Skill Loan Scheme
Q. Skill Loan Scheme will replace -- Published on 18 Dec 15a. Loan for Entrepreneur
b. Loan for ITI students
c. Model Loan Scheme for Vocational Education and Training
d. None
ANSWER: Model Loan Scheme for Vocational Education and Training
- The Skill Loan Scheme has replaced earlier Indian Banks Association (IBA) Model Loan Scheme for Vocational Education and Training.
- Any Indian National who has secured admission in a course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognised by Central or State education Boards or in a college affiliated to recognised university, training partners affiliated to National Skill Development Corporation (NSDC) Sector Skill Councils, State Skill Mission, State Skill Corporation can avail loan for the purpose.
- Amount of loan varies from Rs. 5,000 to Rs. 150, 000/- depending on the course having a repayment period of 3 to 7 years. Simple rate of interest @ 11% and 12% per annum is charged during the period of study.
