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Skill Loan Scheme, ABHISHEK DHIMAN
SCHEME BOOKLET - Coggle Diagram
Skill Loan Scheme
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Provide institutional credit to individuals for skill development courses, aligned to National Occupations Standards and Qualification Packs and leading to a certificate/diploma/degree by training institutes as per National Skill Qualification Framework (NSQF).
Applicable to all member banks of the Indian Banks’ Association (IBA) and any other banks and financial institutions as may be advised by the RBI
Salient features
Quantum of Finance – Rs 5000-1,50,000
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Loans upto ₹ 50,000 - Upto 3 years
Loans between ₹ 50,000 to ₹ 1 lakh - Upto 5 years
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Coverage – Course Fees (directly to the training institute) along with expenses towards completion of the course (assessment, examination, study material, etc.)
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Eligibility
Any individual who has secured admission in a course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by Central or State education Boards or in a college affiliated to a recognized university, training partners affiliated to National Skill Development Corporation (NSDC) / Sector Skill Councils, State Skill Mission, State Skill Corporation
MSDE, through a November 2015 notification, brought into force the Credit Guarantee Fund for Skill Development (CGFSSD) for all skill loans sanctioned on or after 15 July 2015, to be administered by the National Credit Guarantee Trust Company (NCGTC).
Banks can apply to the NCGTC for credit guarantee against defaults and NCGTC will provide this guarantee at nominal fee which shall not exceed 0.5% of the amount outstanding.
The guarantee cover will be for a maximum of 75% of the outstanding loan amount (including interest, if any).
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