The Vocational Education and Training Loan Scheme offers financial support to young people within the targeted category in order to improve their employability and skill set. In this article you get every necessary information regarding this scheme including its objective, eligibility, documents and apply online.
Vocational Education And Training Loan Scheme
The Central Government’s training programs are funded through a new program called VETLS, which was created by the Indian National Backward Classes Finance and Development Corporation (NBCFDC). In keeping with the Learn, Earn & Pay concept described in the National Policy for Skill Development and Entrepreneurship for 2015, the Vocational Education and Training Loan Scheme (VETLS) was created.
Overview Of Vocational Education And Training Loan Scheme
| Name of the scheme | Vocational Education and Training Loan Scheme |
| Launched by | National Backward Classes Finance and Development Corporation (NBCFDC) of India |
| Beneficiaries | young people |
| Objective | To provide financial help |
| Official Website | nskfdc.nic.in |
Objective Of Vocational Education And Training Loan Scheme
The main objective of the scheme is to give young people in the target demographic financial support so they may improve their employability and skills.
Benefits Of Vocational Education And Training Loan Scheme
- To give targeted young financial assistance in the form of loans so they may pursue Vocational Educational and Training Courses in India, which would improve their employability and abilities.
- Up to 90% of expenditures may be covered by need-based financing, subject to the following ceilings:
- For two-year courses, the maximum amount is Rs. 4,00,000.
Eligibility Criteria
- The applicant must belong to NSKFDC’s target audience.
- In order to be eligible for a certificate, diploma, degree or other credential issued by a government organization or an organization recognized or authorized by the government to do so, the individual must have obtained admission to a course supported by a government ministry, department, or organization or a business, society, or organization funded by the National Skill Development Corporation or State Skill Missions/State Skill Corporations.
- The applicant must be at least eighteen years old upon course completion. There is a 50-year maximum age limit.
- Vocational education and training programs with a minimum 6 month duration and a maximum 2 year duration are offered or supported by a government ministry, department or organization alternatively, they can be sponsored by a National Skill Development Corporation, State Skills/Mission/State Skill Corporations or a company, society or organization.
Required Documents
- Aadhaar card
- Caste certificate
- Bank details
- Income certificate
- Domicile certificate
- Mobile number
Application Process Of Vocational Education And Training Loan Scheme
- First you have to visit the Official Website of the scheme.
- The homepage will appear on your screen.
- Click on the how to apply option.
- Click on the loan application form.
- The application form will appear on your screen.
- Enter all the required details in the form.
- You have to upload all the necessary documents.
- Click on the save button.
FAQ’s
What is the loan’s interest rate?
The channeling agency will be charged 4% annually by the recipients, who will then be charged 1% annually by NSKFDC. A 0.5% interest rebate will be given to women in this situation.
What age range is required to apply?
The candidate must be at least eighteen years old when the course ends. There is a 50 year maximum age limit.
What is the official website of the scheme?
nskfdc.nic.in