Education Loan Scheme (NSFDC)
Category: Banking,Financial Services and Insurance, Education & Learning
Level: Central | State: All
Ministry: Ministry Of Social Justice and Empowerment

Details:
The &quot;Education Loan Scheme&quot; is implemented by the National Scheduled Castes Finance and Development Corporation (NSFDC) under the Ministry of Social Justice and Empowerment, Government of India. Under this Scheme, the loan is provided for pursuing full-time Professional/Technical courses in recognized institutions as one-time assistance. The Educational Loan shall cover Admission Fee, Tuition Fee, Books, Stationery, Equipment, Examination Fee, Hostel and Mess Expenses, Insurance Premium for Policy for insuring loanees against 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 climate (in case of foreign study).
**Professional/Technical Courses Covered:** Educational Loans shall be provided to eligible students for pursuing regular full-time Professional/Technical recognized courses approved by the Government in the following fields in India or abroad:

  - 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 &amp; Catering Technology (Diploma /Graduation/Post Graduation)
  - Law (LLB/LLM)
  - Education (CT/NTT/B.Ed/M.Ed)
  - Education (CT/NTT/B.Ed/M.Ed)
  - Physical Education (C.PEd./B.PEd/ M.PEd)
  - Journalism &amp; 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 the Institute of Engineers (AMIE) and Institute of Electronics &amp; Telecommunication
  - Higher education like Doctoral Studies leading to M.Phil/PhD from recognized institutions.

Benefits:
Maximum Loan Limit:
Up to ₹30,00,000/-
 (for studies in India) and 
upto ₹40,00,000/-
 (for studies abroad) or 90% of course fee, whichever is less.
Rate of Interest:
For studies in India:
 NSFDC shall charge interest @ 2% per annum from the SCAs, which in turn, shall charge 6% per annum from the beneficiaries. In case of women beneficiaries, an interest rebate of 0.5% is provided.
For studies abroad:
 NSFDC shall charge interest @ 3% per annum from the SCAs, which in turn, shall charge 7% per annum from the beneficiaries. In case of women beneficiaries, an interest rebate of 0.5% is provided.
Repayment Period:
The maximum repayment period under the Educational Loan Scheme is as under:-
For Loan up to ₹10,00,000/-:
 Within 10 years
For Loan above ₹10,00,000/-:
 Within 12 years

Eligibility Criteria:
1. The applicant should be a student pursuing regular full-time Professional or Technical courses in a recognized institution in India or abroad.
   1. The applicant should belong to a Scheduled Caste community.
   1. The applicant&#39;s annual family income should be less than ₹3,00,000/-, both in rural and urban areas.
   1. The education loan assistance will be provided as a one-time assistance.