Mumbai: The student scholarship scheme “M-Scholar” was introduced by Magma Fincorp Ltd., leading BFSI entity, in 2015. During the past two years, Magma has awarded 50 scholarships in each year and already has 99 students availing the scheme, which include 39 students from Engineering and Medical streams. In an effort to reach out to more meritorious students from the lower income families, Magma has decided to double the number this year and offer 100 scholarships across the country in FY18.
Every year many meritorious students hailing from poor families are forced to discontinue their higher education due to lack of funds. Keeping alive their motto of ‘investing in the smallest dreams’, Magma offers financial assistance in form of scholarships to such students every year under their scheme “M-Scholar”. Students will be selected on the basis of their academic performance and socio-economic background of their families who are unable to support their children to continue studies.
Speaking to the media, Mr. Kaushik Sinha, Vice President, CSR, Corporate Communications & Admin, Magma Fincorp Ltd elaborated on the initiative and the application procedure for this year. “Applications are invited from eligible students from across the country. Till now we offered 50 scholarships every year. However, considering the need to reach out to more such meritorious students who are forced to discontinue their students due financial constraints this year we will offer 100 scholarships for their under-graduate studies. The three year scholarship will be renewable every year on confirmation of grades in annual exams”, Said Mr. Sinha.
Magma believes that the scholarship will meet a part of the student’s education and related expenses while pursuing higher studies.
100 eligible students will be given the scholarship for three years
Student must be citizen of India
Maximum age of applicant as on 15th August 2018 – 20 years
Scholarship will be granted to students for 3 year degree courses in general stream or 4 years professional/ specialized courses in engineering, medical, law etc.
Applicant should have secured minimum 80% marks in school passing out board exam (class XII) in their respective state boards
Students from families having monthly household income of less than Rs. 10,000/- (Rupees ten thousand only) are eligible to apply for this scheme
Interested and eligible students can send their application to the office of Magma Fincorp Ltd. with the following documents:
Application letter seeking to be enrolled into the scheme
Attested photocopy of the Class XII mark sheet
Set of two passport photographs
Age proof (School certificate/ Admin card)
Address proof and Identity proof
Income certificate of parent (Monthly Household Income must be Rs. 10,000/ or less per month)
College admission proof (for undergraduate course)
Bank account details
Character Certificate from School last attended