Skill Loan Scheme
in Andaman and Nicobar Islands
Last updated:
Key dates and updates (Andaman and Nicobar Islands)
Nationwide and Andaman and Nicobar Islands-specific milestones. Verify on the official portal before you apply.
| Milestone | Date |
|---|---|
| Scheme launch |
Skill Loan Scheme in Andaman and Nicobar Islands
Skill Loan Scheme is a government scheme available to eligible residents of Andaman and Nicobar Islands.
Apply for Skill Loan Scheme in Andaman and Nicobar Islands
Scheme Overview
A Skill loan scheme by Ministry of Skill Development and Entrepreneurship to provide loan upto Rs. 1,50,000 to student 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 affil
Eligibility Criteria
A student 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 a recognized university, training partners affiliated to National Skill Development Corporation (NSDC) / Sector Skill Councils, State Skill Mission, State Skill Corporation
Benefits
Aligned to NSQF
Rs 5000-1,50,000
No minimum duration
Base rate (MCLR) + an add on typically up to 1.5%
Duration of the course
Between 3 to 7 years basis the amount of loan
Loans upto ₹ 50,000 - Upto 3 years
Loans between ₹ 50,000 to ₹ 1 lakh - Upto 5 years
Loans above ₹ 1 lakh - Upto 7 years
Course Fees (directly to the training institute) along with expenses towards completion of the course (assessment, examination, study material, etc.)
The scheme does not allow for a collateral to be charged from the beneficiary.
MSDE, through a November 2015 notification, brought into force the Credit Guarantee Fund for Skill Development (CGFSSD) for all skill loans sanctioned on or after 15 July 2015, to be administered by the National Credit Guarantee Trust Company (NCGTC).
Banks can apply to the NCGTC for credit guarantee against defaults and NCGTC will provide this guarantee at nominal fee which shall not exceed 0.5% of the amount outstanding. The guarantee cover will be for a maximum of 75% of the outstanding loan amount (including interest, if any).
How to Apply in Andaman and Nicobar Islands
Documents required– including, but not limited to proof of identity, proof of address, proof of income (of self or guardian, if available) Post successful registration, candidate can select their preferred sector/ role/ centre Visit the centre of …
Online — https://www.vidyakaushal.com/Vidyakaushal/registerStudent Documents required– including, but not limited to proof of identity, proof of address, proof of income (of self or guardian, if available) Post successful registration, candidate can select their preferred sector/ role/ centre Visit the centre of your choice for counselling Raise loan request through the centre, if required Evaluate and accept/ reject loan offers based on preference Disbursement of the loan directly to partner/ centre post-confirmation
Common questions in Andaman and Nicobar Islands
Who can apply for Skill Loan Scheme in Andaman and Nicobar Islands?
Eligible residents of Andaman and Nicobar Islands who meet the scheme’s overall criteria can apply for Skill Loan Scheme. Refer to the eligibility section above for the complete checklist.
What documents are required for Skill Loan Scheme in Andaman and Nicobar Islands?
Applicants in Andaman and Nicobar Islands typically need identity proof (Aadhaar), state residency proof, bank account details, and any scheme-specific documents listed in the documents section.
What are the important dates for Skill Loan Scheme?
Key dates are summarized in the table on this page, from 15 July 2015 through 15 July 2015, based on values DeshSeva currently stores for this item.
Frequently Asked Questions
Student satisfying the eligibility can avail the loan amount upto Rs. 1,50,000 .