Quick answer
Vocational Education and Training Loan Scheme is a Government of India scheme run by the Ministry of Social Justice and Empowerment. Apply or learn more at www.myscheme.gov.in.
About the scheme
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 Vocational Education and Training Course Admission/Tuition…
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 Vocational Education and Training Course Admission/Tuition feeExamination, Library, and Laboratory FeeCaution DepositPurchase of Books, Equipment, and InstrumentsBoarding and LodgingInsurance for loan amountAny other reasonable expenses found necessary for the completion of the course certified by the vocational education and training institute.
| Level | Government of India |
|---|---|
| Ministry / department | Ministry of Social Justice and Empowerment |
| Official website | www.myscheme.gov.in |
Benefits
Quantum of loan 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
The person should be from the target group of NSKFDC.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.
How to apply
Mode: OnlineStep 1: Visit the official website.Step 2: Click on How to Apply. Tap on the Loan application form.Step 3: Click on Loan application form.Step 4: Fill in all the details and tap Save to save the application form.
Documents required
- Aadhaar CardDriving License Bank DetailsCaste CertificateIncome CertificateDomicile
- Certificate
Frequently asked questions
What is the age criteria to apply?
The candidate should attain a minimum age of 18 years upon completion of the course. The upper age limit is up to 50 years. What are the expenses to be considered for Vocational Education and
Training Course?
dmission/Tution fee Examination, Library, Laboratory Fee Caution Deposit Purchase of Books, Equipments, Instruments Boarding & Lodging Insurance for loan amount Any other reasonable expenses found necessary for the completion of the course certified by the vocational education & training institute.
In how much time will the loan have to be repaid?
The loan will have to be repaid for up to 7 years.
What is rate of interest of the loan?
NSKFDC shall charge interest at 1% per annum from the channeling 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.
What is the course eligiblity?
Vocational Education & Training courses of duration of minimum 6 months and upto 2 years run or supported by 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.
What is the eligiblity criteria?
The person should be from the target group of NSKFDC. The person should have secured admission in a course run or supported by a Ministry/Deptt./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.
Where to apply in your district and village
Pick your district, then your block and gram panchayat. Each panchayat page lists the block office, tehsil, nearest Jan Seva Kendra, bank branches and post offices where you apply for this scheme and get it verified.
Bihar
Rajasthan
Uttar Pradesh
Source: myScheme.gov.in