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Last Updated on 07/08/2019
Skill Loan Scheme

PURPOSE OF THE LOAN

Skill Loan Scheme aims at providing a loan facility to individuals  who intend to take up skill development courses.

ELIGIBLE PERSONS

The applicant should be an Indian National.

Have Secured admission in a courses run by Industrial Training Institutes (ITIs), Polytechnics, training partners affiliated to National Skill Development Corporation (NSDC) / Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate / diploma / degree issued by such organization as per National Skill Qualification Framework (NSQF) are eligible for a Skill Loan.

The course is run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to recognized university, training partners affiliated to National Skill Development Corporation (NSDC) / Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate / diploma / degree issued by such organization as per National Skill Qualification Framework (NSQF). The Government of India / State Governments may, from time to time, notify institutes/organizations for the purpose. (For NSDC training centres refer www.nsdcindia.org/find-nsdc-training-centre).

Courses run by above mentioned Training Institutes aligned to National Skill Qualification Framework (NSQF) shall be covered by the Skill Loan.

QUANTUM OF LOAN

Need based finance to meet expenses will be considered subject to the following ceilings.

  • Minimum Loan Amount: Rs. 5,000/-
  • Maximum Loan amount: Rs. 1,50,000/-

The estimated per month fees, based on sector & NSQF level, will be available with the NSDC.

Skill loan could be availed by beneficiaries of other grant/reward based Government schemes for skill training to cover the cost of such skill training not covered under such grant/reward.

MARGIN

NIL

REPAYMENT

Loan amount up to Rs. 50,000/-

Loans between 50,000/- to 1 Lakh Upto 5 Years Loans above Rs. 1 Lakh Upto 7 Years

Up to 3 Years

Loan amount above Rs. 50,000/- and up to Rs. 1,00,000/-

Up to 5 Years

Loan amount above Rs. 1,00,000/-

Up to 7 Years

HOLIDAY PERIOD

Courses duration up to 1 Year

6 Months from the completion of the course.

Courses duration above 1 Year

12 Months from the completion of the course.

RATE OF INTEREST

Refer - Interest rates at a Glance.

SECURITY

The skill loan is covered under the Credit Guarantee Fund Scheme for Skill Development by the National Credit Guarantee Trustee Company (NCGTC).

Other Conditions

Apply for Loan - www.vidyalakshmi.co.in