NSDCI Skill Loan

Any candidate who is registered in NSDCI emplaned courses across NSDCI authorised centres. 

Currently following NBFCs are offering skill loan to NSDCI Candidates: 

Gyandhan financial services Pvt. Limited, Auxilo Finserve private limited  and Sugmya Finance.

Currently NBFC charging anywhere between 16-21 percent simple interest on skill loan. 

Currently NBFCs offer repayment duration up to 24 months with moratorium up to 6 months in addition to course duration. During moratorium periods candidates are required to pay only interest. After moratorium period ends, candidates are required to pay EMIs.

No Processing fee will be charged by lending institutions on loans sanctioned under the scheme.

No, skill loan is availed by candidates against payment of language training fees for respective course. Hence candidates are liable to pay skill loan irrespective of placement.

No, Skill loan amount is directly disbursed to NSDCI account by Lending institution.

Once candidate is enrolled in NSDCI skill loan empanelled programme and shows interest in opting skill loan as mode of fees payment for that course. Candidates require following documents:

Student documents: 

• Physical Pan card of student.
• Aadhaar card of student
• Latest 3-month Bank statement as income proof (Income Proof, only for students who have prior work experience)

Co-applicant documents:   Any earning relative can be a co-applicant to the loan - Parent, Sibling, Spouse, Parent- in-law, Cousin, Uncle, Aunt. For highest chances of loan approval, the co-applicant should be a salaried person with salary credited in their bank account. 

• Physical Pan card of co-applicant (co-applicant needs to have this in their location, not needed in the centre)
• Aadhaar card of co-applicant ·
• For salaried co-applicant, latest 3-month salary bank statement ·
• For business owner o If ITR (income tax return) is available, then latest ITR o 3-month bank statement in which he is doing business transactions.
• For farmers: mandi/sale receipt OR land ownership proof.
• Relationship proof between applicant and co applicant. 

After submission of documents, NSDCI will create loan application on behalf of candidate on NBFC portal. NBFC will assess loan application of candidate on basis of their defined credit policy. 
Candidate will get decision in 2-3 working days after submitting all required documents. NBFC may Approve or Reject loan application based on defined credit assessment parameters. 
If loan is Rejected candidates will get information. 
If loan is approved candidate will be required to do post approval steps and loan will be disbursed by lending institution into designated bank account of NSDC international limited.

As per current established process monthly interest amount and EMIs will be deducted from bank account of co applicant in which ENACH is set up as a part of post approval process.