Cent Skill Loan

 CENT SKILL LOAN (VOCATIONAL EDUCATION AND TRAINING )

 

Student Eligibility

 

The student should be an Indian National and should have secured admission in a course run or supported by a Ministry / Dept./ Organization 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

Quantum of Finance

 

Need based finance to meet expenses as worked out will be considered subject to the following ceilings :

Minimum

Rs.5,000/-

Maximum

Rs.1,50,000/-

 

Margin

5%

Rate of interest

ROI=RBLR(Repo Rate+ Spread+ CRP(Credit Risk Premium)

Credit Risk Premium will be as per Risk Category.

  • CBI-1 to CBI-3 rated borrowers are Low Risk
  • CBI-4 to CBI-6 rated borrowers are Medium Risk

 

Applicable Repo Linked Lending Rate will be as under:

RBLR

CRP(Credit Risk Premium)

 ROI

6.85

Low Risk

Medium Risk

Low Risk

Medium Risk

1.80

1.85

8.65

8.70

 

Processing Charges

  • No Processing Charges
  • API Integration Charges of Rs.81 +GST to be recovered
  • VLP charges @ Rs 100 + GST are to be recovered from the successful application of the student borrower

Security

No collateral or third party guarantee will be taken.  However, the parent will execute loan document along with the student borrower as joint borrower. The loan is covered under Credit Guarantee Scheme of NCGTC.

REPAYMENT

 

The loan will be repaid after the moratorium period in Equated Monthly Installments (EMIs) as follows:

  • Loans up to Rs.50,000/- - Up to 3years
  • Loans between Rs.50,000/- to Rs.1 lakh – Up to 5 years
  • Loans above Rs.1 lakh- Up to 7 years