The National Skill Certification and Monetary Reward scheme

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The National Skill Certification and Monetary Reward scheme

National Skill Development Corporation has implemented The National Skill Certification and Monetary Reward Scheme to encourage skill development for youth by providing monetary rewards for successful completion of approved training programs.

Salient features of the The National Skill Certification and Monetary Reward Scheme are as under

With the object to increase the productivity of the existing workforce and align the training and certification, training will be provided by the eligible institutions (available on the website of National Skill Development Agency (NSDA) and National Skill Development Corporation (NSDC)

  • NSDA is an autonomous body constituted by Govt. of India. It will anchor the National Skills Qualifications Framework (NSQF) and will facilitate the setting up of professional certifying bodies in addition to the existing ones.
  • NSDC is a Private Public Partnership (PPP) organization with representatives from Government and Industry Associations on its Board. It has been instituted to foster private sector initiatives in skill development.
  • SSC (Sector Skill Councils) are industry-led bodies, who would be responsible for defining the skilling needs, concept, processes, certification, accreditation of their respective industry sectors.

NSDC will be the implementing agency for this scheme.

The training will be for a minimum of 30 days duration and will include training on social skills like health, hygiene, communication skills etc. The training may also include on the job training, internships etc. to increase productivity of the existing workforce and align the training and certification to the needs of the country.

After successful completion of the training, assessment will be made and a certificate will be issued by separately identified and approved assessment agencies.

Monetary awards for certification is as under

Sectors NSQF Levels 1 & 2 NSQF Levels 3 & 4
Manufacturing Courses Rs.10,000 Rs.15,000
Service & Other sectors Rs.7,500 Rs.10,000

The list of all the training providers in the skill development space that have been associated with any government institution shall be available on the website of National Skill Development Agency (NSDA). The detailed scheme document of The National Skill Certification and Monetary Reward Scheme is available on the website of National Skill Development Corporation

Bank of Baroda provides Education Loans (Baroda Education Loan for Vocational Education & Training) to eligible applicants to pursue the approved training programmes under the scheme of The National Skill Certification and Monetary Reward Scheme

Q

Who can apply for the loan?

Any Indian National fulfilling criteria stated above is eligible for education loan.

Q

Who can be co-obligant?

The parents, guardians, friends and relative can be co-obligant.

Q

How much does Bank of Baroda lend?

Bank of Baroda extend need based finance subject to repaying capacity of the parents/student with margin upto following ceilings.

List of FAQs
Studies in India Maximum Rs. 10.00 lacs
Studies abroad Maximum Rs.20.00 lacs.
Q

For how long a period can I get the loan?

We grant loan for a term of 5-7 years after repayment holiday/moratorium.

Q

What is the repayment holiday / moratorium period?

Course period + 1 year or 6 months after getting job whichever is earlier.

Q

What is the mode of repayment?

The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Instalment (EMI) is fixed.

Q

Do you offer any concession?

Yes, we do offer 1% interest concession to student loanee, if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme. Additionally, 1% interest concession is provided to girl students.

Q

What type of interest do you charge under your Education Loan Scheme?

We charge simple interest at monthly rests during the repayment holiday /moratorium period.

Q

Do you levy any penalty for default under the scheme?

Yes, we charge penal interest @ 2% on overdues amount in the loan exceeding Rs.4 lacs.

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  • Total Interest
  • Total Amount
Monthly Payment Rs. 1,977.00

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