Skill Loan (Max. Rs. 1.5 lakhs)”

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Skill Loan (Max. Rs. 1.5 lakhs)”
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A term loan granted to Indian Nationals for pursuing Skill development courses in India.

Features

  • Tuition / Course Fee
  • Examination / Library / Laboratory fee
  • Caution deposit
  • Purchase of books, equipments and instruments
  • Any other reasonable expenditure found necessary for completion of the Course. (As such courses are localized boarding, lodging may not be necessary. However, wherever it is found necessary, the same could be considered on merits)
  • Minimum Loan Amount: Rs. 5000
  • Maximum loan amount: Rs. 1,50,000
  • Click here for Interest Rate
  • No collateral or third party guarantee will be taken.
  • However, the Parent/ Guardian will execute loan documents along with the student, as joint borrower (co-borrower). Spouse will be included as co-applicant wherever applicable, in addition to Parent/ Natural Guardian.
  • Repayment Tenure
    • Loans upto Rs 50,000 : Upto 3 years
    • Loans between Rs 50,000 to Rs 1 lakh Upto 5 years
    • Loans above Rs. 1 lakh : Upto 7 years

Courses and Institution Eligibility

  • Training Institutes/ Courses: Courses run by Industrial Training Institutes (ITIs), Polytechnics, 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 eligible for a Skilling Loan.
  • Schools recognized by Central or State Education Boards or Colleges affiliated to recognized university leading to a certificate / diploma / degree issued by such organization as per National Skill Qualification Framework (NSQF) is eligible for a Skilling Loan.
  • There is no minimum course duration.

Timeline for Disposal of Loan Application

  • Maximum 6 days, after the receipt of duly completed application with supporting documents.
  • The timeline start from the date of receipt of complete documents from the applicant and the time taken by the applicant for submitting documents and/ or for furnishing information sought by the Bank will not be taken into account for the purpose of timeline indicated above.
  • All timeline counts will be on the basis of full working days. Wherever there is a need for verification etc. with various authorities/ Govt. bodies across one or more centres, a minimum of 15 additional working days will be applicable. We shall endeavour, at all times, to deliver within the indicated timelines, barring in situations and circumstances that are beyond the control of the Bank.
    • Processing Fees: Nil
    • Margin: Nil
  • Moratorium Period
    • Courses of duration upto 1 year : 6 months from the completion of the course
    • Courses of duration above 1 year : 12 months from the completion of the course

Checklist of Documents to be submitted along-with duly filled Loan Application Form

  • Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result
  • Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available]
  • Schedule of expenses for course
  • Copies of letter conferring scholarship, free-ship, etc.
  • Gap certificate, if applicable (self-declaration from student for gap in studies)
  • Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each)
  • Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs)
  • For Salaried Persons
    • (a) Latest Salary Slip
    • (b) Form 16 OR latest IT Return (ITR V)

  • For other than Salaried Person:

    • (a) Business address proof (if applicable)

    • (b) Latest IT Returns (if applicable)

  • Bank Account Statement for the last six months of Parent / Guardian/ Guarantor
  • Copy of Sale Deed and other documents of title to property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral
  • Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor
  • AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI)
  • Passport (mandatory for Studies Abroad)
  • Submission of OVD (refer to table below)
At least one self-attested copy of the Officially Valid Documents (OVD) mentioned below to be submitted, as proof of identity and address:
  • Passport
  • Driving license,
  • Proof of possession of Aadhaar Number,
  • Voter's Identity Card issued by Election Commission of India,
  • Job card issued by NREGA duly signed by an officer of the State Government,
  • Letter issued by the National Population Register containing details of name and address
If the OVD furnished by the customer does not contain updated address, the following documents shall be deemed to be OVDs for the limited purpose of proof of address:
  • Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill);
  • Property or Municipal tax receipt;
  • Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public-Sector Undertakings, if they contain the address;
  • Letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial Institutions, listed companies and lease and licence agreements with such employers allotting official accommodation.

[Provided that the customer shall submit OVD updated with current address within a period of three months of submitting the above documents]


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Last Updated On : Monday, 15-06-2020

Interest Rates

8.15% p.a.*

 

*T&C Apply.

 

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