1

Objective

To facilitate easy and affordable access to financial assistance for individuals seeking to enhance their skills through vocational training and skill development courses.

2

Student Eligibility

The Student should be an Indian National.

3

Minimum Qualification

As required by the enrolling institutions/organizations as per NSQF and/or the Non-NSQF aligned courses in skill development provided by the training entities, onboarded on the MSDE's Skill India Digital Hub (SIDH) platform.

4

Courses Eligibility

Courses run by aligned to National Skill Qualification Framework (NSQF) and/ or the Non-NSQF aligned courses in skill development provided by the training entities onboarded on the MSDE's Skill India Digital Hub (SIDH) platform, shall be covered by the Skill Loan.

There is no minimumcourse duration.

Reference (indicative):

• https://www.skillindiadigital.gov.in/

https://www.ncgtc.in//content/products/0/20240722/List_of_Courses_on_SIDH_ Non-NS QF 6ab1e76038.pdf

5

Minimum Age

There is no specific restriction for the age of the student to be eligible for skill loan.

The Co-borrower should be parent(s)/guardian of the student borrower. In case of married person, the co-obligator can be spouse or the parent/parents in law.

6

Quantum of Loan

• Minimum Loan Amount: Rs. 5000/-
• Maximum loan Amount: Rs. 750000/-

Based on cost of course.

7

Expenses Considered

Tuition / Course Fee and Any other reasonable expenditure found necessary for completion of the course.

8

Margin

5% on the total cost of the course.

9

Rate of Interest

Interest Rate: Bank's RLLR plus 1.50% i.e. 10.85% at present. (Interest Rates are subject to change from time to time, for more details please contact Branch)

Servicing of interest during study period and the moratorium period till commencement of repayment is optional for students.

1 % interest concession may be provided if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment. 

10

Moratorium Period

Courses Duration upto 1 Year-6 Months from completion of the course.

Courses Duration above1 Year-12 Months from completion of the course.

11

Repayment Period

For Loans upto Rs. 50000/-: Upto 3 Years

For Loans above Rs. 50000/- and upto Rs. 100000/-: Upto 5 Years

For Loans above Rs. 100000/-: Upto 7 Years

(Excluding Study Period and Moratorium Period)

12

Processing and Prepayment Charges

Nil

13

Security

No Collateral or Third-Party Guarantee

14

Applying for Loan

Please apply through the following website:

www.vidyalakshmi.co.in

For more details on terms and conditions, please contact your nearest Branch.