charges related to the submission of the thesis
- Campus conveyance (including bus and railway fare)
Note: Any other items necessary for the course may be taken into consideration.
The interest rates and maximum loan limits under this scheme are as follows:
Location
Loan Limit Interest Rate Study in India Up to 90% of the course fee or INR 20 lakh (whichever is less) 4% Study Abroad Up to 90% of the course fee or INR 30 lakh (whichever is less)
Note - A rebate of 0.5% will be provided to female applicants.How can you apply? Students can apply for an education loan by following the below steps:
Step 1: Visit the official website NSFDC.
Step 2: Navigate the cursor to the ‘SCHEMES’ tab.
Step 3: Scroll down and click on the ‘EDUCATIONAL LOAN SCHEME (ELS)’ tab.
Step 4: Click on the ‘Forms’ button located on the right side under the ‘Quick Links’ section.
Step 5: Now, click on the ‘Education Loan’ tab.
Step 6: Download the application form and fill out the relevant details.
Step 7: Attach the supporting documents (hard copy) in the prescribed format.
Step 8: Create a file including the application form and documents and submit it to the respective State Channelizing Agency (SCA).Note –
- Please visit the official website of NSFDC to find the concerned authority’s address, phone number, and email ID.
- Check the official document released by the SCA, to download the application form.
Previous Year Scholarships And Results
Frequently Asked Questions
What’s the role of the NSFDC?
The National Scheduled Castes Finance and Development Corporation (NSFDC) has been entrusted with the responsibility of providing financial support to individuals with an annual family income of up to INR 3 lakh, residing in both rural and urban areas.
The NSFDC offers financial assistance to the target group through State Channelizing Agencies (SCAs), which are nominated by the respective State/UT Government, as well as other channel partners like public sector banks, regional rural banks, NBFC-MFIs, JHARCRAFT, NEDFi, and more.
What is the last date to apply for the NSFDC Education Loan Scheme?
Students can apply for this loan scheme throughout the year.
Who is eligible for the NSFDC Education Loan Scheme?
The students belonging to Scheduled Caste (SC) category pursuing undergraduate and postgraduate (technical and professional) courses or diplomas can apply for the NSFDC scheme. Furthermore, the annual family income of students must not exceed INR 3 lakh.
What is the repayment period for the NSFDC Education Loan Scheme?
The repayment period can extend up to 10 years for loans up to INR 7.50 lakh, and up to 15 years for loans exceeding INR 7.50 lakh.
Can minority-category students apply for the NSFDC loan scheme?
No, the scheme is exclusively tailored for students belonging to the Scheduled Caste (SC) category.
Can students from other minority categories (ST/OBC/etc.) apply for the NSFDC loan scheme?
No, the scheme is exclusively tailored for students belonging to the Scheduled Caste (SC) category.
Contact
In case of any queries, please reach out to:
(011)-22054392, 22054394, 22054396 (Monday to Friday - 10:00AM to 06:00 PM (IST))support-nsfdc@nic.in
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