Pradhan Mantri Kaushal Vikas Yojana (PMKVY) is a part of the Skill India movement, aiming to enhance the technical and vocational skills of literate unemployed of India. It was launched in 2015 by the Ministry of Skill Development and Entrepreneurship (MSDE) and has trained approximately 33.94 Lakh Indians as of 2018.

This skill India scheme is facilitated by the National Skills Qualification Framework (NSQF), which provides short term industry related training to both school and college dropouts and other unemployed citizens residing in the country. However, the following aspects of Pradhan Mantri Kaushal Vikas Yojana should be kept in mind while availing training facility under this scheme –

 

  • Time Frame 

 

Skill India mission aims to provide quality skills development training to all applicants within 150-300 hours, depending upon their respective sectors. Entrepreneurial skills, digital literacy, financial analysis development, etc. will be taught to all trainees. However, only individuals lying in the age bracket of 18 years and 35 years can successfully apply for this course.

 

  • Certification

 

 Skills India scheme provides legal documentation against successful completion of training. Such certificates are useful when an individual is looking for jobs after the training period is over. Also, any applicant having past education experience can get trained under Recognition of Prior Learning (RPL), wherein a more challenging course is pursued.

 

  • Industry-Based Training

 

NSQF provides sectoral training to individuals, depending upon the industry they wish to be employed in. Project Implementing agencies and sector skill council is responsible for the disbursement of such training, aiming to channel immobilized idle resources to increase total output (GDP) of India.

 

  • Placement Facility 

 

PMKVY not only provides quality training to unemployed youth of the country at no cost but also guarantees Skill India jobs. The skills development management system is responsible for job disbursement and security of all candidates successfully completing their assigned training.

Eligible candidates for vocational training under Skill India include any individual who is a college dropout and unemployed, by just providing Aadhaar card and two passport-sized photographs. However, applicants must complete the skill India registration successfully through the following steps to begin training.

Step 1: Any training center should be located through the official website of Pradhan Mantri Vikas Kaushal Yojana 

Step 2: Register for training through the online portal by entering KYC details.

Step 3: A training partner is the recipient of all this information, who schedules the training period and mentors. 

Step 4: On successful completion, candidates are certified as a trained individual, fit to work in the respective industry.

Skill India mission aims to enhance the overall proficiency and expertise of workers employed in the organized sector, thereby tackling the problem of unemployment at the grassroots. However, as of 2018, only 10 Lakh candidates out of 34 Lakh (approx.) successfully got placed after completion of training.

Alternatively, an unemployed individual in India can use a loan against property to start his/her own business. Many financial institutions provide such loans financing all start-ups and other associated costs.

They also provide pre-approved offers that make availing loans quick and easy. These offers are available on numerous financial products including secured credits like home loans, unsecured credits like business loans and personal loans, etc. You can take a look at your pre-approved offer by providing your name and phone number.

Individuals can avail of such loans against property to start their business after completing training under the Skill India scheme. Launching a company after having industry-based training increases the chances of success.

You can successfully avail such a loan against property by providing certain documentation including –

  1. Property documents against which the loan is availed.
  2. Age and residential proof of applicants, which can be verified through the submission of KYC documents.
  3. Potential business plan of applicants willing to start a business.

There are other things you should know about a loan against the property before availing it such as tenor of repayment, type of interest rate, effects on CIBIL score, etc.

Skill India Scheme is regulated by the ministry of skill development and entrepreneurship, aiming to enhance the proficiency of all youths engaged in the unorganized sector of the country. Proper disbursement of training has widespread benefits such as an increase in their per capita income as well as a higher skill set possessed by all workers.

If you want to upskill and start your own business, refer to leading lenders to avail of a loan against property for the necessary financing requirements.