Current Affairs - Finance - Discussion

The revised Model Skill Loan Scheme introduced by the Centre offers collateral-free loans up to Rs. 7.5 lakh. This scheme aims to provide financial support for advanced skill development courses, removing financial barriers for the nation's youth. By including Non-Banking Financial Companies (NBFCs), NBFC-Micro Finance Institutions (NBFC-MFIs), and small finance banks as eligible lenders, the scheme seeks to expand access to high-cost skill courses that are essential for meeting the demands of emerging industries, thus empowering young people to enhance their skills without the burden of collateral requirements.