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1. Pradhan Mantri Kaushal Vikas Yojana (PMKVY) is the flagship scheme of the Ministry of Skill Development & Entrepreneurship (MSDE).
2. The objective of this Skill Certification Scheme is
a. to enable a large number of Indian youth to take up industry-relevant skill training that will help them in securing a better livelihood.
3. Individuals with prior learning experience or skills will also be assessed and certified under Recognition of Prior Learning (RPL).
4. Government of India has launched “Skill Loan Scheme” with a view
a. to support youth by providing a loan facility to individuals who intend to take up skill development courses as per the Skill Loan eligibility criteria.
5. Skill Loan Scheme is applicable to all the member banks of Indian Bank Association (IBA) and any other bank and financial institution including Micro Finance Institution regulated by Reserve Bank of India (RBI).
6. Bank of India being the lead bank of Ministry of Skill Development &
Entrepreneurship has been the first bank to notify and implement such a Skill Loan Scheme.
7. The Loans are available in the range of Rs.5,000/- to Rs.1,50,000/-.