Revised Model Skill Loan Scheme: The central government has revised model skill loan scheme 2024 for Indians who want to take loans to obtain a skill-based education. The minister of state for skill development and entrepreneurship and education, Mr Jayant Chaudhari announced the Revised Model Skill Loan Scheme on 25 July 2024.
Now eligible candidates can apply for up to 7.5 lakh loan amount from banks and financial companies to pursue their skill education. If you are also looking a financial assistance to pursue a good skill course for a better future, then you can read this article where we will share with you the latest information of revised model skill loan scheme 2024 including the new loan amount, benefits of the scheme, eligibility criteria etc.
Revised Model Skill Loan Scheme 2024
The revised Model Skill Loan Scheme launched by the Ministry of Skill Development and Entrepreneurship provides financial support for advanced skill courses. It allows students to take loans up to Rs 7.5 lakh without needing collateral, making high-cost courses more accessible.
The scheme now includes Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions as lenders, ensuring more candidates can benefit. By addressing financial barriers, this initiative aims to create a skilled workforce ready for the future, supporting courses in areas like IT, healthcare, digital marketing, and more.
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Apply for Revised Model Skill Loan from NBFC
Earlier the Model Skill Loan scheme was introduced by the central government in 2015 but only banks were limited to providing financial assistance or loans to the applicants under the scheme. But now the Union minister appreciates the participation of nonbanking financial companies and updated the eligibility of the loan-providing companies to non banking financial companies also. So candidates can now get more loan offers from different companies to pursue their high quality and skill education in their specific field.
Loan amount revised from 1.5 lakh to INR 7.5 lakh
The revised Model Skill Loan Scheme significantly increases the maximum loan amount from INR 1.5 lakh to INR 7.5 lakh, making high-end skill courses more accessible to students. This substantial raise ensures that financial constraints do not prevent deserving candidates from pursuing advanced and often expensive skill development programs.
By allowing loans up to INR 7.5 lakh, the scheme aims to support a broader range of educational opportunities in fields like IT, healthcare, and digital marketing, empowering more youth to acquire the skills needed for the evolving job market.
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MODIFIED MODEL SKILL LOAN SCHEME TO FACILITATE LOANS UP TO RS. 7.5 LAKH
The revised Model Skill Loan Scheme introduces a key feature of collateral-free loans up to INR 7.5 lakh, removing a significant barrier for many students. This means candidates can now access substantial financial support for their education without needing to provide any security or collateral.
This feature is particularly beneficial for those from economically weaker sections, as it opens doors to advanced skill courses that were previously unaffordable. By offering collateral-free loans, the scheme ensures broader access to high-end training in various fields, fostering a skilled workforce equipped for future industry demands.
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Benefits of the Revised Model Skill Loan Scheme
The revised Model Skill Loan Scheme benefits:
- Increased Loan Limits: The maximum loan amount has been raised from INR 1.5 lakh to INR 7.5 lakh, enabling access to high-cost, advanced skill courses.
- Collateral-Free Loan: Loans up to INR 7.5 lakh are available without requiring collateral, making financial support more accessible to students from economically weaker sections.
- Broader Lender Inclusion: The scheme now includes Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions as eligible lenders, expanding the reach and availability of loans.
- Support for Diverse Courses: It supports a wide array of skill development programs in fields such as IT, healthcare, digital marketing, and more, aligning with industry demands.
- Empowerment for Future Jobs: By removing financial barriers, the scheme helps create a future-ready workforce equipped with in-demand skills, enhancing employment opportunities and potential for international mobility.
