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Read GyanDhan’s guide on NSFDC education loan for SC students. Know eligibility, documents required & application process of abroad education loan for sc students by NSFDC.
Updated on: 20 Feb 2024 | Reviewed By: amanjain | 8.96K | 5 min read
The National Scheduled Castes Finance and Development Corporation (NSFDC), was established by the Government of India in 1985 as a not-for-profit company. The NSFDC helps students with education loans from the Scheduled Caste (SC) community to secure education loans to study in India or abroad. So far, NSFDC has sanctioned thousands of education loans for SC students.
Government education loan for SC/ST students eligibility criteria are quite strict when it comes to abroad education loans offered by the government.
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The number of courses of education loan for scheduled caste students is kept wide enough so that most students can be brought under the net of affordable abroad education loans.
Government education loan for SC/ST students loan procedure is simple, and one can get it approved within a month. Make sure to keep all the documents related to caste, income, and academics readily available. Since the NSFDC is a government body, the documents are scrutinized very strictly, you must ensure that there shouldn't be any discrepancies such as mistakes in the name of the student, name of the parents, date of birth, etc. Ideally, you should start the process right after getting the letter of acceptance from the university, which will help you get the loan approved on time.
Students have to download the loan application form from the official website of NSFDC and provide the letter of acceptance to the State Channelising Agency (SCAs) in their respective state/UT.
The application procedure:
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Education loan for scheduled caste via NSFDC for students in India to study abroad is a valuable initiative that opens doors of opportunity for SC students seeking higher education overseas. This loan program addresses the financial barriers faced by SC students and enables them to pursue their educational aspirations on an international platform.
However, if you are not eligible for NSFDC government education loan for SC/ST students then there are other options available. Leading public & private banks and NBFCs provide education loans. But selecting the best lender is again a daunting task hence expert advice is recommended. One such platform is GyanDhan which helps students secure education loans for education both in India and abroad. We evaluate each student's profile and provide comparison between various lenders and financial institutions offering education loans. To begin, check your loan eligibility.
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NSFDC full form is National Scheduled Castes Finance and Development Corporation.
The current rate of interest offered by NSFDC for abroad education loans is 4%.
The maximum loan amount available under NSFDC is INR 30 Lakh or 90% of the course fee whichever is less.
Indian citizens who hold Schedule Caste certificates and have secured admission to recognized universities or institutions abroad for higher education are eligible for the loan.
At the start of each financial year, NSFDC allocates funds to the State Channelizing Agencies (SCAs) based on the proportion of the scheduled caste population represented by each state/UT administration. The SCAs, in turn, are responsible for allocating funds to districts within their jurisdiction in accordance with the same principle of proportionate representation of the scheduled caste population.
No, NSFDC provides education loans for pursuing regular full-time professional/technical recognized courses approved by the government in India or abroad.
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