The government has launched the revised Model Skill Loan Scheme. Announced by Shri Jayant Chaudhary, Minister of State (Independent Charge) for the Ministry of Skill Development & Entrepreneurship (MSDE) and the Ministry of Education, this enhanced scheme offers collateral-free loans up to INR 7.5 lakhs, significantly increasing from the previous limit of INR 1.5 lakhs.
The revamped scheme aims to make high-end skill courses more accessible by including Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs), and Small Finance Banks as eligible lenders. The government will back 75% of these loans against defaults, addressing the financial barriers that often impede students from pursuing advanced training.
Shri Chaudhary highlighted, “This scheme is a strategic response to public demand for financial support in skill development. It aligns with our vision for 2047 by equipping our youth with future-ready skills.”For Guwahati, the scheme’s impact could be transformative. With its growing focus on technology and services, Guwahati’s market is set to benefit from increased access to specialized training, enhancing local workforce capabilities and fueling economic growth.
