Mahabank Skill Loan Scheme

Objective

The objective of the Skill Loan Scheme is to facilitate easy and affordable access to financial assistance for individuals seeking to enhance their skills through vocational training and skill development courses.

Eligibility criteria

Any individual who has secured admission / who meets the eligibility criteria" with minimum qualifications to undergo skill training for the National Skill Qualification Framework (NSQF) aligned courses and / or the Non-NSQF aligned courses by the training entities onboarded on the MSDE's Skill India Digital Hub (SIDH) platform, is eligible for a Skilling Loan and who has executed the loan documents with the lending institutions to avail the loan.

Courses and Institution Eligibility

Industrial Training Institutes (ITIs), polytechnics or school recognized by Central or State education Boards or 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) and/ or the Non-NSQF aligned courses in skill development provided by the training entities onboarded on the MSDE,s Skill India Digital Hub (SIDH) platform.

Minimum Qualification

As required by the enrolling institution/ organization as per National Skill Qualification Framework (NSQF) and/ or the Non-NSQF aligned courses in skill development provided by the training entities onboarded on the MSDE's skill India Digital Hub (SIDH) platform.

Quantum Of Finance

• Minimum Loan Amount: Rs.5000
• Maximum Loan Amount: Rs.7,50,000

Security/ Guarantee

1. Parent/Guardian will execute loan documents along with the student, as joint borrower (co-borrower).
2. In case of married person, co-borrower can be spouse or the parent(s)/parents-in-law.
3. No collateral or third-party guarantee is required. Loan must be covered under Credit Guarantee Fund Scheme for Skill Development (CGFSSD) scheme mandatorily.

Moratorium

• For courses of duration up to 1 year – Moratorium up to 6 months from the completion of the course.
• For courses of duration above 1 year – Moratorium 12 months from the completion of the course.

Repayment

1. Loans up to Rs.50,000: Up to 3 years
2. Loans above Rs.50,000 and up to Rs.1 lakh: Up to 5 years
3. Loans above Rs.1 lakh: Up to 7 years

Processing charges

NIL

Rate of Interest

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