SEPI Loan Scheme – Phase II

Introduction

The objective of the utilization of SEPI Phase II is to provide financial assistance to trained youth who completed certificate of Diploma in NVQ course conducted by the registered Vocational Training Institution under the TVEC or vocational training course conducted by DTET, NAITA, VTASL, SLIOP or Entrepreneurship Development Program conducted by identified training institutions, under the MSDVT & Vocational Training Courses conducted by the NYSC under the Ministry of Policy & Economic Affairs for establishment of their own self-employment projects.

Eligible sub-borrowers for grant of loans

Applicant should have completed a NVQ Program or any Vocational Training Course & an Entrepreneurship Skills Development Program under a recognized vocational training institute registered under MSDVT.

  • Should have a suitable location for the proposed enterprise.
  • Should be able to submit a business plan for review and approval of the Bank (Preference will be given to trained women to receive fund from SEPI Phase II)
Eligible sub projects

All occupation and technology areas listed under NVQ Qualifications.

Area of Operation

All Island

Loan Limit to Sub-borrower

The maximum individual sub-loan size shall be Rs.500,000/=

Interest Rate

7% per annum

Period of Repayment

Maximum of 4 years inclusive of grace period (Maximum of 6 months) depending on the
requirements of the project (Interest will be charged during the grace period.)