Bank Partners & Documentation

Loan Documentation &Bank Information

Everything you need to know about loan eligibility, documentation requirements, and our banking partners.

Loan Features at a Glance

₹5,000 - ₹1,50,000
Loan Amount
MCLR + 1-2%
≈ 8.5-10.5% p.a.
Interest Rate
3-7 years
Tenure
Course + 3 months
Moratorium
Not Required
Collateral
0.5%
Waived for pilot
Processing Fee

Eligibility Criteria

1
Age
18-35 years
2
Residence
Domicile of Jammu & Kashmir
3
Education
Minimum Class 10 pass (varies by course)
4
Credit History
No existing defaults
5
Course
Must be approved by SkillConnect JK

CGFSSD Protection

All loans under SkillConnect JK are covered under the Credit Guarantee Fund for Skill Development (CGFSSD).

75%
Of outstanding principal guaranteed
  • No collateral required
  • No third-party guarantor needed
  • Risk-free lending for banks
  • Lower interest rates for borrowers

Documents Required

Identity Proof

Required
  • Aadhaar Card
  • PAN Card
  • Voter ID
  • Passport

Address Proof

Required
  • Aadhaar Card
  • Utility Bill
  • Ration Card
  • Domicile Certificate

Educational Documents

Required
  • Class 10 Marksheet
  • Class 12 Marksheet (if applicable)
  • Graduation Certificate (if applicable)

Income Proof

Optional
  • Family Income Certificate
  • Bank Statement (6 months)
  • Salary Slip of Guardian (if applicable)

Photographs

Required
  • 2 Passport Size Photos
  • Family Photo (for verification)

DigiLocker Integration

You can share documents directly from DigiLocker for faster verification. Physical documents may be required for final verification at the bank branch.

Milestone-Based Disbursement

Your loan is released in stages as you progress through the course, ensuring accountability and motivation.

30%

T0 - Enrollment

Released when course enrollment is confirmed

Paid to: Training Provider
30%

T1 - 33% Completion

Released when 33% attendance & assessment verified

Paid to: Training Provider
20%

T2 - 66% Completion

Released when 66% attendance & assessment verified

Paid to: Training Provider
20%

T3 - Certification

Released upon certification/course completion

Paid to: Training Provider

Our Banking Partners

🏦

J&K Bank

ActivePrimary Partner
50 branches in J&K
1800-XXX-XXXX
skillconnect@jkbank.com
🏛️

State Bank of India

Coming SoonExpansion Partner
100 branches in J&K
1800-XXX-XXXX
skillconnect@sbi.co.in
🏛️

Punjab National Bank

Coming SoonExpansion Partner
40 branches in J&K
1800-XXX-XXXX
skillconnect@pnb.co.in

Frequently Asked Questions

What is CGFSSD guarantee?
The Credit Guarantee Fund for Skill Development (CGFSSD) covers 75% of the outstanding principal in case of default, making loans risk-free for banks and enabling collateral-free lending.
What is milestone-based disbursement?
Instead of giving the full loan amount upfront, funds are released in tranches as you progress through the course. This ensures you stay motivated and complete the course.
What is the Step-up EMI scheme?
For the first 6 months after moratorium, you pay only 50% of the regular EMI. This helps you manage expenses while you start your career.
Can I prepay my loan?
Yes, you can prepay your loan without any prepayment penalty. We encourage early repayment.
What if I fail to complete the course?
If you fail due to genuine reasons, your loan terms will be reviewed. The TP guarantee and CGFSSD coverage protect both you and the bank.

Ready to Apply for a Skill Loan?

Gather your documents and start your application today. Our team will guide you through every step.