Govt Launches ‘Model Skill Loan Scheme’ To Provide Education And Upskilling Opportunities To 25,000 Youngsters

Minister of State for Skill Development and Entrepreneurship Jayant Chaudhary yesterday launched the ‘Model Skill Loan Scheme’ in New Delhi. The scheme aims to empower the country’s future-ready workforce. Under the scheme, education and upskilling opportunities will be provided to 25 thousand youth across the country.

Addressing the launch event, Mr. Chaudhary said that under the new scheme, the loan amount limit has been increased to 7.5 lakh rupees which was 1.5 lakh rupees earlier. He added that several Non-Banking Financial Companies (NBFC), scheduled banks, and rural banks also have been added to the scheme which will provide hassle-free loans to students. The Minister said that this scheme had been



mentioned by the Union Finance Minister Nirmala Sitharaman in Union Budget 2024-25.

The New Model Skill Loan Scheme is tailored to support advanced-level skill courses, which often come with higher fees, creating a significant financial barrier for many deserving students. This initiative aims to bridge that gap, ensuring that aspiring candidates receive the necessary financial support to pursue their skill training. Secretary in the Skill Development and Entrepreneurship Ministry Atul Kumar Tiwari, CEO and Managing Director of National Skill Development Corporation (NSDC) Ved Mani Tiwari and AICTE Chairman T. G. Sitharam were also present at the event.