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
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
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
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
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
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”
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 us