NSFDC Education Loan for SC/ST Students to Study Abroad

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.

Table of Content

1. NSFDC education loan key features
2. Eligibility criteria
3. Expenses covered
4. Documents required
5. How to apply
6. Courses covered
7. Frequently asked questions

Eligibility criteria NSFDC education loans

Government education loan for SC/ST students eligibility criteria are quite strict when it comes to abroad education loans offered by the government.

1. The applicant must be an Indian citizen having a valid Scheduled Caste (SC) certificate.
2. The family income of the loan applicant should be up to INR 3 Lakh per annum.
3. The applicant must have secured admission to a regular full-time technical/professional course in a recognized university abroad on merit basis.
4. No scholarship/freeship should be available for the course for which the loan is sought from any Govt. Agency/any other source.
5. No education loan has been granted by any other bank/institute for the course for which loan is being applied for.
    

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Expenses covered under NSFDC education loans

• 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

Documents required for NSFDC education loans

• 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 clear passport-size photographs
• SC caste certificate and income certificate
• Address proof including ration card, voter ID card, electricity/telephone bill, passport, etc
• The 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

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Courses covered under NSFDC education loans

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. 

• 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)
• 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 the Institute of Engineers (AMIE) and Institute of Electronics & Telecommunication.
• Higher education like Doctoral Studies leading to M.Phil/PhD from recognized institutions.

 

Points to remember while applying for NSFDC education loan for schedule caste students

• If the student takes up part-time employment, they will have to provide a certificate from the head of the institution stating that their employment will not affect their studies.
• The student cannot change their course or institution without the permission of the SCA.
• Students cannot avail any scholarship for the course these loans have been sanctioned from any government agency or any other source.

How to apply for NSFDC education loans for schedule caste students?

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:

• Download the education loan application form from the official website of NSFDC.
• After filling the application form, submit this to your respective district offices of State Channelizing Agencies (SCAs). 
• The agency will then evaluate & forward the application to the NSFDC.
• Take the printout of the application form as you’ll need to submit a signed copy at the time of disbursement.

 

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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.

Read also:

• Strategies to Lower Your Cost of Studying Abroad
• Education Loan for Abroad Studies. 
• NBFC Education Loan for Abroad Studies 
• Bank vs. NBFC Education Loan