<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Broadridge Transform (tm) - http://www.broadridge.com -->
<!-- Created: Wed Aug 19 15:39:26 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/2026" 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/2026" schemaLocation="https://xbrl.sec.gov/cef/2026/cef-2026.xsd"/>
  <xs:import namespace="http://xbrl.sec.gov/cef-pre/2026" schemaLocation="https://xbrl.sec.gov/cef/2026/cef-2026_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"/>
<!-- [WMV7][kF49Goy7BfYxVo8KaPhwiDDZgXSBnXqbVF/m/jCer44hIvVoRjb59nh5jQrFa5zvi2YJsQIxWMoeMswE92sVhJpCS9CjxmcPUGp69V8/4ZkLLmwyDGTLrtcjdTNKsjHRPY93b75OTBhYvLWSNN8fjnZJthEqrd4b6lcVpcxR7/D1yh3IIkPjcqztcbyJOg363/sNaktWsDOwYe0ud0XW1RAWpKHikQ9Y/dqyuIiUx0qvWQwrR+z/A6LOPYR3F87/Rhw6vy92bD5o984k2wIp6XKu8OaABNhXz95Ln81uZxta5EuPu7z6hr3WL4ah1milbXdZQ7E2VOgjQWy89TZ/uBiXPcbCbjH4L1TNzA==] CSR-->
  <xs:element name="RisksRelatedToTheNotesMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sar_RisksRelatedToTheNotesMember"/>
</xs:schema>
