<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Broadridge Transform (tm) - http://www.broadridge.com -->
<!-- Created: Tue Aug 18 06:09:29 UTC 2026 -->
<xs:schema elementFormDefault="qualified" targetNamespace="http://www.saratogainvestmentcorp.com/20260818" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:us-types="http://fasb.org/us-types/2025" xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:sar="http://www.saratogainvestmentcorp.com/20260818" xmlns:dtr="http://www.xbrl.org/dtr/type/2024-01-31" xmlns:xbrli="http://www.xbrl.org/2003/instance">
  <xs:annotation>
    <xs:appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="sar-20260818_lab.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="sar-20260818_pre.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="sar-20260818_def.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef"/>
    </xs:appinfo>
  </xs:annotation>
  <xs:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd"/>
  <xs:import namespace="http://xbrl.sec.gov/cef/2025" schemaLocation="https://xbrl.sec.gov/cef/2025/cef-2025.xsd"/>
  <xs:import namespace="http://xbrl.sec.gov/cef-pre/2025" schemaLocation="https://xbrl.sec.gov/cef/2025/cef-2025_pre.xsd"/>
  <xs:import namespace="http://www.xbrl.org/dtr/type/2024-01-31" schemaLocation="https://www.xbrl.org/dtr/type/2024-01-31/types.xsd"/>
  <xs:element name="SubjectToTheCapitalGainsIncentiveFeeMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sar_SubjectToTheCapitalGainsIncentiveFeeMember"/>
  <xs:element name="SubjectToTheIncentiveFeeBasedOnCapitalGainsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sar_SubjectToTheIncentiveFeeBasedOnCapitalGainsMember"/>
  <xs:element name="SubscriptionRightsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sar_SubscriptionRightsMember"/>
<!-- [WMV7][WlkyPxbgsRLQmm9agyn2oMkUhL3LCYD6FWjBW5Ku7wAZOP6o1ZmgPXDvaLNqsN7oD6AEACfiVYtdGyJt8RycelMFrzad9iQ+/BvNAa4WF15ASTuZUJEd3sGfjs21PA1hW6ZXjywwOtwwaGKXMhO+kJXVI05ErIy/bYwyKIKZG5B0JwWRcT5Xy37d3OgVq/KQq/FCfROjn/TPvQti55cpw5STR6khrOQ66X7n0uQ1quFU53+eBwSzwo76lv4zIWTNNR/O9KWn3GaWL8sKHttXgnRze29CV//eebBqJZqUZAsj+Yx23MOklJEzNR1rwUfF+cRZQY663iR8gd1kyihY2sCxGzQGDH18Y7Vz2w==] CSR-->
  <xs:element name="WarrantsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sar_WarrantsMember"/>
</xs:schema>
