Advantages
• NIL Processing charges
• No collateral security upto Rs. 7.50 Lakhs
• Nil margin upto Rs. 4.00 Lakhs
• No documentation charges
• No hidden charges
• No prepayment penalty
Features
• Education loan to individuals who intend to take up skill development courses in India
• Loan amount in the range of Rs.5000/- to Rs. 1.50 Lakhs can be considered for eligible courses.
Quantum of Loan
• Loan Quantum in the range of Rs. 5,000/- to Rs. 150,000/- can be considered.
• Need-based finance to meet expenses, subject to earning potential of students upon completion of the course
Margin
NIL margin
Security
• No collateral or third party guarantee. However, the parent to execute loan document along with the student borrower as joint borrower.
• Obtention of Credit Guarantee coverage under Credit Guarantee Fund Scheme for Skill Development (CGFSSD) by National Credit Guarantee Trustee Company (NCGTC).
Expenses Covered
• Tuition / course fee
• Examination / Library / Laboratory fee
• Caution deposit
• Purchase of books, equipment’s and instruments
• Any other reasonable expenditure found necessary for completion of the course. (As such courses are localized boarding, lodging may not be necessary. However, wherever it has been found necessary, the same could be considered on merits).
Insurance
• All the student borrowers are offered a specially designed OPTIONAL Term Insurance cover and the premium can be included as an item of finance.
Courses Covered
• Courses run by Industrial Training Institutes (ITIs), Polytechnics
• Courses run by a school recognized by central or State education Boards
• Courses run by a college affiliated to recognized university
• Courses by training partners affiliated to National Skill Development.Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate / diploma / degree issued by such organization as per National Skill Qualification Framework (NSQF)