Govt's target for Skill Loan for a period of 5 years is 34 lakhs
Updated: Dec 17, 2015 01:09:21pm
New Delhi, Dec 17 (KNN) Government has set up a target of 34 lakhs for Skill Loan for a period of 5 years and the target for 2015-16 is 2 lakhs, Minister of State for Skill Development and Entrepreneurship Rajiv Pratap Rudy has said.
In respect of 27 Banks, 6003 numbers of Skill Loan accounts have been opened till September 30, 2015 and the total amount sanctioned is Rs 38.663 crores, according to the Department of Financial Services (DFS).
The Ministry of Skill Development and Entrepreneurship (MSDE) in its Year End Review revealed that 93% of India’s workers work in the unorganised sector and acquire skills through informal channels and lack formal certification.
As many as 54% of India’s population is below 25 years of age and over 62% of the population is the working-age group. Yet, only 4.69% of the Indian population has undergone formal skills training, the report said.
Stating that the Skill Loan Scheme does not discriminate against women, Rudy, in a written reply in the Lok Sabha, has said that Skill Loan Scheme was launched with a view to support youth who wish to go through skill training programmes in the Country.
The new scheme has replaced earlier Indian Banks Association (IBA) Model Loan Scheme for Vocational Education and Training.
The Indian Banks Association (IBA) has already circulated the scheme to the Chief Executives of All Member Banks for implementation of the Scheme.
Any Indian National who has secured admission in a course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognised by Central or State education Boards or in a college affiliated to recognised university, training partners affiliated to National Skill Development Corporation (NSDC) Sector Skill Councils, State Skill Mission, State Skill Corporation can avail loan for the purpose.
Amount of loan varies from Rs 5,000 to Rs 150, 000 depending on the course having a repayment period of 3 to 7 years. Simple rate of interest @ 11% and 12% per annum is charged during the period of study. (KNN Bureau)
In respect of 27 Banks, 6003 numbers of Skill Loan accounts have been opened till September 30, 2015 and the total amount sanctioned is Rs 38.663 crores, according to the Department of Financial Services (DFS).
The Ministry of Skill Development and Entrepreneurship (MSDE) in its Year End Review revealed that 93% of India’s workers work in the unorganised sector and acquire skills through informal channels and lack formal certification.
As many as 54% of India’s population is below 25 years of age and over 62% of the population is the working-age group. Yet, only 4.69% of the Indian population has undergone formal skills training, the report said.
Stating that the Skill Loan Scheme does not discriminate against women, Rudy, in a written reply in the Lok Sabha, has said that Skill Loan Scheme was launched with a view to support youth who wish to go through skill training programmes in the Country.
The new scheme has replaced earlier Indian Banks Association (IBA) Model Loan Scheme for Vocational Education and Training.
The Indian Banks Association (IBA) has already circulated the scheme to the Chief Executives of All Member Banks for implementation of the Scheme.
Any Indian National who has secured admission in a course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognised by Central or State education Boards or in a college affiliated to recognised university, training partners affiliated to National Skill Development Corporation (NSDC) Sector Skill Councils, State Skill Mission, State Skill Corporation can avail loan for the purpose.
Amount of loan varies from Rs 5,000 to Rs 150, 000 depending on the course having a repayment period of 3 to 7 years. Simple rate of interest @ 11% and 12% per annum is charged during the period of study. (KNN Bureau)
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