IBA Model Skill Loan Scheme

Skill Loan Scheme

1

Purpose

For pursuing skill development courses.

2

Eligibility

 

Student should be Indian National having secured admission to any eligible course run by Industrial Training Institutes (ITIs), Polytechnics or school recognized by Central or State education Boards or college affiliated to recognized university, training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate/diploma/degree issued by such organization as per National Skill Qualification Framework (NSQF) is eligible for a Skill Loan.

3

Nature of facility

Term Loan

4

Quantum of Loan minimum/maximum

Minimum Amount: Rs.5000/-

Maximum Amount: Rs.150000/-

5

Margin

5% of total expenses/cost of the course.

6

Rate of interest

Click here

7

Guarantor

The loan is eligible to be covered under Credit Guarantee Scheme of NCGTC.

8

Security

No collateral security will be taken. However, parents to be joint borrower (s).

9

Processing fees/other charges

Rs.250+ST payable to NSDL for each application sanctioned through Vidya Lakshmi Portal irrespective of loan amount.

10

Moratorium Period

6 months from the completion of the course for courses of duration up to 1 year.

12 months from the completion of the course for courses of duration above 1 year.

11

Repayment Period (After moratorium period)

Up to 3 years for loans up to Rs.50,000/-. Up to 5 years for loans above Rs.50,000/- and up to Rs.1.00 lakh.

Up to 7 years for loans above Rs.1.00 lakh.

12

Application with checklist

Click Here for Application Form

13

Checklist of Documents

1.KYC Documents (Passport, PAN, AADHAAR etc.) of the student and parent(s).

2.Proof of marks obtained in 10th/12th/HSC/UG as the case may be.

Marks obtained in the qualifying examination.

3.Letter of admission to the institute.

4.Proof of selection through merit based selection process.

5.Fee Structure for the proposed course.

Passport of the student for studies abroad.

 

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