• ECCE
  • School Edu
  • Higher Edu
  • Edu Tech
  • Skills
  • Jobs
  • Advertise
  • Login
New Updates
  • vivo Ignite 2025, in Partnership with NCERT, IITM, and UNGC, Celebrates Tech Talent in Schools
  • Letter of Intents (LOIs) issued to 5 Foreign Universities to set-up Campuses in Mumbai
  • NEET 2025 Results Spark Celebrations Across India’s Top Coaching Institutes
  • Veranda Learning to merge operations of 4 key verticals in its business
  • Safety Measures for School Children in Maharashtra rolled out
  • Home
  • Latest
  • Spotlight
  • Perspective
  • Interview
  • Videos
  • Events
  • Shop
  • Student Kiosk
No Result
View All Result
  • Home
  • Latest
  • Spotlight
  • Perspective
  • Interview
  • Videos
  • Events
  • Shop
  • Student Kiosk
No Result
View All Result
Education21

Revised Model Skill Loan Scheme launched; credit guarantee cover increased to INR 7.50 lakh

education by education
July 26, 2024
in Latest, Skills
0
Revised Model Skill Loan Scheme launched; credit guarantee cover increased to INR 7.50 lakh
0
SHARES
90
VIEWS
Share on FacebookShare on Twitter

Union Skills Minister, Jayant Chaudhary on July 25 launched the revised Model Skill Loan Scheme aimed at providing access to skilling courses, including high-end courses which often come with high course fee, without any financial constraints. This will empower the youth of India to be future- ready workforce. The MSDE had initially launched the Credit Guarantee Fund Scheme for Skill Development (CCFSSD) in July 2015. The new Model Skill Loan Scheme is the revised version of the same. It addresses the challenges of meeting the requirements of highly skilled workforce emerging from paced technological changes.

The scheme is aimed at providing easy access to advanced-level skill courses, which potentially pose a significant financial barrier for many deserving students and candidates to gain futuristic and in-demand industry skills. In absence of a vibrant skill loan market, many aspiring candidates without the necessary financial support to pursue their skill training leave or don’t complete it

Recognising the significant role played by NBFCs and Micro Finance Institutions in the skill loan market, the MSDE, with approval from the Ministry of Finance, has made pivotal modifications to the scheme guidelines. Now, NBFCs, Micro Finance Institutions, and Small Finance Banks will also be eligible to extend loans which will be backed by guarantee against default up to 75% of the loan disbursed.   Furthermore, the maximum ticket size of individual loans eligible for credit guarantee cover has been increased to INR 7.50 lakhs from the earlier limit of INR 1.50 lakhs.

During the launch ceremony in New Delhi, the Minister said that the launch of the Model Skill Loan Scheme is a major milestone for our Ministry of Skill Development and Entrepreneurship. He said that as the world, including India, undergoes rapid technological and societal shifts, our education systems and job market must adapt to keep pace. “We’re working hard towards a vision for 2047, with the government thinking strategically about these changes; this Model Skill Loan Scheme is a reform and liberalisation for which there was demand of the Public,” he emphasised.

Atul Kumar Tiwari, Secretary, MSDE added that the ‘Skill Economy’ is increasingly market-led, with new-age learning integrating into the skill development ecosystem and with the help of this initiative, aspiring candidates can choose from a plethora of skill courses in sectors such as healthcare, IT, AI-data science, cloud application, digital marketing, hospitality, animation, gaming, graphic designing, and drone technology. These courses, driven by changing industry dynamics, offer substantial placement opportunities and potential for international mobility, he observed.

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • RSS Feed
Previous Post

Noida gets a new premium pre-school, ‘The Learning Space’; introduces mindning curriculum

Next Post

Shri Ram Chandra Mission announces Heartfulness Essay Event 2024 for youth of ages 14-25, last date Aug 30

education

education

Related Posts

vivo Ignite 2025, in Partnership with NCERT, IITM, and UNGC, Celebrates Tech Talent in Schools
Latest

vivo Ignite 2025, in Partnership with NCERT, IITM, and UNGC, Celebrates Tech Talent in Schools

by education
June 16, 2025
Letter of Intents (LOIs) issued to 5 Foreign Universities to set-up Campuses in Mumbai
Higher Edu

Letter of Intents (LOIs) issued to 5 Foreign Universities to set-up Campuses in Mumbai

by education
June 15, 2025
NEET 2025 Results Spark Celebrations Across India’s Top Coaching Institutes
Latest

NEET 2025 Results Spark Celebrations Across India’s Top Coaching Institutes

by education
June 15, 2025
Veranda Learning to merge operations of 4 key verticals in its business
Latest

Veranda Learning to merge operations of 4 key verticals in its business

by education
June 12, 2025
Safety Measures for School Children in Maharashtra rolled out
Latest

Safety Measures for School Children in Maharashtra rolled out

by education
June 12, 2025
Next Post

Shri Ram Chandra Mission announces Heartfulness Essay Event 2024 for youth of ages 14-25, last date Aug 30

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • RSS Feed

Useful Announcements

  • All
  • Useful Announcements

NAAI’s South Zone Abilympics in Chennai on June 20–21 at IIT Madras

June 16, 2025

IITM Pravartak partners with TCS iON to launch Machine Learning Operations Course

June 16, 2025

IIT Bombay launches e-Post Graduate Diploma in Integrated Circuits with Simplilearn 

June 13, 2025

Alliance University launches Multilingual and Transdisciplinary 2-Year MA in Creative Writing; apply by June 30

June 13, 2025

RCA Graduate Sonakshi Presents “Zaat” at British Council Delhi — A Sculptural Exploration of Womanhood, June 11–July 31

June 13, 2025
LPU launches B.Sc. and Diploma courses in Child and Elderly Care

LPU launches B.Sc. and Diploma courses in Child and Elderly Care

June 12, 2025

Indian School of Hospitality Opens Applications for BBA/BBA (Hons) in Hospitality Management

June 6, 2025

Vikalp India introduces ‘STEAM Lab at Home’

June 6, 2025

GlobalGyan launches ‘Sarathi Leadership Program’ on Future CXO Roles

June 6, 2025

K J Somaiya Institute of Management and Jio Creative Labs launch MBA in Marketing Communications

June 5, 2025

Download current issue Not available

https://online.pubhtml5.com/jlyo/bxvr/

Monthly Magazine : Feb 2024

Interactive (Quizzes/Surveys)

Start Monthly Quiz
Education21

An initiative in continuation of Curriculum Magazine, Education21.in, is a platform for New India that aspires to be a valuable innovator, partner and collaborator for a just and sustainable world. Continuing with our steady and 360 degree coverage of education system and skills landscape, we are here more oriented towards learner community.

Useful Links

  • About us
  • Team
  • Contact
  • Editorial opportunities
  • Subscriptions
  • Job Opportunities
  • Features

Important Links

  • Blog
  • Archives
  • People
  • Careerwise
  • Resources
  • Downloadable
  • Old issues
  • Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • RSS Feed

Copyright © 2020 All rights reserved. Education21.

No Result
View All Result
  • Home
  • Latest
  • Spotlight
  • Perspective
  • Interview
  • Videos
  • Events
  • Shop
  • Student Kiosk

Copyright © 2020 All rights reserved. Education21.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Cleantalk Pixel