Star Pradhan Mantri Kaushal Rin Yojana

Advantages

  • NIL Processing charges
  • No collateral security upto Rs. 7.50 Lakhs
  • Nil margin upto Rs. 4.00 Lakhs
  • No documentation charges
  • No hidden charges
  • No prepayment penalty

Features

  • Education loan to individuals who intend to take up skill development courses in India
  • Loan amount in the range of Rs.5000/- to Rs. 1.50 Lakhs can be considered for eligible courses.

Quantum of Loan

  • Loan Quantum in the range of Rs. 5,000/- to Rs. 150,000/- can be considered.
  • Need-based finance to meet expenses, subject to earning potential of students upon completion of the course

Margin

NIL margin

Security

  • No collateral or third party guarantee. However, the parent to execute loan document along with the student borrower as joint borrower.
  • Obtention of Credit Guarantee coverage under Credit Guarantee Fund Scheme for Skill Development (CGFSSD) by National Credit Guarantee Trustee Company (NCGTC).

Expenses Covered

  • Tuition / course fee
  • Examination / Library / Laboratory fee
  • Caution deposit
  • Purchase of books, equipment’s 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 has been found necessary, the same could be considered on merits).

Insurance

  • All the student borrowers are offered a specially designed OPTIONAL Term Insurance cover and the premium can be included as an item of finance.

Courses Covered

  • Courses run by Industrial Training Institutes (ITIs), Polytechnics
  • Courses run by a school recognized by central or State education Boards
  • Courses run by a college affiliated to recognized university
  • Courses by 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)

For further information
you may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

  • Students should be Indian National
  • Individual who has secured admission in a course run by Industrial Training Institutes (ITIs), Polytechnics
  • Individual who has secured admission in a school recognized by Central or State education Boards
  • Individual who has secured admission 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 as per National Skill Qualification Framework (NSQF)
  • Courses run by above mentioned training institutes aligned to National Skill Qualification Framework (NSQF) preferably leading to a certificate / diploma / degree issued by such organization shall be covered by the Skill Loan.
  • No minimum age limit. However, if the student is a minor, while the parent executes documents for the loan, the bank will obtain a letter of acceptance/ratification from him / her upon attaining majority
  • No minimum course duration
  • Minimum qualification required by the enrolling institutions/ organizations as per National Skill Qualification Framework (NSQF)

Margin

NIL margin

For further information
you may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

Rates of Interest

@ RBLR+ CRP of 1.50

Repayment Period

  • Moratorium up to course period plus 1 year.
  • Repayment period : The loan will be repaid after the moratorium period as follows:
Loan Amt Repayment Period
Loan Up to Rs. 50,000/- Loan Up to Rs. 50,000/-
Loans between Rs. 50,000/- to Rs. 1.00 lakh Up to 5 years
Loans above Rs. 1.00 lakh Up to 7 years

Charges

  • No processing Charges
  • VLP portal charges of Rs. 100.00 + 18% GST
  • One time charges for any deviation from the scheme norms including approval of courses outside the scheme: Up to Rs.4.00 lacs : Rs. 500/- Over Rs.4.00 lacs & Upto Rs.7.50 lacs : Rs.1,500/- Over Rs.7.50 lacs : Rs.3,000/-
  • Student applicant may be required to pay fee/charges, if any, levied by third party service providers who operate common portal for lodging loan applications set up

Coverage Under Credit

  • All Educational Loans upto Rs.7.50 lacs conforming to the guidelines of “IBA Model Education Loan Scheme for pursuing studies in India and Abroad” are eligible for coverage under CGFSEL by National Credit Guarantee Trustee Company(NCGTC)

Other Conditions

  • Loan will be disbursed in stages as per requirement / demand, directly to the Institution/ Vendors of books/equipment’s/instruments to the extent possible
  • Student to produce mark list of previous term/semester before availing next instalment
  • Student / Parent to provide latest mailing address, in case of any change
  • Student /Parent to inform Branch immediately on change of course /completion of studies/termination of studies/ any refund of fees by college /institution /successful placement /obtention of job/change of job etc.
  • Students should apply online via Vidya Lakshmi Portal developed by NSDL e-Governance Infrastructure Ltd. To apply online on Vidya Lakshmi Portal click here

For further information
you may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

Document Student Co-applicant
Proof of Identity ( PAN & Aadhaar) Yes Yes
Proof of Address Yes Yes
Income proof (ITR/Form16/Salary slip etc.) No Yes
Academic Records( Yes No
Poof of admission/ qualifying examination result ( if applicable) Yes No
Schedule of study expenses Yes No
2 passport size photograph Yes Yes
1 year Bank statement No Yes
VLP portal Reference Number Yes No
VLP portal Application Number Yes No
Collateral security details and documents , if any No Yes

For further information
you may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

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