Model Loan Scheme Launched For Vocational Courses

A model loan scheme for Vocational courses was launched by Canara Bank recently. Principals of all Polytechnic colleges and students from various colleges took part in this function. The Executive Director of Canara Bank Archana S Bhargava released a booklet on the scheme guidelines and requested the principals of colleges to guide students on the Scheme.

H.U. Talwar, Director of Department of Technical Education, who was the Chief Guest launched the scheme and said it has a good scope as almost 300 colleges are imparting Vocational Education in Karnataka. Such employment-oriented courses should be encouraged, he added.

The scheme aims at providing financial support to those who, after passing Class 10 want to pursue employment-oriented skill development courses. The loan amounts range from Rs. 20,000 to Rs.1.5 lakhs depending on the duration and cost of the course. While there is no need of collateral security, parents have to be joint borrowers along with the student.

The scheme covers tuition fee/course fee, examination/library/laboratory fee, caution deposit, and purchase of books, equipment and instruments for pursuing vocational training. All skill development courses of two months to three years run or supported by government organizations or National/State Skill Development Corporations are eligible for finance.