The Government Skill Loan Scheme (SLS) is an initiative launched by the Ministry of Skill Development and Entrepreneurship (MSDE) in July 2015. It aims to provide institutional credit to individuals pursuing skill development courses aligned with National Occupations Standards (NOS) and Qualification Packs (QPs) leading to certificates/diplomas/degrees by training institutes as per the National Skill Qualification Framework (NSQF).
Here’s how you can apply for the Government Skill Loan Scheme:
Eligibility:
- Indian citizen
- Age: 18-35 years
- Secured admission in a course run by:
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- Industrial Training Institutes (ITIs)
- Polytechnics
- Schools recognized by Central/State education boards
- Colleges affiliated to a recognized university
- Training partners affiliated to:
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- National Skill Development Corporation (NSDC)
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- Sector Skill Councils
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- State Skill Mission
- State Skill Corporation
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Loan amount:
- Rs. 5,000 to 1,50,000
Interest rate:
- Base rate (MCLR) + up to 1.5%
No minimum course duration.
Banks offering the scheme:
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- Bank of Maharashtra
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- Central Bank of India
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- Bank of Baroda
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- State Bank of India
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- Union Bank of India
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- Canara Bank
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- Punjab and Sind Bank
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- IDBI Bank
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- Bank of India
- Karnataka Bank
Steps to apply:
- Check if you are eligible.
- Choose your preferred bank.
- Visit the bank’s website or branch.
- Fill out the application form.
- Submit the required documents.
- Get your loan approved.
Documents required:
- Proof of admission to course (admission or offer letter, ID card)
- Copies of scholarship or free-ship letters (if applicable)
- Schedule of expenses for course
- Mark sheets of 10th & 12th, graduation (if applicable)
- Entrance exam results (if applicable)
- KYC documents (proof of identity and address)
Benefits of the Skill Loan Scheme:
- No processing charges
- No documentation charges
- No security required
- Flexible repayment options
Additional Tips:
- Check the eligibility criteria carefully before applying for any program.
- Choose a program from a recognized and reputable training provider.
- Gather all required documents beforehand to avoid delays.
- Seek guidance from Skill India Helpdesk or training providers for any assistance.
By following these steps and staying informed about the Skill India program, you can effectively apply for training, acquire valuable skills, and improve your employability prospects.