The Indian government has rolled out various initiatives to increase literacy in India. The PM Yuva Yojna was initiated by the Government of India to reduce unemployment in the country. It was launched in the fiscal year 2016-17 and will run for 5 years till the financial year 2020-21.
Unemployment is a massive issue that is currently prevalent in India. This scheme is regulated by the Union Ministry of Skill Development and Entrepreneurship. It aims to assist individuals with sufficient training for a period of 5 years so that they can start their own business and add to the economy of India.
Other than the PM Yuva Yojna, there are also other schemes from the government to aid individuals who are looking to pursue higher education. They can avail financial aid on their higher education loan to fund such expenses.
Features of Pradhan Mantri Yuva Yojna
- The government aims to provide entrepreneurship training to over 7 Lakh students from over 3050 training centres.
- Approximately 22,000 centres for higher learning, including 300 schools, 500 ITI’s and 50 entrepreneurship development centres are launched via this scheme.
- Training centres will also provide online training methods so that the students can easily aces the course material and study.
- This scheme is for individuals who have completed basic education in India and help them develop employable skills.
- Individuals under the age of 30 can apply for this scheme.
- Individuals who perform well can gain easy access to mentor network, information and constant support from training institutes.
- This scheme will follow the guidelines laid down by the Ministry of Skill Development and Entrepreneurship.
Benefits of PM Yuva Yojna
- It encourages the youth of India to start their own business and contribute to the economic growth of the country.
- It will equip individuals with the knowledge and expertise to face global competition.
- The reward system will encourage individuals to perform well in the training.
- It will reduce the unemployment rate in India significantly.
However, if any individual is interested in pursuing entrepreneurship training abroad, they can do so with the help of specific credits. However, they should consider the following points before applying for a loan against property.
- Loan Amount
An education loan against property is a secured form of credit, and applicants can avail an amount of equal to 75% of the mortgaged property’s value. However, a high loan amount will increase the financial burden on individuals, so they need to avoid availing an amount more than they need.
- Loan Tenure
Loans against property for education come with long tenure. Borrowers should opt for a lender who offers multiple loan tenure options to help them match their finances with the required EMIs. Note that longer tenure will reduce the EMIs but increase the total interest paid and therefore, the cost of loan.
Bajaj Finserv is one such NBFC that offers flexible loan tenure of up to 20 years on Education Loans in India. Some of the other benefits they provide include balance transfer facility, zero part pre-payment and foreclosure charges along with a plethora of other facilities.
They also provide pre-approved to make the procedure of availing such credits simple and less time-consuming. Pre-approved offers are valid on a diverse range of financial products including secured advances like home loans, unsecured advances like business loans and personal loans, etc. You can check your pre-approved offer by providing only a few essential details.
- Flexible Repayment Facilities
Applicants should select a lender that offers flexible repayment facilities when they decide to avail a loan against property for education. Such features help borrowers repay the debt according conveniently and without any chance of defaulting.
Bajaj Finserv offers the education loan on property for the students with Flexi Loan facility to make repayment easier. Borrowers can withdraw funds as and when they require from the sanctioned loan amount and pay interest only on that withdrawn amount. They can additionally choose to pay interest-only EMIs with this facility and repay the principal loan availed at the end of the tenure.
The PM Yuva Yojna is contributing massively in increasing the standard of entrepreneurship skills in India. Assisting such schemes are accessible financial products offered by leading lenders which help students avail the necessary finances and continue their education without faltering.