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SALIENT FEATURES OF IBA MODEL LOAN SCHEME FOR VOCATIONAL EDUCATION AND TRAINING
OBJECTIVE:
The Model Loan Scheme for Vocational Education and Training aims at providing financial support from the banking system to those who have the minimum educational qualification, as required by the institution I organization running the course eligible under the scheme.
APPLICABILITY OF THE SCHEME:
The scheme could be adopted by all member banks of the Association or other banks and financial institutions as maybe advised by the RBI. The scheme provides broad guidelines to the banks for operationalising the loan scheme and the implementing bank will have the discretion to make changes as deemed fit.
ELIGIBILITY CRITERIA:
The student should be an Indian National and should have secured admission in a course run or supported by a Ministry/Dept./Organisation of the Govt. or a company. Isociety lorganization supported by National Skill Development Corporation or State Skill Missions/State Skill Corporations, preferably leading to a certificate/diploma/ degree, etc. issued by a Govt. organization or an organization recognized lauthorized by the Govt. to do so.
Courses Eligible:
Vocational 1Skill development courses of duration from 2 months to 3 years run or supported by a Ministry/Dept./Organisation of the Govt. or a company/society/organization supported by National Skill Development Corporation or State Skill Missions/State Skill Corporations, preferably leading to a certificate/diploma/degree, etc. issued by a Govt. organization or an organization recognized/authorized by the Govt. to do so.
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 was a minor, while the parent executes documents for the loan, the bank will obtain a letter of ratification from him/her upon attaining majority. QUANTUM OF FINANCE:
Need based finance to meet expenses as worked out under para 6 below will be considered subject to the following ceilings:
For courses of duration upto 20,000/- For courses of duration 3 to 6 50,000/3 months
months
brity Benefits
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