Education and Career Forum

Hello everyone, I want to get the details of the IBA Model Skill Loan scheme of the education loan facilitate by Vijaya Bank. I went to bank for this purpose but couldn’t understand about these things. Kindly tell me about this as soon as possible.

Detailed information about Vijaya Bank IBA Model Skill Loan Scheme is mentioned below :-

--> Eligibility :- You should have secured admission to secured admission to any eligible course run by Industrial Training Institutes (ITIs), Polytechnics or school recognized by Central or State education Boards.

--> Quantum of Finance :- Rs. 5000 to Rs. 150000

--> Margin :- 5% of total expenses/cost of the course.

--> Security :- No collateral security will be taken. However, parents to be joint borrower (s).

--> Moratorium Period :- 6 months from the completion of the course for courses of duration up to 1 year. 12 months from the completion of the course for courses of duration above 1 year.

--> Repayment Period :- Up to 3 years for loans up to Rs.50,000/-. Up to 5 years for loans above Rs.50,000/- and up to Rs.1.00 lakh. Up to 7 years for loans above Rs.1.00 lakh.