About Skill Development Loans
Loanpao’s Skill Development Loans in Delhi, India, support individuals and institutions in funding vocational training, skill certification programs, or setting up training centers. Aligned with schemes like PMKVY, these loans offer low-interest financing to enhance employability and entrepreneurship with minimal documentation.
Why Choose Our Skill Development Loan?
- Interest Rates: 8% - 14% per annum
- Loan Amount: ₹50,000 - ₹50,00,000
- Tenure: 12 - 60 months
- Disbursal within 72 hours
- Unsecured for individuals, secured options for institutions
- Minimal documentation
- Subsidized rates under government schemes
- Support for PMKVY-affiliated courses
Are You Eligible?
| Criteria | Requirement |
|---|---|
| Applicant Type | Individuals (18+ years) or registered institutions |
| Purpose | Vocational training, certification, or training center setup |
| Annual Income | ₹1,50,000+ (individuals) or ₹5,00,000+ (institutions) |
| Credit Score | 650+ preferred |
| Affiliation | PMKVY or NSDC affiliation (for institutions, preferred) |
What Documents Do You Need?
- KYC: Aadhaar, PAN, passport, or voter ID
- Income Proof: ITR or salary slips (last 2 years for individuals), financial statements (institutions)
- Bank Statement: Last 6 months
- Course Details: Training program or PMKVY affiliation proof
- Institution Proof: Registration certificate, lease agreement (for training centers)
- Passport-size photographs
Competitive Interest Rates & Fees
| Bank/Lender | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| State Bank of India | 8.0% - 10.5% | Up to 1% or ₹5,000 |
| Bank of Baroda | 8.5% - 11.0% | Up to 1% or ₹6,000 |
| HDFC Bank | 9.0% - 12.0% | Up to 1.5% or ₹7,000 |
| Axis Bank | 9.5% - 13.0% | Up to 1.5% or ₹8,000 |
| Bajaj Finance | 10.0% - 14.0% | Up to 2% or ₹10,000 |
Extra Charges:
- Late Payment Charges: ₹300 + 2% on overdue amount
- Foreclosure Charges: 3% if prepaid within 12 months, else 1%
- GST: Applicable on processing fees
Note: Rates and fees are indicative as of May 2025 and subject to change.
Calculate Your EMI
Enter values and click Calculate EMI to see results.
How to Apply for a Skill Development Loan
- Complete the online application with training or institution details.
- Submit KYC, income proof, bank statements, and course/institution documents.
- Undergo verification of income and training program details.
- Sign the digital loan agreement.
- Receive funds in your account within 72 hours.
Common Questions About Skill Development Loans
What is a Skill Development Loan?
A loan to fund vocational training, skill certification, or training center setup, often aligned with schemes like PMKVY.
Who can apply?
Individuals (18+ years) or registered institutions with ₹1,50,000+ (individuals) or ₹5,00,000+ (institutions) annual income and 650+ credit score.
What is the maximum loan amount?
Up to ₹50,00,000, based on income and training purpose.
How long does disbursal take?
Within 72 hours after verification.
Is collateral required?
Unsecured for individuals; institutions may need collateral for larger amounts.
Can I prepay the loan?
Yes, with 3% charges if prepaid within 12 months, else 1%.
What is the repayment tenure?
From 12 to 60 months, with flexible EMI options.
Are there special offers?
Apply by 31st May for waived processing fees on loans above ₹5,00,000.
What can the funds be used for?
Vocational courses, skill certification, or setting up PMKVY-affiliated training centers.
What happens if I default?
Late fees, credit score impact, and potential legal action may apply after due notice.