Bank of Maharashtra Skill Loan Scheme

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Bank of Maharashtra Skill Loan Scheme (Skilling Loan) aims at providing a loan facility to individuals who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria.

Eligibility :

The applicant should be an Indian national
As required by the enrolling institutions/organizations as per NSQF
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)

Courses Eligible

Courses run by above mentioned Training Institutes (in 4.a) aligned to National Skill Qualification Framework (NSQF) shall be covered by the Skill Loan. There is no minimum course duration.

Loan Details

Quantum

Loans will be in the range of Rs.5,000/- to Rs.1,50,000/-. The estimated per month fees, based on sector & NSQF level, will be available with the NSDC

Margin :

The banks can charge nominal margin money as down-payment from the student, to keep the student serious about the course. However, the down-payment and the amount paid as Interest during the course (Clause 11) together should not exceed 10% of the total course amount.

Security :

No collateral for such skilling loan will be taken. Bank have option to apply to the National Credit Guarantee Trust Company Ltd (NCGTC) for credit guarantee against defaults.

Rate of Interest

For interest rate check out this link, Bank of Maharashtra Interest Rate

Repayment

Loans up to Rs. 50,000- Up to 3 years
Loans between Rs.50,000 to Rs.1 lakh - Up to 5 years
Loans above Rs.1 lakh- Up to 7 years

Contact Details
Head Office - Bank of Maharashtra
Lokmangal, 1501, Shivaji Nagar, Pune-411005
Phone : 020-25536802/2876
Website : visit

Click here for the nearest bank branches

Note : Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.

Tags

Skill Loan , Bank of Maharashtra Education Loan , Loan for vocational course , Skill Loan Schemes

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