Maha Bank Skill Loan Scheme

Purpose

Maha Bank Skill Loan Scheme aims at providing a loan facility to individuals who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria.

Courses and Institution Eligibility

• Training Institutes/Courses: Courses run by Industrial Training Institutes (ITIs), Polytechnics, training partners affiliated to National Skill Development Corporation (NSDC)/ Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate/ diploma/ degree issued by such organization as per National Skill Qualification Framework (NSQF) are eligible for a Skill Loan.

• Schools recognized by Central or State Education Boards or Colleges affiliated to recognized university leading to a certificate/diploma/degree issued by such organization as per National Skill Qualification Framework (NSQF) is eligible for a Skill Loan.

• There is no minimum course duration.

Minimum Qualification

As required by the enrolling institution/ organization as per National Skill Qualification Framework (NSQF)

Quantum Of Finance

• Minimum Loan Amount: Rs.5000
• Maximum Loan Amount: Rs.1,50,000

Margin

NIL

Processing charges

NIL

Security/ Guarantee

1. No collateral or third party guarantee is required. Loan has to be covered under CGFSSL scheme mandatorily.
2. However, the Parent/Guardian will execute loan documents along with the student, as joint borrower (co-borrower). Spouse may be included as co-applicant wherever applicable, in addition to Parent/ Natural Guardian.

Repayment

1. Loans up to Rs.50,000: Up to 3 years
2. Loans above Rs.50,000 and up to Rs.1 lakh: Up to 5 years
3. Loans above Rs.1 lakh: Up to 7 years