“Skill Loan” is a unique initiative to promote a sustainable model for creating industry ready employable skilled youth especially belonging from the regions affected by Left Wing Extremism and other backward regions. This initiative was launched in association with PanIIT Alumini Research for India Foundation (PARFI), a not-for- profit social entreprise promoted by alumnus of IITs with the financial assistance from NABARD.
PARFI has been working towards skilling using the Gurukul model, a demand-led, residential, fit-for- purpose training in technical skills in sectors like construction, manufacturing, medical services and logistics. The emphasis is on practical experience for enhancing productivity, imbibing quality and ensuring safety. Gurukul is typically led by ex-servicemen, seek to infuse patriotic values and life skills, including discipline, financial and credit literacy, in addition to technical training. PanIIT contracts with employers, for technically skilled jobs, to assure placements in India and abroad. Hence, jobs are waiting for students even before they enrol in this demand led training model.
NABFINS provides loans to these youth identified by PARFI for acquiring training, which is repayable over a period of 6 to 9 months after their placement. This helps them to create a good history.
Interest rates on loans