Vocational Course & Skill Development.
· The student should be an Indian National
· Student have to secureadmission in a course run or supported by a Ministry / Department /Organization of the Government or a company/society/organization supported by National Skill Development Corporation or State Skill Missions/State Skill Corporations, preferably leading to a certificate/diploma/degree, etc. issued by a Government organization or an organization recognized/authorized by the Government to do so.
Purpose Scheme for Vocational Education and Training for providing financial support to those who have the minimum educational qualification and to support the national initiatives for skill development.
Quantum of loan
Need based finance to meet expenses will be considered subject to the following ceilings :For courses duration upto 3 months Rs. 20,000
For courses duration 3 to 6 months Rs. 50,000
For courses duration 6 months to 1 year Rs. 75,000
For courses duration above 1 year Rs.1,50,000
Rate of Interest Please click Retail credit interest rates - Interest to be debited monthly on simple basis during the repayment holiday/moratorium period.
No collateral or third party guarantee will be taken
Holiday periodFor courses of duration up to 1 year : 6 months
For courses of duration above 1 year : 12 monthsRepayment Courses upto 1 year : 2 to 5 years
Courses above 1 year : 3 to 7 years
Other Conditions :
For prompt servicing of interest for all months during the study period when repayment holiday is specified for interest / repayment under the scheme, an interest rebate @1.00 % is allowed.
No interest Subsidy Download the application Please Click here forEducational Loan Application
Save it on your computer, print it out and send it to the nearest/convenient I.O.B. branch for processing.