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  • No Collateral Security.
  • NIL Margin.
  • Lower Rate of Interest.
  • Reducing Balance Interest Rate.
  • No Prepayment penalty.
  • Quick processing and Disbursement.
  • Purpose

    Skill Loan Scheme has been developed to support the national initiatives for skill development.

  • Loan Quantum

    Need-based finance in the range of Rs.5000 to Rs.1,50,000/-.

  • Eligible Courses

    Courses run by Training Institutes aligned to National Skill Qualification Framework (NSQF) shall be covered by the Skill Loan. There is no minimum course duration.

  • Margin

    NIL

  • Security
    • Assignment of future income of the student.
    • Loan is granted jointly with the parent/Guardian of the student.
    • The loan will be covered under the Credit Guarantee Fund scheme for Skill Development (CGFSSD).
    • No collateral or third party guarantee is required.
  • Moratorium
    • Moratorium period from 6 months to 1 year depening upon course period.
      Course Period Moratorium Period
      Upto 1 year 6 months from the date of completion of course
      Above 1 year 12 months from the date of completion of course
  • Repayment tenure
    • Repayment period from 3 years to 7 years depending upon the loan quantum.
      Loan Quantum Repayment Tenure
      Upto Rs 50000/- Upto 3 years
      Above Rs 50000/- and upto Rs 1,00,000/- Upto 5 years
      Above Rs 1,00,000/- Upto 7 years
  • Student should be an Indian National.
  • Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor.
  • KYC documents of applicant/ Co-applicants or guarantor.
  • Proof of Identity

    PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.

  • Proof of Residence

    Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.

  • Age proof of the applicant/ Co-applicants.
  • PAN card (photo copy).
  • Proof of admission to the course.
  • Schedule of expenses for the course.
  • Mark sheet of last qualifying examination.
  • Income Proof for Co-applicant/guarantor (if any).
  • Any other documents as required by Bank.
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Last updated on 11-08-2023 03:28 PM

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