Unlock Your True Potential with The Skill Loan Scheme
Financial limits should not force you to shrink your ambitions. You have the raw talent, the drive, and the vision to build a brilliant future. The Credit Guarantee Fund Scheme for Skill Development (CGFSD) notified by Ministry of Skill Development & Entrepreneurship (MSDE) on 20th November, 2015 and further amended on 9th July, 2024 is your ultimate superpower, designed to smash through financial barriers and clear your path to a great career.
This scheme facilitates collateral-free credit to help you undertake skill development courses, offering a credit guarantee for loans extended by eligible member lending institutions.
Empower Your Journey
"Dream Big, Achieve Big!"
"Give Your Dreams Wings and Watch Them Fly!"
This scheme gives you the wings to fly high, gain industry-ready skills, upgrade your standard of living, and step confidently into the professional world.
The Skill Loan Advantage
You do not need a guarantor or valuable property to back your dreams. Parents /guardians will serve as the co-borrowers to the loan. The Government of India stands right behind you as your guarantor.
• Zero Collateral Required: No need to pledge land, gold, or property to secure your future.
• Guarantee Coverage: 70-75% of amount in default.
• Funding Range: Get need-based institutional finance anywhere from ₹5,000 to ₹7,50,000.
• Zero Processing Fees: Lenders will not charge you any processing fee to process your loan.
• No Prepayment Penalties: Pay off your loan early whenever you want without any extra fees.
Your Roadmap (Scheme Details)
| Feature | The Protection It Gives You |
|---|---|
| Who Benefits | Any Indian national ready to learn and grow. |
| What You Can Study |
|
| Where You Can Study | Industrial Training Institutes (ITIs), Polytechnics, schools recognized by Central or State Education Boards, colleges affiliated with recognized universities, NSDC and Sector Skill Council affiliated Training Partners, State Skill Missions, and State Skill Corporations. |
| Coverage of Skill Loan |
|
| Capped Interest Rates | Maximum 1.5% p.a. over the External Benchmark Lending Rate (EBLR) for Banks and a maximum of 21% p.a. for NBFCs. |
Take Flight Today!
Stop waiting for a miracle to change your life. You have the power within you, and the tools are right here.
To avail the skill loan, approach your Training Partner or step into any registered Bank or NBFC. Tell them you want to apply for a Skill Loan under the CGFSD scheme.
To know more about the scheme, please visit https://www.ncgtc.in/en/product-details/CGFSD/Credit-Guarantee-Fund-Scheme-for-Skill-Development-(CGFSD).
