Provides institutional credit for skill development courses aligned with NSQF leading to certificate/diploma/degree by training institutes.
Ministry/Agency:
Ministry of Skill Development and Entrepreneurship
Objectives:
To provide credit for skill development courses aligned with NSQF
To facilitate skill development of individuals.
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Benefits:
Courses aligned with NSQF
Quantum of finance up to Rs. 1.5 lakhs
No minimum duration for courses
Base rate + 1.5% interest
Moratorium period for the duration of the course
Repayment period of 3-7 years
Loan coverage for course fees and expenses
No collateral required
Credit Guarantee Fund for Skill Development for loans sanctioned on or after 15th July 2015
Eligibility:
Any individual who has secured admission in a course run by ITIs, Polytechnics, schools/colleges recognized by education boards/universities, training partners affiliated to NSDC/Sector Skill Councils, State Skill Mission, State Skill Corporation.
Implementation Strategy:
Applicable to member banks of Indian Banks’ Association and other banks and financial institutions advised by RBI
Guidelines provided to banks for operationalizing the skilling loan scheme.
Responses