Education Loan for Scheduled Caste Students Application Process, Eligibility, Courses Covered & So On

Education Loan for Scheduled Caste Students: National Scheduled Caste Finance and Development Corporation is an organization that offers educational loan schemes to the students who want to pursue full-time professional/ technical courses. Willing students can check the expenses covered, eligibility, covered courses, and application process here.

Education Loan for Scheduled Caste Students

The government of India and many banks provide student education loans to the reserved candidates. Eligible students can submit the online application with needed documents to cover the educational expenses of the course.

The main motto of the organizations is to help the scheduled caste student to reach their career goals by studying in the best institutions. The NSFDC will provide up to 20 lakhs to study in India, and 30 lakhs to study abroad. Students have the 10 years repayment period for the loans below 7.50 lakhs and up to 15 years repayment period for the loans above 7.50 lakhs.

Education Loan Covered Professional/ Technical Courses

The education loan is provided to the eligible students for pursuing the full-time professional/technical courses approved by the Indian government in recognised institutions in India or abroad.

• Biotechnology/Microbiology/Clinical Technology (Diploma/Degree)
• Geriatric Care (Diploma/Post Graduate Diploma)
• Chartered Accountancy (CA)
• Hotel Management & Catering Technology (Diploma /Graduation/Post Graduation)
• Education (CT/NTT/B.Ed/M.Ed)
• Company Secretaryship (CS)
• Higher education like Doctoral Studies leading to M.Phil/PhD from recognized institutions
• Pathology (B.Sc/M.Sc.)
• Physiotherapy (B.Sc./M.Sc.)
• Dental (BDS/MDS)
• Journalism & Mass Communication (Graduation/Post Graduation)
• Cost Accountancy (ICWA)
• Law (LLB/LLM)
• Midwifery (Diploma)
• Engineering (Diploma/ B.Tech /B.E, M.Tech/M.E.)
• Medical (MBBS/MD/MS)
• Nursing (B.Sc./M.Sc.)
• Information Technology (BCA/MCA)
• Architecture (B.Arch/M.Arch)
• Laboratory Technician (Diploma)
• Management (BBA/MBA)
• Pharmacy (B.Pharma/M.Pharma)
• Associate Member of Institute of Engineers (AMIE) and Institute of Electronics & Telecommunication
• Actuarial Sciences (Graduation/ Post Graduation/FIA)
• Education (CT/NTT/B.Ed/M.Ed)
• Physical Education (C.PEd./B.PEd/ M.PEd)

Eligibility for Scheduled Caste Educational Loans

Students should fulfil the following criteria to obtain an education loan.

• The beneficiary should be an Indian and belong to the scheduled caste community.
• They must have passed the 12th class.
• Lon of up to INR 3 lakhs is given for rural and urban areas. At least 50% funding to the beneficiaries with annual family income up to INR 1.5 lakhs and a balance of 50% funding to the beneficiaries having annual family income greater than INR 1.5 lakh and below INR 3 lakhs.
• Students should have been admitted to study full-time professional courses.

Expenses Covered Under Scheduled Caste Education Loan

The following are the covered expenses under the study loan for scheduled caste students.

• Tuition fee
• Admission fee
• The cost of books and stationery
• The examination, library, and laboratory fees
• The hostel and mess expenses for students living inside the campus
• Insurance premium for policy for ensuring loans against the borrowers in case of death or permanent disability
• The cost of travelling abroad, including the cost of visa
• The university might ask for other expenses, e.g. caution money, development fees, etc

Interest Rate of Education Loan for Reserved Category Students

For the sake of students, the central government of India and state governments have given different education loan schemes for the students who study higher education.

The maximum loan amount under this scheme to study in India is INR 20 lakhs. Or it can cover 90% of the course fee. The applied interest rate is 4% for the scheduled caste students and above 0.5% concession is applicable for female students.

The maximum loan amount under this scheme to study abroad is INR 30 lakhs or 90% of the course fee. The rate of interest is 4% and a 0.5% concession is applicable for female students.

Documents Required To Apply For Education Loan

Carry these documents to get the scheduled caste education loan easily and quickly.

• Duly filled and signed application form. The form should include the signatures of the student and parents/guardian as they will be the co-applicant
• Two passport-size photographs
• SC caste certificate and income certificate
• Address proof including ration card, voter ID card, electricity/telephone bill, passport, etc
• The admission letter of acceptance by the university
• The passing certificate by the earlier institution in the prescribed format, duly signed and bearing the seal of the institute

How to Apply for an NSFDC Education Loan?

Here are the simple steps to apply for the NSFDC Education Loan for Scheduled Caste Students. You can apply for the study loan via both online or offline mode.

• Go to the official portal of NSFDC.
• Click on the Schemes tab.
• Next, select the educational loan scheme (ELS) tab.
• Click on the forms button which is available beside the quick links section.
• Finally, click on the education loan tab.
• Download the application form and fill your data.
• Attach the printed copies of the needed documents in prescribed format.
• Create a file including application form and documents and submit to the State Channelizing Agency.

Contact Details:

National Scheduled Castes Finance and Development Corporation (NSFDC)

Address – 14th Floor, SCOPE Minar, Core 1 & 2, Laxmi Nagar, Delhi – 110 092

Telephone Number: (011)-22054392, 22054394, 22054396 | Fax Number: (011)-22054395

FAQs on Education Loan For SC Students

1. Is there any education loan for SC students?

Yes, there is an education loan for SC students called the NSFDC Education Loan scheme. It offers loans to scheduled caste students to pursue full time courses.

1. Who is not eligible for an education loan?

The students below 18 years without guardian or family as collateral are not eligible for education loan. If they didn’t get admission letters from the college they are also not eligible.

1. What percentage is required for an education loan?

A minimum of 60% marks from the previous course is needed to apply for an education loan.

1. Can a poor student take an education loan?

Yes, poor students can get education loans from NSFDC which is managed by the government of India.

Final Words

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