In today’s times, if you want to advance towards a promising career by enhancing your skills, the Ministry of Social Justice and Empowerment’s Vocational Education and Training Loan Scheme can prove to be a boon for you. This innovative scheme is specifically designed for economically disadvantaged youth who desperately need financial assistance for their education or skill training.
Under this unique scheme, loans are provided by NSKFDC (National Safai Karamchari Finance and Development Corporation) to easily meet expenses such as training or course fees, books, equipment, and boarding and lodging.
Key Expenses Covered Under the Loan
Under the Vocational Education and Training Loan Scheme, you can cover almost all essential expenses related to your training. This loan is available for course admission or tuition fees, as well as essential items such as examination, library, and lab fees.
Additionally, you can cover the purchase of books, equipment, and instruments, as well as boarding and lodging expenses. Insurance for the loan and any other necessary expenses certified by the training institute are also included in this scheme.
How much will the loan amount be, and what will be the interest rate
This NSKFDC scheme is specifically designed to make financial assistance extremely affordable. If your course is up to 2 years long, the maximum loan amount can be up to ₹4 lakh. NSKFDC charges 1% interest per annum on this skill training loan, and the beneficiary only has to pay a fixed interest rate of 4% per annum.
This interest rate is significantly lower than market rates. The biggest relief is provided to women, who receive an additional rebate of 0.5% on the interest rate. The repayment period for this loan can be up to 7 years. It is important to note that if the course cost exceeds the prescribed loan amount, you will have to pay the additional amount yourself.
NSKFDC Loan Application Eligibility
To apply for an NSKFDC loan, candidates must meet certain requirements. First, applicants must be from the NSKFDC target group. For training, the course must be enrolled in a government ministry, department, or institution supported by the National Skill Development Corporation (NSDC) or a State Skill Mission. The course duration must be at least 6 months and a maximum of 2 years. Candidates must be at least 18 years old and at most 50 years old.
Application Process for Vocational Education Training Loan
Applying for a Vocational Education Training Loan is very simple. First, you need to visit the official NSKFDC website. Click on the “How to Apply” section and open the loan application form. Carefully fill in all the required information and save the form by clicking the “Save” button. To apply successfully, you will need important documents like Aadhar Card, Driving License, Bank Details, Caste Certificate, Income Certificate, and Domicile Certificate.
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Vikram Singh
Author at TimesBull covering breaking news and current affairs.
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