National Skill Development Corporation (NSDC), the nodal agency under the Ministry of Skill Development and Entrepreneurship, Government of India, has partnered with Auxilo Finserve Pvt. Ltd., an education-focused Non-banking Financial Company (NBFC), to provide financial assistance to students aspiring to enroll in skilling and vocational courses.
The two organisations have planned to create a portfolio of around INR 1,000 crore over the course of the next three years. A MoU was signed by Ved Mani Tiwari, Chief Operating Officer and Officiating CEO, NSDC and Namita Raja, Head – Credit and Operations, Auxilo Finserve in New Delhi.
Auxilo’s pro-education student loan solutions will enable aspiring learners to enroll in reskilling and upskilling programs offered across NSDC’s network of training partners in the country. Upskilling and job readiness are primary in leveraging India’s demographic dividend. Students seeking financial assistance for skilling and vocational courses can connect with their nearest NSDC-approved training centers to know about the available financing options.
The collaboration will also enable Skill Loans, a new initiative through which NSDC, supported by participating lending institutions, plans to increase the penetration of financial assistance to deserving students for Technical and Vocational Education and Training. Loans will be offered to students at attractive rates, thus, supporting them to take certificate/diploma/degree and other courses to enhance their employability.
Neeraj Saxena, MD & CEO, Auxilo Finserve said, “We have designed specialized financial products for skilling and vocational courses and are all set to help Indian students and educational institutions get ready for the professional world.”