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.
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