NewZNew (Chandigarh) : Even as the Union finance ministry is examining ways and means to make it easier to students to avail of education loans, Goa’s top B-School, in partnership with a leading nationalized bank, has come up with a novel initiative where aspiring students will be able to avail of a loan up to Rs. 10 lakh without collateral.
The move is aimed at ensuring that lack of funding is not a deterrent for keen and bright students, who wish to get enrolled at the Goa Institute of Management to pursue higher education.
GIM has entered into an agreement with Bank of India (BOI) where the nationalized bank can provide a loan of up to rupees Rs. 10 lakh to students seeking admissions at GIM without security or collateral. Presently The State Bank of India provides a loan of up to rupees Rs. 7 lakh for GIM students, which is also likely to be upgraded to Rs. 10 lakh from the start of the academic year 2015-17.
The offer by the institute to do away with collateral in loans up to Rs. 10 lakh comes at a time when students needed the most. At recent meeting chaired by Finance Minister Arun Jaitley to review the performance of public sector banks, the finance department listed key issues which were a cause to students seeking education loans. These included, among other things, attitude of bank officials, insistence on place of domicile and collaterals even for loans below Rs. 4 lakh.
Banks have been given discretionary power to waive the requirement of collateral for a loan between rupees Rs. 4 lakh and rupees Rs. 7.50 lakh. However, there have been complaints from students, especially those wanting a loan of high value, that banks demand collateral.
GIM also offers over 50 scholarships to deserving students. It offers twenty Academic Competence and Excellence Scholarship Scheme (ACCESS) scholarships each amounting to six lakh rupees and twenty five scholarships each amounting to four lakh rupees to students who excel in GIM’s selection process and demonstrate a fitting attitude to learning. GIM also offers five GIM-MBBS Scholarship (GMS) of four lakh rupees each to candidates holding an MBBS degree and admitted into the PGDM in Health Care Management (HCM).
Incidentally, the GIM also offers two Sir Ratan Tata scholarships of rupees Rs. 6 lakh each awarded to girl students. The scholarships are awarded to most meritorious student admitted.
To encourage students to participate in exchange programs, Sir Ratan Tata scholarshipsof rupees two lakhs each is awarded to four needy girls and two GIM scholarships are offered to two students.
GIM gives a full waiver of the tuition fees for up to a maximum of 5% of students admitted whose total family income is below 4.5 lakhs per annum. The institute offers freeshipsof up to 5% of its students admitted who have passed their qualifying examination from colleges/universities in the state of Goa and whose family income if below rupees five lakhs per annum.
Talking about this Mr. Peter F.X. D’Lima, CEO and member on the Board of Directors of GIM said, “We understand the issues faced by students with regards to student loans. We have taken steps to ensure that students who desire a B-school education can do so without loan related hassled. We appreciate the offer extended by Bank of India to GIM in this regard.”
Eden Jacques, student at GIM who received one of the scholarships said, “I have received ACCESS Scholarship from GIM. The scholarship is awarded to the students who got first merit list which includes the overall performances of students-entrance exam scores, performance in group discussion, personal interview and past performance. The scholarship amount will reduce my loan amount and it will make me independent to support my own education. The GIM scholarship has motivated me to excel in my academics and it also encourages other students to join GIM”.
Siddhi Sinai Zingde, GIM student who is another recipient of the scholarship said, “The scholarship helped me both ways financially and academically. It has also helped me in boosting my self confidence. GIM is doing a great job by awarding scholarships to deserving students as it helps them to excel in academics”.
Goa Institute of Management (GIM) believes in the philosophy of excellence with ethics in the educational process.