Syndicate bank offers Skill loan scheme for to meet the expenses of the course. Check Interest Rates, Documents, EMI, Process of Skill Loan Scheme. Interest Rates start from 11.50%.
Eligibility criteria for Syndicate bank skill loan scheme
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) is eligible for a “Skill Loan”.
The Government of India / State Governments may, from time to time, notify institutes/organizations for the purpose.
Quantum of Finance
Loans will be in the range of 5,000/- to 150,000/-
Eligible courses
Courses run by above mentioned Training Institutes, aligned to National Skill Qualification Framework (NSQF) shall be covered by the Skill Loan.
Duration of the course
There is no restriction of minimum course duration.
Minimum Age for the applicant
There is no specific restriction with regard to the age of the student to be eligible for skill loan. 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
KYC
“Aadhar Card” will also be considered as a valid proof for KYC norms in addition to other identity and address proof.
Repayment
The loan shall be repayable in EMIs and have tenure excluding course period & moratorium as follows :
Loans upto Rs.50,000: : Upto 3 years
Loans between Rs.50,000 to ` 1 lakh : Upto 5 years
Loans above Rs.1 lakh : Upto 7 years
Prepayment penalty, Processing and Documentation Charges – Nil
