New Delhi: The Government of India has unveiled a revamped scheme aimed at facilitating skill loans of up to Rs. 75 lakh to support individuals pursuing vocational and technical training. This initiative is part of the broader efforts to enhance employability and address skill gaps in the workforce.
Under the new scheme, eligible candidates can access substantial financial assistance to cover the costs associated with skill development programs. The program is designed to ease the financial burden on students and professionals seeking to enhance their skills in various sectors, including technology, manufacturing, and services. The updated scheme features streamlined application processes, reduced interest rates, and flexible repayment options. It also includes provisions for loans to cover both tuition fees and related expenses such as equipment and training materials. This approach aims to make skill development more accessible and affordable for a larger segment of the population.
The government anticipates that this initiative will significantly contribute to the growth of a skilled workforce, supporting national development goals and improving employment prospects for individuals across the country. By offering higher loan limits and more accessible terms, the scheme is expected to foster greater participation in vocational training programs and support the nation’s skill development agenda.