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State Bank of Hyderabad (SBH) has been in operations since 1941 and is established as the city’s central bank in addition to being the primary financial institution of the state of Telangana. The Skilling Loan Scheme offered by the bank aids individuals who wish to undertake skill development courses.
Customers can avail the State Bank of Hyderabad (SBH) Skilling Loan Scheme to undertake skill development courses at any training institute.
The SBH Skilling Loan Scheme can be availed by individuals who have enrolled for courses offered by Polytechnics, Industrial Training Institutes, institutions recognised by State or Central Education Boards and individuals who are admitted in colleges associated to a recognised university. Applicants can also be training partners associated with NSDC (National Skill Development Corporation) / State Skill Corporation, State Skill Mission, State Skill councils, resulting in a Degree / Diploma / Certificate issued by the institution as per NSQF (National Skill Qualification Framework).
The minimum amount of money that can be borrowed through the SBH Skilling Loan Scheme is Rs.5,000 and the maximum is Rs.1.5 lacs.
Although there is no minimum age requirement to avail the Skilling Loan Scheme, documentation for minors should be executed by the student’s parent. The facility can be availed only by Indian nationals subject to meeting the requirements laid by the enrolling organisation / institution as per NSQF.
If the loan amount is below Rs.50,000, the interest rate will be the base rate plus 100 basis points, that is 10.95% per annum. If the loan amount exceeds Rs.50,000, the rate of interest will be the base rate plus 150 basis points, that is 11.45% per annum.
If the loan amount is less than Rs.50,000, the term can extend up to three years. If the loan amount ranges between Rs.50,000 and Rs.1 lac, the tenure can go up to five years, and if the amount borrowed is in excess of Rs.1 lac, the tenure can stretch up to seven years.
If the course lasts for less than a year, the moratorium period will be the course duration plus six months. If the course is above one year, the moratorium period will be the course duration plus 12 months.