R
D SETHNA SCHOLARSHIP FUND
Contact : Mr. Farrokh M. Rustomji - CEO
Address:
Esplanade House, 29 Hazarimal Somani Marg, Fort, Mumbai-400 001.
Tel:
+91 22 2207 7044
Website
www.rdsethnascholarships.org
R D SETHNA SCHOLARSHIP
LOAN SCHOLARSHIP FOR STUDIES
R D Sethna Scholarship, one of the oldest and best
known scholarship programme was initiated after the death of Mr R D Sethna,
Indian Philanthropist in 1938 assisting outstanding and deserving students of
all communities.
Mr R D Sethna was clear in his approach to
philanthropy: it had to be directed to specific causes, normally of large
magnitude in support of higher education, “For the promotion and encouragement
of Scientific, Technical, Industrial and Commercial instruction or education”
in ways beneficial to society: Mr R D Sethna envisioned that his plan for
granting financial assistance to students would broaden their academic
interests and in turn benefit the Nation.
A students’ good academic record is necessary among
considerations like the financial status of the parents, a combination of which
is taken into consideration while deciding the award of scholarship. R D Sethna
Scholarships, in short, are investments in individuals to empower them for
pursuing their academic interests and career. The loan scholarships are granted
to cover fees, both books and tuitions.
The Chief Executive administers all aspects of the
R D Sethna Scholarships and processes the applications as per the terms and
conditions determined by the Trustees.
INSTRUCTIONS
FOR APPLICANTS
APPLICANTS ARE REQUESTED TO READ THESE INSTRUCTIONS
CAREFULLY BEFORE FILLING UP THE APPLICATION FORM AND TO NOTE THAT IF THESE
INSTRUCTIONS ARE NOT FOLLOWED OR IF FULL INFORMATION IS NOT GIVEN, THE
APPLICATION FORM IS LIABLE TO BE REJECTED WITHOUT ANY PRIOR INTIMATION TO THE
APPLICANT.
The R D Sethna Scholarship Fund grants only loan
scholarships to students who are citizens of India, regardless of community,
caste or creed.
Loan scholarships are granted to enable students to
undertake scientific, technical, industrial or commercial studies in India and
overseas on the condition that they are repayable with interest in terms of the
agreement and other documents required to be entered into and executed by
applicants and their male guarantors.
All Applications should be made on the prescribed
Form, which can be obtained on request from the Trust office. No Forms will be
sent to intending applicants by post, unless the request is accompanied by
payment of Rs.50/- either by a Postal Order or by demand draft in favour of R D
Sethna Scholarship Fund. Applicants must also send a self addressed Rs.10/-
stamped envelope of size: 23 cm x 10 cm. Applicants must indicate whether the
Form is required for studies in India or overseas.
Applications for loan scholarships are invited by
the Trust from 1st April each year. The last date for receiving applications
for overseas studies is 31 May and for local studies is 31st August each year.
Only successful applicants will be informed of the grant, and no intimation
will be given to unsuccessful applicants.
Only those applicants who have passed at least the
Secondary School Certificate examination or other equivalent examination and
who have secured not less than 50% of the total marks in the last examination
given by them prior to the making of the applications are eligible to apply for
a loan scholarship.
The person proposed as guarantor must be a male,
and permanent resident in Mumbai having a monthly income of not less than
Rs.10,000/- for applicants pursuing studies in India and Rs.15,000/- for
applicants pursuing studies overseas.
Applicants must submit letters of recommendation
from 2 recommenders who are permanent residents in Mumbai.
The application form must be legibly filled in and
must be accompanied by the following documents.
Certified copies of the Mark sheets of marks
secured by the applicant at each examination commencing with the Secondary
School Certificate examination or other equivalent examination.
A copy of the letter of admission to the college,
Institution or University at which the applicant intends to undertake studies.
In the case of applicants who have secured admission to USA Universities or
Institutions must enclose a copy of the Form I-20. For studies in India the
applicant must produce the receipt of the admission fees paid to the College or
Institution.
Salary certificate or copy of income-tax assessment
order of the parents and the person proposed as guarantor.
Copies of testimonials/letters of recommendations
given to the applicant.
A passport size photograph duly certified as the
applicant’s photograph by a S.E.M. or Gazetted Officer or head of any
recognized College or Institution in which the applicant has studied or is
studying.
Students proposing studies in India must submit
proof of the recognition granted to the College or the Institute by the Govt.
of India.
All copies submitted with the application Form
should be certified as true copies by a S.E.M. or Gazetted Officer or head of
any recognized College or Institution in which the applicant is studying or has
studied.
Loan scholarships, when granted, will be paid to
the applicant in such installments as the trustees may think fit, having regard
to the circumstances of each individual case.
Applicants to whom the loan scholarships are
granted and their guarantors will be required to execute such documents
personally at our Trust office as trustees may think necessary to evidence the
grant of the loan scholarships and to ensure the repayment thereof, and in
particular the following:-
A joint and several demand promissory note
An agreement in the prescribed Form.
Receipts and acknowledgments in the prescribed
form.
If loan scholarships are not availed of without
reasonable cause within 6 weeks from the date on which they are stated to be
required, or if the applicant or his guarantor fails to complete the requisite
formalities or execute necessary documents within 4 weeks of their being called
upon to do so, the grant shall stand cancelled.
Every applicant who is granted a loan scholarship
of a sum of Rs.10,000/- or more to undertake studies in India or overseas is
required, after such grant but before any payment is made, to effect an
Endowment Life Insurance policy for a sum equivalent to or in excess of the
loan scholarship on his life with an Insurance Company for a period of not more
than 20 years. An existing insurance policy could be assigned to the Trustees
if it covers the loan amount.
The policy will have to be assigned by the Applicant
to the trustees and will only be reassigned to the applicant on repayment of
the full amount of the loan scholarship due. The policy will have to be kept
alive by punctual payment of premium by the applicant or his guarantor and all
receipts evidencing such payment from time to time will have to be handed over
or forwarded to the trust office.
The following procedure should be adopted regarding
obtaining L.I.C. or any other Life Insurance companies Policies from students
who are granted loan scholarships.
The insurance policy should be equivalent to or
more than the amount of loan sanctioned. The term of the insurance policy
should be 20 years with a L.I.C. Table plan of 14, i.e. “Endowment Assurance
Policy with Profits/Accrued benefits” or a similar policy from Tata AIG Life
Insurance Co. Ltd i.e. “Assure 20 years Security & Growth Plan” any other.
The student should preferably have the policy
issued by L.I.C. branch Unit No.911 located at Industrial Assurance Building,
2nd floor, Churchgate, Mumbai-400 020.
The premium should be payable on a yearly basis.
The payment of premium for the insurance policy should be done through ECS mode
i.e. through the bank account of the parent. For this the parent should give
standing instructions to his/her bank to directly debit their respective bank
account and make payment to L.I.C. or any other Life Insurance company from
where the insurance policy has been issued.
A copy of the standing instructions should be
submitted to our Trust along with an acknowledgement from the concerned bank
and the concerned Life Insurance Company branch office. At no time should the
parent withdraw the standing instructions until the entire loan is repaid to
the Trust.
If it is observed that the parent has withdrawn the
standing instructions then further loan amounts will not be issued to the
student and the loan amount previously granted will be recalled immediately.
The college/university where the student is studying will also be
simultaneously informed of this breach of procedure.
For any further details please contact:
Contact :
Mr. Farrokh M. Rustomji - CEO
Address :
Esplanade House, 29 Hazarimal Somani Marg, Fort, Mumbai-400 001.
Tel :
+91 22 2207 7044
Website
www.rdsethnascholarships.org
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