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. Under the partnership, the two organisations have planned to create a portfolio of around INR 1,000 crore over the course of the next three years.
A Memorandum of Understanding (MoU) was signed by Ved Mani Tiwari, Chief Operating Officer (COO) and Officiating CEO, NSDC and Namita Raja, Head – Credit and Operations, Auxilo Finserve in New Delhi.
Under the collaboration, a step in the direction of fulfilling the objective of Skill India Mission, 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 (TPs) in the country. Upskilling and job readiness are primary in leveraging India’s demographic dividend and, thus, partnerships of such scale will be a definitive step in narrowing the gap between quality education and the access to it.
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. Under the partnership, some training partners have been roped in to begin with, and the number will increase in due course of time to cater to a larger number of deserving students.
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 (TVET). Under the initiative, loans will be offered to students at attractive rates, thus, supporting them to take certiﬁcate/ diploma/ degree and other courses to enhance their employability. Auxilo, in partnership with NSDC, will facilitate students to enroll in desired courses.
Commenting on the partnership, Ved Mani Tiwari, Chief Operating Officer (COO) and Officiating CEO, NSDC said, “It is our constant endeavor to make skilling and vocational education available for all. At NSDC, we do understand the challenges faced by the skill seekers to acquire funding through formal and recognized channels. With our partnership with Auxilo, I believe that we will be able to address the fundamental challenge of adequate and accessible financial assistance. This collaboration holds huge growth potential for both the organizations with simplified funding access to deserving students till the last mile.”