Objective & Meaning of Skill Trainning Loan
The main objective of the skill training education loan to promote skill based education an encourage self employment to those individuals who wants to gain technical expertise so that they can improve their career opportunities in both domestic an global market.
This loan introduced under the Pradhan Mantri Vikas Yojna (PMKYV) this loan is designed for support individuals in enhancing their employment towards professional skills without facing any financial barriers.
Eligibility criteria of skill Training Education loan
- Student should be an Indian resident.
- Student should have secured admission in courses run by Industrial Training Institute (ITIs or Polytechnic Institute)
- School recognized by central or state education boards.
- College affiliated by recognized university.
- Training partners affiliated to national skill development corporation (NSDC) sector skill council.
- Degree/Diploma certificate issued by national skill qualification framework. (NSQF)
List of documents required under skill Training Education loan
- Loan application as per approved Performa of Ministry of skill development and Entrepreneurship.
- 2 passport size photograph.
- Proof of address – Copy of PAN card, Copy of adhar card.
- Proof of age – Copy of secured mark sheet of 10th slandered.
- Proof of Academics – Proof of having secured pass marks in last qualifying examination
- Letter of admission in vocational/skill development courses.
- Prospectus of the course wherein charges like admission fee, examination fee and hostel charges are mentioned.
- Details of assets and liabilities of parents / Co-obligants or guarantors financials.
- A declaration/affidavit confirming that no loans are availed from other banks.
KYC documents of borrower or co-applicant
- ID and address proofs of all co-borrower.
- If students taking loan without collateral his/her parents/guarantors will be taken as 3rd party guarantors.
ROI (Rate of interest) & other charges
| For Male Loan Amount Floating Fixed Upto1.50 lacs 10.75% 11.75% | For Female Loan Amount Floating Fixed Upto 1.50 lacs 10.25% 11.25% |
Loan Amount and Re-payment charges
| Loan Amount | Minimum Rs. – 5000/- | Maximum Rs. – 1,50,000 lacs |
Note – This amount are being given under skill development courses.
Re-payment charges under skill training loan
| Loan Amount Up to Rs. – 50000/- Between Rs. – 50000/- to 1 lacs Above Rs. – 1 lacs | Years For 3 years For 5 years For 7 years |
Note – Re-payment charges will be nil for skill training education loan.
Re-payment period
- For course of duration for 1 year- 6 months from the completion of the course.
- For course duration above 1 year – 12 months from the completion of the course.
- Processing fee and other miscellaneous charges will be nil.
Conclusion
Thus i could say that the PNB skill training education loan scheme is specifically designed to support those students who wants to pursue skill development training in india which supports both technical and non technical students. It provides financial stability to them so that they can pursue their dreams.
Q.1 – Who can apply for skill training education loan ?
Ans – Any Indian national is eligible for the loan.
Q.2 – Can i take higher amount under kaushal skill loan ?
Ans – No, you cannot take higher loan amount under kaushal skill education loan.
Q.3 – Can i take additional loan for same courses ?
Ans- Yes, you can take additional loan for same courses but loan amount should not exceed than 1.50 lacs.
Q.4 – Is there any concession of ROI for female students ?
Ans.- Yes, there is a .50% ROI concession for female students.
Q.5 – What are the penal interest charges ?
Ans. – Upto 25000/- nil and above that default penal interest is 2% charged on the outstanding amount.
Q.6 – Is co-borrower has to submit KYC documents?
Ans. – Yes, in case of mortgage co-borrowers KYC will also be needed.
Q.7 – What if Student do not have PAN card ?
Ans. – If PAN is not available at the time of sanction, then the PAN can be submitted within one year of disbursement of loan.
