The Ministry of Skill Development & Entrepreneurship (MSDE) on July 09, 2024, issued the Credit Guarantee Fund Scheme for Skill Development (First) Amendment, 2024, to further amend the Credit Guarantee Fund Scheme for Skill Development (CGFSSD).
The following has been stated namely: -
• Chapter I - Para 2 shall be substituted with “Loan Limit - The minimum and maximum loan limit under this Scheme is Rs.5000/- and Rs.7,50,000/- respectively, without any collateral security and/or third-party guarantee. However, the Fund reserves the right to revise the loan limit as and when required”.
• Chapter I - Para 4 (xii) shall be substituted with “Scheme means the Credit Guarantee Fund Scheme for Skill Development”.
• Chapter I - Para 4 (xiv) shall be substituted with “Lock-in-period- Lock-in-period means the period during which no invocation of guarantee can be made. Lock-in-period shall be 6 months for loans up to Rs.3 lakh and 12 months for loans above Rs.3 lakh from the date of commencement of guarantee cover or end of period of moratorium of interest, whichever is later”
• In Chapter II - Para 6, Sub-para (i) “In addition, the non-NSQF aligned courses on-boarded on the MSDE’s Skill India Digital Hub (SIDH) portal shall also be covered under the scheme, with no minimum course duration”, shall be added.
• In Chapter V - Para 12, Sub-para (vii) “Claim payout (irrespective of the year of claims) on loans disbursed during FY 2024-25 and FY 2025-26 shall be capped at 20% of the total loans disbursed during the year to which the loan pertained. This cap shall be reduced to 15% w.e.f. FY 2026-27”, shall be added.
Kindly refer to the attached document for detailed notification.
[Notification no. - SL-11/01/2023- T&P]
