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oriental skill loan

  • Eligibility
    Purpose The scheme aims at providing financial support to students for pursuing employment oriented skill development courses with affordable terms and conditions.
    Eligible Persons Nationality: The applicant should be an Indian National
    Minimum Age: There is no specific restriction with regard to the age of the student to be eligible for Oriental Skill Loan.
    Minimum Qualification: As required by the enrolling institutions/organizations as per NSQF (National Skill Qualification Framework).
    Eligible Institutes/Eligible courses Training Institutes: 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 Oriental Skill Loan.
    4.2Training Courses: Courses run by above mentioned Training Institutes aligned to National Skill Qualification Framework (NSQF) shall be covered by the Oriental Skill Loan Scheme. There is no minimum course duration.
  • Finance
    Components of Finance
    • Tuition / course fee.
    • Assessment fee/ Examination fee / Library charges / Laboratory fee.
    • Caution Deposit
    • Purchase of books, equipments and instruments
    • Any other reasonable expenditure found necessary for completion of the course (As such courses are localized boarding, lodging may not be necessary based on the cost of living in the particular area. However, wherever it is found necessary, the same shall be considered on merits).
    • Life Insurance premium of the student, if obtained.
    Loan Amount Loans will be in the range of ₹ 5,000/- to ₹ 150,000/-.
  • Security and Margin
    Margin NIL
    Security
    • No collateral security or third party guarantee
    • Parents / guardian to be joint borrower (s) (irrespective of their means and age of student)
    • In case of married person, co-obligator can be either Spouse or the Parent(s) / Parent(s)-in-law.
  • Rate of Interest and Repayment
    Rate of Interest One Year MCLR + 1.50% floating with Monthly rest
    Moratorium Period Upon completion of course, repayment will start after the moratorium period as under:
    For courses of duration upto 1 year 6 months from the completion of course
    For courses of duration above 1 year 12 months from the completion of course.
    Repayment
    Loans upto ₹ 50,000 Upto 3 years
    Loans between ₹ 50,000 to ₹ 1 lakh Upto 5 years
    Loans above ₹ 1 lakh Upto 7 years
    The above repayment period is exclusive of moratorium period.
    Process fee NIL
  • Apply Now
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