Credit Based Schemes For SC – Education Loan Scheme
Introduction:
- Ministry of Social Justice and Empowerment’s Credit-Based Schemes for SC – Education Loan Scheme
- Financial assistance for Scheduled Caste students pursuing full-time Professional/Technical courses in India or abroad
Ministry/Agency:
- Ministry of Social Justice and Empowerment
Objectives:
- Provide financial assistance to Scheduled Caste students pursuing full-time Professional/Technical courses
- Reduce the financial burden of education for Scheduled Caste students
Benefits:
- Financial assistance of up to 90% of the course fee or Rs. 20 lakhs (for students in India) and Rs. 10 lakhs (for students abroad)
- Interest rate of 4% per annum (3.5% for women beneficiaries)
- Repayment period of up to 10 years (for loans up to Rs. 7.5 lakhs) and up to 15 years (for loans above Rs. 7.5 lakhs)
- Moratorium period of 6 months after course completion or getting employment, whichever is earlier
Eligibility:
- Students of Scheduled Caste category
Implementation Strategy:
- Loan amount of up to 90% of the course fee or Rs. 10 lakhs (for students abroad) and Rs. 20 lakhs (for students in India)
- Interest rate of 1.5% per annum chargeable to SCAs and 4% (0.5% rebate for women beneficiaries) chargeable to students
- The loan can be repaid within 10-15 years, and there is a moratorium period of 6 months after course completion or getting employment, whichever is earlier.
