SKILL LOAN
The main features of the scheme are as follows:
- Applicable to Indian Nationals.
- No age restriction, if minor parent will be principle borrower.
- Curses run by ITI, Polytechnic and other vocation courses recognised by NSDC/sector Skill council/State Skill mission/State Skill Corp etc.
- Finance available for funding tuition fees, exam, library, lab fees, books, equipment, insurance premium.
- Loan amount ranges from 5000 to 150000.
- Margin-10%.
- Nil collateral security .Parents to join as guarantors.
- ROI I at MCLR+3%.
- Simple interest charged during moratorium.
- 1% concession if interest is serviced during moratorium period or
- 1% concession for prompt repayment of EMI if interest is funded during moratorium.
- Moratorium period will 6 months from course completion for courses less than 1 year and 1 year for the courses above 1 year and loan repayment period ranges from 3 to 7 years.
- Life insurance under SIB EDUGUARD scheme on request from borrower.
- NIL proc fees/prepayment charges.
- Top up loans allowed within overall eligibility and within the moratorium period of the first course or within 3 years after repayment of first loan.
- Students under economically weaker sections pursuing domestic technical/professional courses are eligible under centralised scheme for interest subsidy.
- Income Tax benefit under Section 80(E) in respect of interest paid.
- Documents required- Proof of Identity and Address , PAN of student as well as Parents, Offer/Admission letter/Basic qualification & mark list, qualifying exam score card/Fee structure/Affiliations and approval of course/Property related documents.