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 Indentity and Address including PAN, Offer/Admission letter/Basic qualification & mark list, qualifying exam score card/Fee structure/Affiliations and approval of course