Product Detail
- The objective of the Skill Loan Scheme is to facilitate easy and affordable access to financial assistance for individuals seeking to enhance their skills through vocational training and skill development courses.
Eligibility
- Any student who is an Indian citizen and who has secured admission with minimum qualifications to undergo skill training for National Skill Qualification Framework (NSQF) aligned courses and/or the Non-NSQF aligned courses by the training entities on boarded on the MSDE’s skill India Digital Hub (SIDH) platform, is eligible for a skilling loan.
Scale of Finance
- ₹5000 to ₹7,50,000
Moratorium
- Courses up to duration of one year: Course period +6 Months
- Courses of duration above 1 year: Course period + 1 year
Margin
- 10%
Security
- No collateral Co-obligation of parent/guardian (Wherever applicable)
Processing Charges
- NIL
Repayment
- Up to ₹0.50 Lac: up to 3 years
- ₹0.50 Lac to ₹1.00 Lac: Up to 5 years
- Above ₹1.00 Lacs: Up to 7 years
Rate of Interest
- RLLR +1.50% (Floating)
Pre Payment Charges
Nil
Nature of Facility
- Term Loan.
