LOAN POLICY FOR FINANCIALLY WEAKER STUDENTS

In order to facilitate meritorious students who belong to a financially weaker section of the society, the Trust which has sponsored the University has come forward to help them by providing interest-free academic loan for completing their course.

All Heads of Institutions (HoI) are requested to be well versed with the policy so that they may inform the students who are in need and instruct their office staff to follow the procedure as laid down hereunder. It is preferable that one Nodal Officer is appointed by them in their College for the purpose.

1. Student will apply for an education loan on the enclosed Format-A along with the requisite documents and submit it to the office of the HoI.

2. The designated office staff/nodal officer will scrutinize the application and will comment on:

(i) Financial condition of the family of the student as gathered from the student/other sources, with proof wherever possible;

(ii) Attendance during the previous semester/year;

(iii) Marks obtained in the previous examination;

(iv) Conduct of the student/any disciplinary action taken against the student;

(v) If the student is the ward of any employee, the conduct of the employee;

(vi) Year-wise fee, total course fee.

(vii) Any other loan on the employee.

(viii) Details of any other child of the employee if enrolled in SVSU.

(ix) Any other relevant factor.

and will forward the application to HoI.

3. HoI will ensure before recommending that the student has secured a minimum of 50% marks in aggregate in the first attempt in his/her previous examination; at least 75% attendance in the present/previous class and has not indulged in any anti-disciplinary activity before recommending to the VC. HoI will recommend the application to the Vice-Chancellor/Registrar of the University, if he/she finds the case genuine and in order.

4. The Registrar will forward the application to the Chief Executive Officer (CEO) to obtain permission from the Trust if recommended by the Vice-Chancellor.

5. Education Loan may be granted by the Trust for one year or for the full course as has been applied and recommended. In case, the loan is sanctioned for the full course, the amount will be released on yearly basis. The student will have to apply afresh every year for getting the amount released for the academic year. A loan will be granted in consecutive years only if.

(i) Percentage of attendance is 75 or more.

(ii) No disciplinary action has been taken/Not found involved in anti Institutional activity.

(iii) Student has cleared his/her exams in one attempt.

6. Maximum 50% of the total Annual Course Fee may be granted as an education loan. The amount will be transferred to the account of the College directly and will not be given to the student. However, in special cases, the Trust reserves the right to grant a loan of the amount which may be more than 50% of the Annual Course fee.

7. Student will submit blank cheques for the number of loans disbursed to him year wise.

8. Student will submit an Indemnity Bond as per Format-B on non-judicial stamp paper of Rs. 100/=, duly notarized at the time of getting a loan.

9. No interest will be realized during the course of study on an education loan but the same will be calculated and added to the Principal amount @ 12% annual. Instalments of the Principal and the interest @ 12% annual on the balance amount will be charged after the completion of the course.

10. Student will be provided suitable job in the University or in other establishment having tie-up with the University, which he/she will do till the total loan and its interest are returned back to the University, through deductions from his/her salary.

11. Sanctioned Loan may be cancelled and the released amount may be withdrawn with 18% annual interest if a student fails in any year of the course, the attendance falls short of 75% or indulges in any objectionable activity.

12. Student will affirm in the bond that he/she has not applied for any other loan. The student will be free to apply anywhere for the loan with the prior permission of the CEO of the University. In case the student gets the loan from elsewhere, the student will first repay the loan taken from the Trust.