Sri Vinod Kulkarni, CSR head at Tata Motors Ltd and Dr. Sudhir Jain, Director, IITGn and Damayanti Bhattacharya, CEO IIT Bombay Alumni Association (IITBAA) signed a Memorandum of Understanding (MoU) with an objective to extend financial help. Under this MoU, the undergraduate students enrolled at IITGN who are in of need financial support will be offered the seed funding for tuition as well as other payments and fees a period of four years.
Per year, about five students can avail of this fund, making the total number of students benefittng from this MoU to 20 over four years. The students who will be benefited under this scheme will have to donate the money back to the institution when they are financially independent. IIT-Gandhinagar will use that money to fund five more UG students. This is aimed at helping the students with their immediate financial needs as well as to bring the institute and its students develop stronger connections. IITBAA has played a crucial role in bringing about the partnership between TML and IIT-Gandhinagar.
This is somewhere similar to the Education Loan Scheme by Delhi Government wherein any student can get a loan of Rs. 10 lakh from the Delhi Government without any guarantee. The student who so ever will be the beneficiary will get a one-year moratorium on successful completion of their degree or diploma programmes after which they can pay back the loan over 15 years through easy instalments. The rate of interest to be charged is base rate plus 2 percent.
Even the Government of India on August 15, 2015 launched a website for students seeking educational loan. SBI, IDBI Bank and Bank of India have joined their individual system with the website.
Speaking on this occasion, Sri Vinod Kulkarni, CSR head at TML said, “Continuing on Tata Group’s tradition of supporting educational institutes of excellence and students coming from deserving backgrounds, we are privileged to collaborate with IIT Gandhinagar. Further he said, in this joint endeavour, we envisage to enable every deserving student at IITGN to excel in studies and not get handicapped for want of resources. We have decided to engage with IITGN, post a very successful experience with IIT Bombay, on a similar Financial Aid Program.”
Addressing the gathering on the occasion, Damayanti Bhattacharya, CEO, IITBAA said, “The Financial Aid Program (FAP) was initiated over eight years ago by the IITBAA. Since then the program has supported over 600 students with fund disbursal, crossing Rs 4.3 crores.”
This partnership will involve Tata Motors leveraging the top academic talent in the country. It will help the company to not only build its functional expertise through research collaboration but also contribute to strengthening the industry readiness of the talent stepping out of campuses through curricula building, live projects and various engagement interventions.
Tata Motors has clearly charted its technology roadmap. The Company has identified areas of excellence and is stepping to meet requirements, it plans to create talent pool and be the destination of choice for automotive engineering professionals.