In a significant stride toward advancing inclusive education, FDDI is dedicated to breaking down financial barriers for students seeking higher education.
FDDI, in its ongoing mission to make education accessible and affordable to all, has successfully extended its Memorandum of Understanding (MoU) with Canara Bank under the 'Vidya Turant' Education Loan Scheme on 30th August 2023.
Under this renewed collaboration, FDDI is set to encompass the remaining eight campuses namely, Jodhpur, Patna, Kolkata, Chhindwara, Guna, Chandigarh, Ankleshwar and Hyderabad furthering the institute's commitment to inclusive education.
The initial MoU, signed on March 16, 2023, focused on four FDDI campuses located in Noida, Furstagunj, Rohtak, and Chennai.
On behalf of FDDI, Mr. Arun Kumar Sinha, IAS, Managing Director (MD), FDDI signed the MoU, whereas, on behalf of Canara Bank, Mr. Bhavendra Kumar, Chief General Manager signed the MoU during which the senior officers from both the sides were present.
The primary objective of this extended MoU remains the same, i.e. to provide collateral-free education loans to FDDI students at a competitive interest rate. Canara Bank continues to be the lending institution, offering valuable financial support of up to Rs. 30 lakhs to eligible students across the FDDI campuses.
The term of this renewed MoU will span five (5) years, commencing from the date of execution. Importantly, the terms and conditions of the education loan remain highly favorable for students. Notably, there are no processing charges or upfront fees associated with the loan application process. Furthermore, students will benefit from the convenience of having their loan applications processed by the designated branch, without the need to consider their permanent residence or their parents' place of work. The application process simply requires students to submit duly completed and signed loan applications, along with the necessary supporting documentation, streamlining the process to secure the necessary funds for their higher education.
This initiative represents a remarkable commitment to alleviating the financial burdens that often deter aspiring students from pursuing their academic aspirations. By removing these financial constraints, FDDI and Canara Bank are working together to ensure that quality education remains accessible to all, regardless of their economic background. This collaborative effort is poised to not only empower students but also catalyze growth and enhancement within the Indian education sector.
Furthermore, this renewed partnership aligns seamlessly with several of the Hon'ble Prime Minister's key initiatives, including 'Vocal for Local,' 'Make in India,' 'Aatmanirbhar Bharat,' 'Skill India,' and 'Start-up India.' By nurturing students' educational journeys and fostering their aspirations, this initiative plays a transformative role in realizing the objectives set forth in these national programs.
