VOCATIONAL EDUCATION AND TRAINING LOAN SCHEME
Financial Assistance to youth of target group to enhance their skills & employability.
- The person should be from the Scheduled Caste community.
- The annual family income of the trainee should be below Rs. 3.00 lakh for both rural and urban areas.
- 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.
Vocational Education & Training courses of duration of upto two 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.
There is no specific restriction with regard to the minimum age of the trainee to be eligible for the loan. However, if the trainee is minor, the parents can execute the loan document. The upper age limit is up to 50 years.
Expenses to be Considered for Vocational Education and Training Course
- Admission/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 completion of the course certified by vocational education & training institute.
Quantum of Assistance
Need based finance to meet 100% 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 beneficiary.
Rate of Interest
NSFDC shall charges interest @ 1.5% per annum from the Channelizing Agency which, in turn, shall charge 4% per annum from the beneficiaries. In case of women, an interest rebate of 0.5% shall be provided.
6 months from completion of courses or getting employment, whichever is earlier.
- Upto 7 years.