IBA skill loan scheme

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.

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.

Vidya Sahay