Skill Loan by SBI Bank

Students registered for ASAP courses can now avail of skill loans for course fees ranging between INR 5,000 and INR 1,50,000 from the nearest SBI Bank branch.

State Bank of India offer Skill Loans to students of ASAP Kerala subject to a minimum of Rs.5,000/- (Rupees five thousand only) and a maximum of Rs.1.50 lakhs (Rupees one lakh fifty thousand only) per course per loan.

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  • Individuals who have secured admission and received the provisional admit letter.
  • The candidates who’ve completed 12th grade or graduates from any stream.
  • There is no age restriction. Individuals who meet all the criteria and other parameters as per the Banks Education Loan policy.
  • Co-applicant is mandatory, to be the parent(s)/guardian of the student borrower / in case of married person, co-obligator can be either spouse or the parent(s)/parents-in-law.) 
  • Aadhaar (UID) is accepted for Know Your Customer (KYC) norms, in addition to other identity and address proof, as determined by the Bank.

Skill loan process:

Step 1: Receive the provisional admission form from ASAP

Step 2: Students should apply in the Vidya Lakshmi Portal, or they can directly approach the corresponding branch. Click here for detailed steps.

Note: A few branches will undertake this registration from the branch itself; students need to contact their desired branch to verify if they will undertake the application process. 

Step 3: Along with the downloaded form (Vidya Lakshmi Portal), signed by the parent and the student, all necessary documents must be submitted at the bank. Click here for the document checklist.


  • Compulsory Account with SBI Bank.
  • After submitting all the requisite details to the bank, it may take at least 4-5 days for the bank to process the details if the student is eligible for the loan.
  • If the candidate does not possess a PAN card, they should apply for the same prior to the above-mentioned procedures. For this, students need an Aadhaar card with their Date of Birth mentioned in the same. This can be verified from an Akshaya Centre using their E-Aadhaar card. If the Date of Birth is not mentioned, students should get it updated in the Aadhaar card using their SSLC copy from an Akshaya centre. 

Interest rate

  • Simple interest rates are applicable on the loans for the duration of the course, and till the repayment schedule starts.
  • Once the repayment schedule commences, interest accrued during the moratorium period will be capitalised, and interest will be charged on a compounding basis, thereafter, as applicable to other education loans.
  • Interest rates are as prevalent as per Reserve Bank of India (RBI) norms.


  • Students can choose to pay the interest during the duration of the course and through the moratorium period after submitting an undertaking at the bank from their parents/ guardians.

There is no processing fee

Banks will NOT charge any processing fee for skill loans.

Repayment Holiday / Moratorium Period

The moratorium period will be extended to the loans sanctioned under this scheme, as below:

  • Courses of duration up to 1 year:   Up to 6 months from the completion of the course
  • Courses of duration above 1 year: 12 months from the completion of the course

Branches will have the flexibility to fix the structure of repayment – flat Equated Monthly Instalments (EMI), tube payments or moratorium period, as deemed fit for various sectors and student categories.


  •  Loans up to Rs 50,000: Up to 3 years
  •  Loans between Rs 50,000 and Rs 1 Lakh: Up to 5 years
  •  Loans above Rs. 1 Lakh: Up to 7 years

No Collaterals

There is no collateral required to avail a loan of amount < Rs. 7.5 lakh.


The borrower can also choose to be covered under the SBI Insurance policy.


Please note that the bank reserves the right to refuse loan requests that do not adhere to its terms and conditions.