Vocational Education and Training Loan Scheme

Details

➡️ Join Whatsapp Group
➡️ Join Telegram Group

The Vocational Education and Training Loan Scheme provides financial assistance to the youth of the target group to enhance their skills and employability.

Expenses to be considered for the vocational education and training courses

  1. Admission/Tuition fee
  2. Examination, Library, and Laboratory Fee
  3. Caution Deposit
  4. Purchase of Books, Equipment, and Instruments
  5. Boarding and Lodging
  6. Insurance for loan amount
  7. Any other reasonable expenses found necessary for the completion of the course certified by the vocational education and training institute.

Benefits

Quantum of loan

  1. Need-based finance to meet up to 90% of expenses shall be considered subject to the following Ceilings:
  • For courses of duration up to 2 years: up to Rs. 4,00,000/-

Note: In case of cost over-run, it shall be borne by the beneficiary.

Interest

National Safai Karamcharis Finance & Development Corporation (NSKFDC) shall charge interest @ 1% per annum from the Channelizing Agency which, in turn, shall charge 4% per annum from the beneficiaries. In the case of women, an interest rebate of 0.5% shall be provided.

Repayment: Up to 7 years.

Eligibility

Eligibility Criteria

  1. The person should be from the target group of NSKFDC.
  2. The person should have secured admission in a course run or supported by a Ministry, Department, or Organization of the Government or a company, society, or organization supported by the National Skill Development Corporation or State Skill Missions/State Skill Corporations, preferably leading to a Certificate/Diploma/Degree etc. Issued by a Government Organization or an Organization recognized/authorized by the Government to do so.

Course Eligibility

Vocational Education and training courses of the duration of a minimum 6 months and up to 2 years run or supported by a Ministry/Department/Organization of the Government or a Company/Society/Organization supported by a National Skill Development Corporation or State Skills/Mission/State Skill Corporations.

Age Eligibility

The candidate should attain a minimum age of 18 years on completion of the course. The upper age limit is up to 50 years.