NSFDC Education Loan: Eligibility, Application Form, Interest Rate, Benefits

National Scheduled Castes Finance and Development Corporation (NSFDC), as the name suggests, is a Government owned organization that works towards promoting prosperity and improving the flow of financial assistance among those belonging to the Scheduled Caste community. It also focuses on skill development and other initiatives. Accordingly, the education loan scheme of NSFDC helps students from the community secure loans to study abroad or pursue studies in India. To learn more about NSFDC Education Loan, continue reading this blog. 

Name	NSFDC Education Loan
Scheme	Educational Loan Scheme of NSFDC
Board Name	National Scheduled Castes Finance and Development Corporation
Aimed at	Education in India or Abroad for SC students
Website	http://nsfdc.nic.in

What Does NSFDC Education Loan Cover?

NSFDC education loan benefits the students from Scheduled Caste community. The education loan helps cover a range of expenses and other necessities that students might need to incur during their study abroad education. These benefits of covering expenses include:

1. The admission fee and the tuition fee 
2. The examination fee 
3. The expenses around travel abroad, including the cost of a visa 
4. All expenses for library, books, stationary, and other instruments 
5. The laboratory fees 
6. The accommodation fees 
7. Development fees as well as caution money 
8. Insurance premium in case of death or permanent disability of borrowers 

NSFDC Education Loan Scheme 

The education loan scheme of NSFDC has various particulars for both Indian and abroad education for SC students, including interest rates and other aspects. We have shared the table below for a particular overview of what the NSFDC Education Loan Scheme entails.

For?	Loan Amount	Interest Rate p.a. chargeable to Student
Within India	INR 20 lakh, or up to 90% of the course fee of the student – whichever is less.	4%Women beneficiaries – 0.5% rebate
Abroad Students	INR 30 lakh, or up to 90% of the course fee of the student – whichever is less.	4%Women beneficiaries – 0.5% rebate

Also Read: Saraswat Bank Education Loan: Interest Rate, Application Process, Eligibility

Eligibility Criteria for NSFDC Education Loan

To avail of the  NSFDC Education Loan, one must be eligible for the same. The requirements are mentioned below. 

1. The students should be from the Schedules Caste Community. 
2. Education loans are provided to SC students whose family income of INR 3 lakh per annum if they are living in rural areas or urban areas. 
3. For abroad education, students should have successfully enrolled in a full-time technical/professional course based on their merit from a recognized university abroad. 
4. Moreover, the course they have enrolled for should not have made any scholarship/freeship available.
5. No other educational loan from any other bank has been sanctioned. 

What are the Courses Covered? 

Students will be granted the NSFDC Education Loan for government-recognized professional/technical courses in India and abroad in the following fields

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

Also Read: Student Loan Tax Deduction: Calculator, Income Limit, Section 80E

Application Process

The application process for NSFDC Education Loan is quite simple. You have to start with the application form available on the official website of NSFDC. Check out the steps below. 

1. Visit the NSFDC website and download the application form for the education loan 
2. Duly fill out the application form
3. Submit the application form to the respective district office of State Channelizing Agencies (SCAs)
4. SCA will evaluate the application
5. Next, the application will be forwarded to NSFDC
6. Await results while you take out the printout of the application form 
7. Submit the signed copy of the application form at the time of disbursement

Application Form 

Downloading and filling out the application form is the most crucial part of the application process for an NSFDC Education Loan. You can find what the application form looks like by clicking on the link below. 

NATIONAL SCHEDULED CASTES FINANCE & DEVELOPMENT CORPORATION EDUCATIONAL LOAN APPLICATION FORMAT

Points to Remember 

These are the points that the student must keep in mind while applying for an education loan. 

1. No switch in course or change in plans about the institution without the SCA permission
2. No scholarship is to be availed for the course the loan has been sanctioned 
3. In the case of part-time work, a certificate from the institution that studies will not be affected is to be presented. 

Documents Required

These are the documents required

1. Filled out the application form 
2. Certificate of SC of the student 
3. Income certificate
4. Two passport-size photographs
5. Address proof such as voter ID, passport, etc
6. Letter of Acceptance from the university
7. Passing certificate from the previous institute 

Also Read: Here’s How You Can Get An Education Loan Without Income Proof!

Repayment and Moratorium Period 

The period of repayment, as well as the moratorium period, are shared below. 

Repayment Period	For Loans up to INR 7.5 lakh: Up to 10 years  For Loans above INR 7.5 lakh: Up to 15 years
Moratorium Period	6 months after getting employment or completing the course, whichever is earlier

FAQs

That was all about NSFDC Education Loan! For any Student Loan, Bank Account or Money Transfer related queries, contact our Fly. Finance Team.