NSDC, Auxilo Finserve collaborate to support funding for skilling & vocational courses; Aim to create portfolio of INR 1,000 crore over next 3 years

Mumbai (Maharashtra) [India], July 7 (ANI/PRNewswire): 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."
Neeraj Saxena, MD & CEO, Auxilo Finserve said, ''Through this strategic collaboration, we aim to create a valuable ecosystem to support students enrolled with NSDC's training partners with hassle-free and seamless financing. 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.''
National Skill Development Corporation (NSDC), a nodal skill development agency, working under the Ministry of Skill Development & Entrepreneurship (MSDE), Government of India, is a unique Public Private Partnership (PPP). Through its mission 'Skills4All, Anytime, Anywhere', NSDC aims to provide access to opportunities to all through quality vocational education and training.
Since inception in 2008, NSDC has trained over 3 crore people through its collaboration with 700+ training partners and over 11,000 training centres spread across 700+ districts in the country. NSDC has established 37 Sector Skill Councils (SSCs) and implements the Government's flagship skill development schemes such as Pradhan Mantri Kaushal Vikas Yojana (PMKVY), National Apprenticeship Promotion Scheme (NAPS), among others.
NSDC also funds enterprises, companies and organisations that provide skill training. The organisation enables private-sector capacity building in skill development by offering concessional loans, other innovative financial products, and strategic partnerships.
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Founded in 2017, Auxilo Finserve Pvt. Ltd. is a Reserve Bank of India (RBI)-registered NBFC and is poised to serve the financing gaps in the Indian education ecosystem, with its focus on students and scaling the education infrastructure through innovative financial solution delivery.
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