Mumbai-based NBFC Magma Fincorp has announced the launch of M-Scholar 2019, part of the company’s M-Scholar programme that offers scholarships to meritorious students from low-income families for them to pursue undergraduate courses at prestigious institutes.

M-Scholar was launched by Magma Fincorp in 2015. Students who have benefited from this programme are now working with large public sector and private organisations. For example, the batch of 2015 is now working for organisations such as ISRO, Grant Thornton, Qualcomm, and Amdots.

The company has cited a few success stories: Prempal Kumar has obtained a rank officer post at Indian Space Research Organisation (ISRO). The son of a farm labourer from Nalanda, Bihar, with an income of Rs 1 lakh per annum, Prempal secured admission to B. Tech (Aerospace Engineering) at the Indian Institute of Space Science and Technology (IIST), Trivandrum. He plans to work for ISRO for a few years and then go abroad to pursue further studies. Sujeet Kumar Suman from Madhepur, Bihar, is pursuing his B.Tech (Mech. Engg) from the Indian Institute of Technology (Banaras Hindu University). The son of a daily wager with a family income of Rs 3,000 per month, Sujeet aspires to become an IAS officer.

Responding to queries from CauseBecause, Diana Monteiro, GM – Public Relations & CSR, informs that the company uses a mix of press releases, press events, word of mouth and social media to disseminate information about the scholarship. The scholarship amount is up to 50,000 annually per student in the desired stream of their choice. Attendance and mark sheets are collected from the colleges annually for verification and any large deviation in academic performance is ‘looked into’. No preference is given to SC/ST candidates.

The eligibility criteria are:

  • Student must be a citizen of India.
  • Maximum age of applicant as on 15 August 2019 has to be 20 years.
  • Scholarship will be granted to students for 3-year degree courses in general stream or 4-year professional/specialised courses in engineering, medical, law, etc.
  • Applicant should have secured minimum 80% marks in school board exam (class XII) in their respective state boards.
  • Students from families having monthly household income of less than Rs 10,000 are eligible.

The application procedure is:

Interested and eligible students can send their application to the office of Magma Fincorp Ltd with the following documents:

  1. Application letter seeking to be enrolled in the scheme
  2. Attested photocopy of Class XII mark sheet
  3. Set of two passport photographs
  4. Age proof (school certificate/ admin card)
  5. Address proof and identity proof
  6. Income certificate of parent
  7. College admission proof (for undergraduate course)
  8. Bank account details
  9. Character Certificate from school last attended

In a press release shared with CB, Kaushik Sinha, head – CSR, Magma Fincorp, said, ‘The very foundation of M-Scholar is laid on the core precept of “Padhega India tabhi to badhega India”. We aim to help meritorious students from the underprivileged sections of society embark on the path to attaining academic excellence through this unique scholarship program. The aim is to empower them with the requisite resources and solutions to help them transform their dreams into reality with the tool of education.’