Skill Loan Scheme

Skill Loan Scheme aims at providing a loan facility to individuals who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria. Any individual who has secured admission in a course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to recognized university, 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) are able to get benefits of skill loan scheme. Indian nationals having age and qualification as per the criteria set by training delivery partner can apply for Loan up to 1, 50,000 with ZERO Margins and ZERO Processing Fee @ 1.50% over Base Rate of Bank of India with a repayment tenure of up to 7 years. Expenses considered for loan includes Tuition/course fee, any other reasonable expenditure found necessary for completion of the course including but not limited to assessment fee, Examination fee, Library charges, Laboratory fee, Caution deposit, Purchase of books, equipment’s and instruments. The Courses run by above-mentioned Training Institutes are aligned to National Skill Qualification Framework (NSQF) shall be covered by the Skill Loan

Benefits of Skill Loan Scheme:

• Loans benefits will be in the range of Rs. 5,000/- to Rs. 150,000/-
• There is no minimum course duration
• There is no specific restriction with regard to the age of the student to be eligible for skilling loan

Objective of Skill Loan Scheme:

1. Skill Loan Scheme aims at providing a loan facility to individuals who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria

Eligibility criteria of Skill Loan Scheme:

1. The applicant should be an Indian national
2. As required by the enrolling institutions/organizations as per NSQF
3. Any individual who has secured admission in a course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to recognized university, 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)

Document required for Skill Loan Scheme:

1. Proof of identity
2. Proof of residence such as Driving License/Passport/Electricity bill/Telephone bill
3. Aadhaar card

Application procedure:

1. A person can visit the bank for more information required skill loan scheme
2. A person can visit on bank official site to get all details about the skill loan scheme

Contact Details & References:

1. For more information about skill loan scheme please visit following site
2. http://www.bankofmaharashtra.in/Skill-Loan-Scheme.asp
3. http://www.bankofindia.co.in/english/BOIVocationalStudies.aspx