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IB Skill Loan

IB Skill Loan

Sl no. Particulars Guidelines- IB Skill loan scheme
1. Objective IB Skill Loan Scheme aims to facilitate easy and affordable access to financial assistance for individuals seeking to enhance their skills through vocational training and skill development courses.
2. Eligibility Criteria
2.1 Applicant Any individual who has secured admission / who meets the eligibility criteria with minimum qualifications to undergo skill training for the 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.
2.2 Nationality The applicant should be an Indian National
2.3 Training Institutes 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) and/ or the Non-NSQF aligned courses in skill development provided by the training entities on boarded on the MSDE’s Skill India Digital Hub (SIDH) platform.
2.4 Training Courses Courses run by above mentioned Training Institutes (in 2.3) aligned to National Skill Qualification Framework (NSQF) and/ or the Non-NSQF aligned courses in skill development provided by the training entities on boarded on the MSDE’s Skill India Digital Hub (SIDH) platform shall be covered by the Skill Loan. There is no minimum course duration.

Reference:

§  www.skillindiadigital.gov.in/

§  www.ncgtc.in/
2.5 Minimum Age There is no specific restriction with regard to the age of the student to be eligible for skilling loan. However, if the student is a minor, while the parent executes documents for the loan, a letter of acceptance/ ratification from him/ her upon attaining majority to be obtained.
2.6 Minimum Qualification As required by the enrolling institutions/ organizations as per NSQF and/ or the Non-NSQF aligned courses in skill development provided by the training entities on boarded on the MSDE’s Skill India Digital Hub (SIDH) platform.
3. Quantum of Finance Minimum – Rs.5000/-

Maximum –  Rs.750000/-
4. Expenses Considered for Loan Tuition/ course fee: Banks shall pay such tuition/ course fee directly to the Training Institute.

Any other reasonable expenditure found necessary for completion of the course including but not limited to assessment fee, Examination fee, Library charges, Laboratory fee, Caution deposit, Purchase of books, equipment’s and instruments, etc. may be covered.

As such courses are localized boarding, lodging may not be necessary. However, wherever it has been found necessary, the same could be considered on merit.
5. Margin 10.00%
6. Rate of Interest Click Here

Note: Servicing of interest during study period and the moratorium period till commencement of repayment is optional for students.
7. Security No collateral for skilling loan will be taken.

However, skill loans will be covered under Credit Guarantee Fund Scheme for Skill Development (CGFSSD)
8. Repayment
Loan Amount Term
Loans up to Rs. 50000.00 Up to 3 years
Loans up to Rs. 50000.00 to Rs. 100000.00 Up to 5 years
Loans above Rs. 100000.00 Up to 7 years

( Last modified on Feb 19, 2025 at 06:02:47 PM )

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