The Skill Loan Scheme aims to support national skill development initiatives, enhancing employability and skill levels.
Offers need-based financing ranging from Rs. 5,000 to Rs. 1,50,000 to cover skill development course expenses.
Covers courses aligned with the National Skill Qualification Framework (NSQF) offered by recognized training institutes. No minimum course duration is required.
There is no margin requirement for this loan scheme.
Loan is granted jointly with the parent/guardian. – Secured by the assignment of the student’s future income.
– Covered under the Credit Guarantee Fund Scheme for Skill Development (CGFSSD). – – Secured by the assignment of the student’s future income.
– Up to 1-year course: 6 months from course completion. – Above 1-year course: 12 months from course completion.
– Moratorium period ranges from 6 months to 1 year, depending on the course duration.
– For a loan up to Rs. 50,000: Up to 3 years. – For loans above Rs. 50,000 and up to Rs. 1,00,000: Up to 5 years. – For loans above Rs. 1,00,000: Up to 7 years.
The overall repayment period is from 3 to 7 years, depending on the loan amount.
The scheme does not require any collateral or third-party guarantee, making it accessible to a wider range of students.
The scheme aligns with national efforts to improve skill levels and employability through accessible financing for skill development courses.