NSFDC Education Loan Scheme for SC Students

NSFDCELS

NSFDC Education Loan Scheme for SC Students
About the Program

The NSFDC Education Loan Scheme for SC Students is an initiative by the National Scheduled Castes Finance and Development Corporation (NSFDC) to support Scheduled Caste (SC) students pursuing professional or technical courses. This scheme offers loans to cover various educational expenses, including tuition, hostel, books, and other related costs. Eligible students can borrow up to ₹30,00,000 for domestic studies and ₹40,00,000 for studies abroad. The loan provides lower interest rates compared to commercial banks, along with flexible repayment options. Loans are disbursed through State Channelizing Agencies (SCAs), and applicants must meet specific income and caste criteria to qualify.

Eligibility

Eligibility Criteria

The eligibility requirements for this scheme are as follows:

  • Citizenship: The applicant must be an Indian citizen.
  • Caste: The applicant must belong to the Scheduled Castes (SC) category.
  • Course Enrollment: The applicant should be enrolled in a regular professional or technical course, either in India or abroad, approved by the government.
  • Previous Qualification: The applicant must have cleared their previous qualifying examination, whether at the school, undergraduate, or postgraduate level.
  • Eligible Courses: Students must be pursuing one of the following approved courses:
    • Engineering (Diploma/B.Tech/B.E, M.Tech/M.E.)
    • Architecture (B.Arch/M.Arch)
    • Medical (MBBS/MD/MS)
    • Biotechnology/Microbiology/Clinical Technology (Diploma/Degree)
    • Pharmacy (B.Pharma/M.Pharma)
    • Dental (BDS/MDS)
    • Physiotherapy (B.Sc./M.Sc.)
    • Pathology (B.Sc./M.Sc.)
    • Nursing (B.Sc./M.Sc.)
    • Information Technology (BCA/MCA)
    • Management (BBA/MBA)
    • Hotel Management & Catering Technology (Diploma/Graduation/Post Graduation)
    • Law (LLB/LLM)
    • Education (CT/NTT/B.Ed/M.Ed)
    • Physical Education (C.PEd/B.PEd/M.PEd)
    • Journalism & Mass Communication (Graduation/Post Graduation)
    • Geriatric Care (Diploma/Post Graduate Diploma)
    • Midwifery (Diploma)
    • Laboratory Technician (Diploma)
    • Chartered Accountancy (CA)
    • Cost Accountancy (ICWA)
    • Company Secretaryship (CS)
    • Actuarial Sciences (Graduation/Post Graduation/FIA)
    • Associate Member of Institute of Engineers (AMIE) and Institute of Electronics & Telecommunication
    • Higher education (M.Phil/PhD from recognized institutions)
  • Income Limit: The annual family income of applicants must not exceed ₹3 lakh for both urban and rural areas.
How can you apply?

Eligibility Criteria

The eligibility requirements for this scheme are as follows:

  • Citizenship: The applicant must be an Indian citizen.
  • Caste: The applicant must belong to the Scheduled Castes (SC) category.
  • Course Enrollment: The applicant should be enrolled in a regular professional or technical course, either in India or abroad, approved by the government.
  • Previous Qualification: The applicant must have cleared their previous qualifying examination, whether at the school, undergraduate, or postgraduate level.
  • Eligible Courses: Students must be pursuing one of the following approved courses:
    • Engineering (Diploma/B.Tech/B.E, M.Tech/M.E.)
    • Architecture (B.Arch/M.Arch)
    • Medical (MBBS/MD/MS)
    • Biotechnology/Microbiology/Clinical Technology (Diploma/Degree)
    • Pharmacy (B.Pharma/M.Pharma)
    • Dental (BDS/MDS)
    • Physiotherapy (B.Sc./M.Sc.)
    • Pathology (B.Sc./M.Sc.)
    • Nursing (B.Sc./M.Sc.)
    • Information Technology (BCA/MCA)
    • Management (BBA/MBA)
    • Hotel Management & Catering Technology (Diploma/Graduation/Post Graduation)
    • Law (LLB/LLM)
    • Education (CT/NTT/B.Ed/M.Ed)
    • Physical Education (C.PEd/B.PEd/M.PEd)
    • Journalism & Mass Communication (Graduation/Post Graduation)
    • Geriatric Care (Diploma/Post Graduate Diploma)
    • Midwifery (Diploma)
    • Laboratory Technician (Diploma)
    • Chartered Accountancy (CA)
    • Cost Accountancy (ICWA)
    • Company Secretaryship (CS)
    • Actuarial Sciences (Graduation/Post Graduation/FIA)
    • Associate Member of Institute of Engineers (AMIE) and Institute of Electronics & Telecommunication
    • Higher education (M.Phil/PhD from recognized institutions)
  • Income Limit: The annual family income of applicants must not exceed ₹3 lakh for both urban and rural areas.

Loan Benefits and Conditions

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 ₹30,00,000 (whichever is less) 6%
Study Abroad Up to 90% of the course fee or ₹40,00,000 (whichever is less) 7%

Additional Benefits:

  • A 0.5% rebate on the interest rate for female applicants.
  • The repayment period is 10 years for loans up to ₹10,00,000 and 12 years for loans exceeding ₹10,00,000.

Covered Expenses: The following educational expenses will be covered under this loan scheme:

  • Admission fees
  • Tuition fees
  • Books, stationery, and equipment expenses
  • Examination fees
  • Hostel and mess expenses
  • Insurance premiums for loan coverage in case of the borrower’s death or permanent disability
  • Travel and passage expenses, including visa costs for studying abroad
  • Caution money
  • Development fund
  • Clothing allowance (including protective clothing for extreme climates when studying abroad)
  • Provision of 1% of the total course cost to cover unforeseen expenses
  • Thesis printing charges
  • Charges related to thesis submission
  • Campus conveyance costs (e.g., bus and railway fare)
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