<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Broadridge Transform (tm) - http://www.broadridge.com -->
<!-- Created: Thu Sep 24 18:38:42 UTC 2026 -->
<xs:schema elementFormDefault="qualified" xmlns:fnd="http://xbrl.sec.gov/fnd/2026" targetNamespace="http://www.saratogainvestmentcorp.com/20260923" 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/20260923" 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-20260923_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-20260923_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-20260923_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"/>
  <xs:element name="RisksRelatedToTheNotesMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sar_RisksRelatedToTheNotesMember"/>
  <xs:element name="NotesMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sar_NotesMember"/>
  <xs:element name="WarrantsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sar_WarrantsMember"/>
  <xs:element name="SubscriptionRightsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sar_SubscriptionRightsMember"/>
  <xs:element name="SubjectToTheCapitalGainsIncentiveFeeMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sar_SubjectToTheCapitalGainsIncentiveFeeMember"/>
<!-- [WMV7][bfqul1LLyiVgSZxHmfM0HuOEQxPjXc9voMYk3KeDjsuOpS8SfIX9bSpr52IewOzHwwcwE7otAjQWhO1QYZ7gvUWfXZqSOQW5sYyQPqcILEg37iUNY0A/71V1jFVR901zhqDfivqL6e9b/x9w+5NKKNr5l54LYnYIMtGIY3Qo3RbaOpP59kMUIqrxXPk9EdB2RwHTsXkY9Z0ci+SCIdPDCjmnlDZMzDHPsvIy7yF5KwtisbTH6uVYBEN8c/MGxqV0ni18zaP3nouoTg7jR89hgxNu0PoI1oI/ORccPT4sLNiCh8TGV/h4onZxB7BCEW/Cn2syS3F+HftnxijNt8IvO5mq+jKqz+a3OPQMHIDH] CSR-->
  <xs:element name="SubjectToTheIncentiveFeeBasedOnCapitalGainsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="sar_SubjectToTheIncentiveFeeBasedOnCapitalGainsMember"/>
</xs:schema>
