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

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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.
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