Last Updated on 06/07/2017
Vocational Course & Skill Develo

Vocational Course & Skill Development.

Eligibility

·        The student should be an Indian National

·        Student have to secureadmission in a course run or supported by a Ministry / Department /Organization of the Government or a company/society/organization supported by 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.

Purpose  

Scheme for Vocational Education and Training for providing financial support to those who have the minimum educational qualification and to support the national initiatives for skill development.

Quantum of loan

Need based finance to meet expenses will be considered subject to the following ceilings :

For courses duration upto 3 months Rs. 20,000

For courses duration 3 to 6 months Rs. 50,000

For courses duration 6 months to 1 year Rs. 75,000

For courses duration above 1 year Rs.1,50,000

Rate of Interest 

Please click Retail credit interest rates

  - Interest to be debited monthly  on simple basis during the repayment holiday/moratorium 

    period.

Margin -NIL

Security

No collateral or third party guarantee will be taken

Holiday period

For courses of duration up to 1 year : 6 months

For courses of duration above 1 year : 12 months

Repayment 

Courses upto 1 year : 2 to 5 years

Courses above 1 year : 3 to 7 years

Other Conditions :

For prompt servicing of interest for all months during the study period when repayment holiday is specified for interest / repayment  under the scheme, an interest rebate @1.00 % is allowed.

No interest Subsidy 

Download the application Please Click here for Educational Loan Application

Save it on your computer, print it out and send it to the nearest/convenient I.O.B. branch for processing.