Thursday, April 25, 2024
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Eligibility :
Student
Courses
Courses run by above mentioned Training Institutes aligned to National Skill Qualification Framework (NSQF) shall be covered by the Skill Loan.
Minimum Age
There is no specific restriction with regard to the age of the student to be eligible for the loan. However, if the student is a minor, while the parent executes documents for the loan, the Branch to obtain a letter of ratification from him / her upon attaining majority.
Loan Details
Coverage of expenses
Tuition / course fee. Banks shall pay such tuition / course fee directly to the Training Institute.
Any other reasonable expenditure found necessary for completion of the course including but not limited to assessment fee, Examination fee, Library charges, Laboratory fee, Caution deposit, Purchase of books, equipment’s and instruments (As such courses are localized boarding, lodging may not be necessary based on the cost of living in the particular area. However, wherever it has been found necessary, the same could be considered on merit).
Quantum
Loans will be in the range of Rs. 5,000/- to Rs. 150,000/-.
The estimated per month fees, based on sector & NSQF level, will be available with the NSDC. Skill loan could be availed by beneficiaries of other grant/reward based Government schemes for skill training to cover the cost of such skill training not covered under such grant/reward.
Margin
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 together should not exceed 10% of the total course amount.
Rate of Interest
Simple interest to be charged during the study period and upto commencement of repayment.
Note :
Servicing of interest during study period and moratorium period till commencement
of repayment is optional for students.
1% interest concession may be provided if interest is serviced during the study
period and subsequent moratorium period prior to commencement of repayment.
For interest rate check out this link, Dena Bank Interest Rate
Processing Fees - Nil
Security
No security or third party guarantee to be taken. However, the parent will execute loan documents along with the student borrower as joint borrower. All the loan under the Scheme will be covered under Credit Guarantee Scheme managed & operated by National Credit Guarantee Trust Company Ltd (NCGTC). Guarantee Fee @ 0.50% of the amount outstanding will be paid by Bank.
Moratorium Period :
Upon completion of the course, repayment will start after a moratorium period as indicated below :
Repayment
The loan to be repaid after the moratorium period in Equated Monthly Instalments (EMIs) as follows :
Insurance
Optional at the requirement of the borrower.
Pre - Payment
The borrower can repay the loan any time after commencement of repayment without having to pay any pre-payment charges.
All other terms and conditions as applicable to "IBA Model Skill Loan Scheme/Kaushal Wrin Yojana "
Contact Details
Dena Bank
Corporate Centre, C-10, G Block, 6th Floor,
Bandra Kurla Complex, Bandra (E), Mumbai-400 051
Telephone No. : 022-26545607
Fax No. : 022-26545605
E-mail : Contact
Now
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
Dena Bank Loans
,
Skill Loan
,
Loan for vocational course
,
ITI Education Loan
,
Polytechnic Education Loan
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