Corp Skill Loan Scheme is a product brought to you by Corporation Bank, specifically designed to provide finance to individuals looking to take up courses to increase their skill and join the skilled labour force on the country.
Where is the purpose of Corp Skill Loan Scheme from Corporation Bank?
The Corp Skill Loan Scheme is meant for the raise finance for them to pursue a technical education courses to increase their skill.
What is the eligibility criteria for Corp Skill Loan Scheme from Corporation Bank?
In order to be able to apply for this loan, the applicant needs to be match these criteria
Student applying for the loan should be an Indian citizen.
The applicant should have secured admission into Industrial Training Institutes or into any schools or colleges that is recognised by Central or State Education Boards
The applicant will need to join any courses that will provide you him or her a Certificate, Diploma, Degree after completion of the course. The certificate should be issued by an organization as per National Skill Qualification Framework (NSQF).
Applicant needs to be qualified to enrol as required by these institutions
What are the types of financing available?
This loan will be considered in the form of a Term Loan
What is the maximum amount of loan I can avail?
The loans will range between an amounts of Rs. 5000 to Rs. 1, 50, 000
What is the rate of interest on Corp Skill Loan Scheme from Corporation Bank?
The interest rate is a floating rate based, the base rate of interest will be 9.65% per annum effective from 8th October 2015. The rate for this loan scheme is the Base Rate + 2.25% making the interest rate 11.9%.
What are the terms for Corp Skill Loan Scheme from Corporation Bank?
The tenure for payment will be
For an amount of Rs. 50, 000 - up to 3 years
For an amount of Rs. 50, 000 to Rs. 1, 00, 000 - up to 5 years
For an amount above Rs. 1, 00, 000 - up to 7 years
There will be a step up EMI payment available
Interest will be debited during the initial payment
The equitable mortgage of the premises should be fully securing the two loan.
There will be no prepayment fees charged for this loan.
There will be no processing fees charged for this loan.
The moratorium period for a Courses of duration up to 1 year will be the course period + 6 months and for Courses of duration above 1 year will be Courses duration + 12 months
The eligible expenses under the scheme will be the course fee paid directly to the institute
Any other expenses related to the course such as exam fee, purchase of books, laboratory fee, charges for library, any instruments or equipment’s required.
How do I apply for this loan?
Fill in the application form which is available on the website of the bank, along with 2 passport sized photographs and attached all other document required by the bank. And contact your nearest branch.