Education Loan for SC Students in India to Study Abroad: NSFDC Loans

The Indian government aims to ensure quality education for every student.

And to achieve this goal, a non-profit company, named NSFDC was established in 1985.

NSFDC stands for National Scheduled Castes Finance and Development Corporation.
The government launched NSDFC to provide educational loan for sc students.

This loan is for both, studying in India and abroad. 

With the help of NSFDC, you can secure quality education at subsidised interest rates.

What Expenses Does NSFDC Educational Loan For SC Students Cover?

NSFDC, an educational loan for sc students covers all the big and essential expenses which come with studying abroad.

Some of them are:

• Tuition fee and admission fee
• Books and stationery
• Hostel and mess
• Insurance premium for policy during the loan period.
• The cost of travelling abroad, etc.

Which Courses Does NSFDC Educational Loan For SC Student Cover?

Courses like:

• Engineering (Diploma/ B.Tech /B.E, M.Tech/M.E.)
• Biotechnology/Microbiology/Clinical Technology (Diploma/Degree)
• Architecture (B.Arch/M.Arch)
• Medical (MBBS/MD/MS)

To check whether you can get an NSFDC educational loan for sc students for your desired course, check this complete list of supported-courses. 

Follow This Checklist to Get Your NSFDC Educational Loan for SC Students Approved

The process of NSFDC educational loan for sc students is completely online. You have to fill out the form on its official website and thereafter the loan will be approved within a month – Official website NSFDC: educational loan for SC students

But before this, you must check out the list below to become eligible for this loan, or else your application will be denied

• Indian citizenship is required.
• A valid Scheduled Caste certificate issued by a competent authority Like, ADM or SDO is required.
• Your family income should be up to INR 3 lakh per annum or less. This is valid for both rural and urban areas.
• An acceptance letter from the university and a merit-based admission to the university abroad are required.
• The Indian government must approve your course for funding.
• An income certificate stating your family’s income is required.
• You must have other valid documents proving your address. For example, ration card, voter’s ID card, passport, etc.
• Certification of passing from the previous institution in the prescribed format with the institute’s seal is required.

What if you can’t get the NSFDC Educational Loan For SC Students?

Yes, this is likely. Even if you are a member of the SC community. These are some scenarios:

• You can’t produce the certificates mandatory to prove your candidature for the NSFDC educational loan for sc students.
• You can’t produce the certificate in time
• You can’t afford to wait for the 4-6 weeks of processing time of the NSFDC educational loan for sc students.
• NSFDC is inundated with too many applicants and can’t honor your application even though you fulfil all criteria

Then, what are your options?

Check whether you qualify for any other education loan from the Indian government.

There are many other government loans available with similar interest rates, but different eligibilities. Check them out below: 

National Minorities Development & Finance Corporation

The NMDFC, a not-for-profit company, was launched in 1994. Its objective is to provide loans to minority students at the graduate and higher level in India or abroad for pursuing general, professional, and technical education.

NMDFC education loan eligibility criteria

1. Have an acceptance letter from the university
2. Belong to a Minority community – Muslims, Sikhs, Buddhists, Christians, Parsis, and Jains.
3. Have family’s Income under
   Rural areas: 98,000 per annum 

Urban areas: 1,20,000 per annum

The National Safai Karamcharis Finance and Development Corporation (NSKFDC)

NSKFDC was set up in 1997. A major objective of the schemes under NSKFDC is to enhance the socioeconomic standing of the Safai Karamcharis, Scavengers, and their dependents.

Eligibility criteria for NSKFDC

NSKFDC is a career based loan. You must be a Safai Karamchari or their dependents to be eligible for this NSKFDC loan.
There is no income boundation, however, priority will be given to the:

• Scavengers whose income is below double the property line.
• Women form among the target group.
• Disabled persons among the target group.

National Backward Classes Finance and Development Corporation

The eligibility criteria for NBCFDC education loan

• The annual family income should be less than:
  For rural areas: ₹98,000/-
  For urban areas: ₹1,20,000/-.
• Only meritorious students from the backward class are eligible for the loan.
• Applicants for education loans with less than 60% marks are not eligible  
• In order to qualify for the loan, a candidate needs to be admitted to a professional course approved by an appropriate authority, such as the AICTE, the UGC, and the Medical Council of India. 

What If You Can’t Qualify For Any Of The Government Loans?

Each of these loans has different eligibility criteria.

• What if your marks are below 60%?
• What if your income is higher than eligibility?

There are many “what ifs” to be answered. Thus, there is a high possibility that you might not qualify for these loans.
So, what is your best option after this?

Shop around for a loan from FundRight–India’s only loan bidding platform

Imagine this: 

• The loan process which normally takes 720 hours is reduced to 2 days.
• The best money lenders compete and bid for your education loan.
• You save up to 23 lakhs in this whole loan process.

Sounds like a dream right?

Well, it’s not.

FundRight makes it all possible. It is India’s 1st online loan bidding platform.

It gives you the authority to choose from various loan offers presented by different money lenders. 

Let’s see how it can help you get the best education loan.                  

Choose from 15+ lenders and get the lowest rate of interest

There are only limited government loans that will give you the freedom to choose. Most of the time you will have to settle with the terms you don’t like.

But on FundRight, 15+ moneylenders–including public/private sector banks, NBFCs, and international lenders–bid for your profile. This means you’ll call the shots now.

Here’s how you can get the best education loans- 

• Create an account on FundRight and submit your details.
• Get immediate offers from leading lenders. More offers added within 48 hours. 
• Compare, and choose. 
• Upload your documents. 
• Get approval, and wait for disbursement. 

This whole process is online. This means you can work on the other important aspects of your college application without worrying about finances.

Submit Your Documents Only Once

Why visit a bank thrice a week just to submit all the necessary documents? 

With fundRight, you only have to submit the details once and from there we will take care of it.

We will make sure that only relevant information is sent to all money lenders. This saves you a lot of time and effort. 

Apply for special scholarships

Once you start the loan process at FundRight, you will automatically become eligible for different scholarships provided by us. You need not go through any other procedure. 

However, to get shortlisted for the scholarship, you’ll have to complete your loan disbursement.

Currently, we provide the following scholarships:

• Gradright Prodigy scholarship: $20,000
• GradRight Study Abroad Scholarship for LGBTQIA+: ₹2,00,000
• Women Empowerment Scholarship: $2,000
• Need-based Scholarship: $3,000

Get Freebies That Can Save You Up to $1,200 in the Admission Process.

When you sign up at FundRight and disburse your loan from our lenders, you’ll automatically get access to all the freebies.
You can unlock these freebies by visiting the site of GradOns, a program under FundRight, and save up to $1200 in the whole admission process. 

Frequently Asked Questions

1. If I am eligible for more than one scheme, then which government scheme should I choose?

Your needs will determine which loan is best for you. Seek professional advice to get well informed about the actual terms of a loan. This eliminates the confusion you might face hence making it easier for you to choose the right loan.

2. Which is a better option: Private loans or Government loans?

Both have their own pros and cons. You will benefit from a government loan because processing charges and interest rates are lower compared to private bank loans. However, the processing time is much shorter in the case of private banks. So, if time is not a boundation, then you should go for a government loan.

3. Which factor is most important while choosing a loan?

Answer: The rate of interest is the most crucial factor which determines the total cost of your loan. However, majors like marine biology or english do not guarantee jobs immediately.

Hence when choosing a loan, considering other factors like repayment period and a moratorium should be your priority.