26th July 2024 (8 Topics)
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Model Skill Loan Scheme
Context
The government introduced the ‘Model Skill Loan Scheme’ in New Delhi. This initiative aims to address a significant barrier for students seeking advanced skill training: the financial cost.
About the Scheme
- The Model Skill Loan Scheme aims to empower India’s future workforce by providing financial support for advanced-level skill courses.
- This scheme targets 25,000 youth across the country, ensuring they have access to necessary upskilling opportunities.
- Key Features:
- Increased Loan Amount: The scheme has significantly raised the loan limit from ?1.5 lakh to ?7.5 lakh. This increase is intended to cover the higher fees associated with advanced skill courses, making education more accessible.
- Expanded Financial Institutions: The scheme now includes several Non-Banking Financial Companies (NBFCs), scheduled banks, and rural banks. This broader inclusion aims to make the loan application process more accessible and less cumbersome for students.
- Focus on Advanced Skill Courses: By targeting advanced-level training, the scheme addresses a crucial gap. Many high-quality skill courses come with steep fees, which can be a barrier for deserving students. The Model Skill Loan Scheme seeks to bridge this gap by offering substantial financial support.
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