Education Loan Scheme (NSFDC)
in Tamil Nadu
Last updated:
Education Loan Scheme (NSFDC) in Tamil Nadu
Education Loan Scheme (NSFDC) is a government scheme available to eligible residents of Tamil Nadu.
Apply for Education Loan Scheme (NSFDC) in Tamil Nadu
Scheme Overview
The scheme implemented by the National Scheduled Castes Finance & Development Corporation, Ministry of Social Justice & Empowerment, Govt. of India. Under this Scheme, loan is provided for pursuing full-time Professional/Technical courses in recognized institutions as one time assistance.
Eligibility Criteria
The applicant should be a student pursuing regular full-time Professional or Technical courses in a recognized institution in India or abroad.
The applicant should belong to a Scheduled Caste community.
The applicant's annual family income should be less than ₹3,00,000/-, both in rural and urban areas.
The education loan assistance will be provided as a one-time assistance.
Benefits
**Maximum Loan Limit:**
**Up to ₹30,00,000/-** (for studies in India) and **upto ₹40,00,000/-** (for studies abroad) or 90% of course fee, whichever is less.
**Rate of Interest:**
**For studies in India:** NSFDC shall charge interest @ 2% per annum from the SCAs, which in turn, shall charge 6% per annum from the beneficiaries. In case of women beneficiaries, an interest rebate of 0.5% is provided. - **For studies abroad:** NSFDC shall charge interest @ 3% per annum from the SCAs, which in turn, shall charge 7% per annum from the beneficiaries. In case of women beneficiaries, an interest rebate of 0.5% is provided.
**Repayment Period:**
The maximum repayment period under the Educational Loan Scheme is as under:-
**For Loan up to ₹10,00,000/-:** Within 10 years - **For Loan above ₹10,00,000/-:** Within 12 years
Required Documents
| # | Document |
|---|---|
| 1 | Passport-size photograph |
| 2 | Aadhaar Card |
| 3 | Income certificate |
| 4 | Caste certificate |
| 5 | Residence proof |
| 6 | Valid Passport (For Study Abroad) |
| 7 | Valid Visa/Permit (If any for study abroad) |
| 8 | Educational qualification certificates |
| 9 | Copy of admission confirmation from an educational institute with fee and other charges payment schedule yearly |
| 10 | Copy of Identity card issued by the Institute if admission has already taken |
| 11 | Any other documents as required |
Common questions in Tamil Nadu
Who can apply for Education Loan Scheme (NSFDC) in Tamil Nadu?
Eligible residents of Tamil Nadu who meet the scheme’s overall criteria can apply for Education Loan Scheme (NSFDC). Refer to the eligibility section above for the complete checklist.
What documents are required for Education Loan Scheme (NSFDC) in Tamil Nadu?
Applicants in Tamil Nadu typically need identity proof (Aadhaar), state residency proof, bank account details, and any scheme-specific documents listed in the documents section.
Frequently Asked Questions
NSFDC stands for National Scheduled Castes Finance and Development Corporation. It was set up by the Government of India under Ministry of Social Justice & Empowerment (MOSJ&E) on 8th February, 1989 under Section 25 of the Companies Act, 1956 as a company 'not for profit'. Now, it is Section 8 Company (not-for-profit) under campanies Act, 2013.