Dosti ‘Udaan’ - Educational Loan Application Form

Application Date:

SECTION-I TO BE FILLED BY THE APPLICANT

Applicant Name:

Date of Joining:

Upload Photo:

Company Name:

Employee Code:

Employee ID:

Designation:

Annual Income:

Annual Income: (Attach last 3 month’s salary slip)

Phone Number:

Choose Gender

Male

Female

Other

Email:

Children Details

Number of Children: Add Cancel

Children Details For Which Loan Is Being Availed

Name of the student

Choose Gender:

Male

Female

Other

Student DOB:

Student Age:

Educational Course applied for:

Education Institute in which admission is secured:

Is the student a differently abled / special child? Yes / No

Please mention details and attach attested copies of the following:

i. Aadhar Card No.: Parent/Guardian

Upload Front Side of Adhar:

Upload Back Side of Adhar:

ii. Aadhar Card No.: Student

Upload Front Side of Adhar:

Upload Back Side of Adhar:

iii. PAN Card No.: Parent/Guardian

Document Upload:

Kindly furnish education details with attested copies of the same

Examination	Institute / School /University	Year of passing	Percentage of Marks	Class obtained	Specialization, If any	Upload Document	Action
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Have you applied at any other financial institution/Trust for education loan/scholarship?

Amount of Loan Required

I have read all the provisions of Trust Policy on Loans/Advances and undertake to comply by them. I authorize the company to recover any outstanding amount under this policy from my salary / full and final settlement as the case may be and pay to the Trust.

I Accept terms and conditions

Show terms and conditions

STANDARD OPERATING PROCEDURE FOR INTEREST FREE LOAN FOR EDUCATION PURPOSE

OBJECTIVE: OBJECTIVE: One of the charitable trust has shown their intention to support the salaried person from amongst general public for the educational needs of their children. For this purpose, a loan for education purpose – “Dosti Udaan” is established to enable salaried person from amongst general public to avail an educational loan and this would be an interest-free loan facility provided the eligibility criterias are met.

1. ELIGIBILITY FOR APPLYING LOAN FOR EDUCATION

Loans will be granted to salaried employees who are permanent and who have completed a minimum of 2 years with such last company on the date of loan application.
Such salaried can apply for her/his one child’s study from 8th standard up to graduation/post-graduation for an interest-free loan for education.
The applications will be accepted online on a first-come, first-served basis for the first 50 such salaried persons.
The student must have secured a minimum of 50% marks in the last 2 years of her/his school/college.
Salaried persons can also apply for a loan for her/his differently-abled or special child.
The salaried person also needs to declare if they have applied with any other TRUST/BANK or any other helping organization for similar funding. If they get such help or loan or scholarship for the same academic year from any other organization, they shall inform Trust Management within seven days from the receipt of such help.

2. PROCEDURE FOR APPLICATION OF THE LOAN

To fill the application forms online.
While submitting the application forms, the necessary documents like brief detail of the course in respect of which the loan facility is required and the details of the educational institution needs to be submitted.
Duly filled up forms to be submitted online in accordance with terms & conditions as mentioned in the form.

3. SANCTIONING COMMITTEE

Trust to form a panel of minimum 2 members to evaluate all the forms and conduct the interviews of shortlisted students.

4. PROCEDURE FOR EVALUATION AND SANCTION OF THE LOAN

The Accountant will check her/his entitlement and same will be forwarded to The Panel for their Approval to Trustees.
Requirements to be submitted by applicants / salaried person:
- Aadhar Card of the Guardian/Parents and the Student
- Pan Card of the Parent
- Salary slip of the Parent
- Last 2 years marksheets of the student for whom loan is applied.
Shortlisted students to be called for interview post evaluation of the forms and documents. iv. The panel shall take interview and endeavor to consider / grant Loan for education to deserving student.
The panel shall have full authority to grade the applicants as per the weightage given to the Personal interview sessions.
The maximum amount that can be sanctioned is Rs. 1,00,000/- or 50% of the overall school/ college fees of the student – whichever is less.
The panel may recommend the amount of Loan for education to be granted based on the applicant’s personal interview, however, the Trust shall have the final authority to decide the final amount of loan to be granted.
For higher education (post graduation / masters) in India as well as abroad, the Trust through Trustees shall endeavor and facilitate for getting education loan from the selected banks as may be advised by the Trust of upto Rs. 3L or 25% of the fee amount whichever is less (but not less than Rs. 1,00,000/-) upon such terms and conditions as they deem fit, and Trust may consider to bear the interest on such Bank loan.
Loan for education will be granted for each academic year separately for the entire course provided the result/ progress is to the satisfaction of the Trust.
Any applicant not complying with the eligibility criteria shall be screened and may get rejected at the sole discretion of the trust without assigning any reason for rejection.

5. PROCEDURE FOR DISBURSAL OF THE LOAN AMOUNT

Based on the final recommendations of the panel duly accepted by the Trust, the short-listed students shall be granted Loan for education as per the terms & conditions, as may be prescribed from time to time.
The final Minuted Note recommending the Loan for education with the details of the Loan amounts and disbursal amounts is to be signed off for each student by the interviewing panel and one of the Trustee.
All disbursals to be done in the name of the student’s institution only and the concerned applicant’ parents/guardians will have to sign all the required loan documents before disbursals. Promissory note including indemnity and undertaking to pay for the outstanding loan amount will be obtained at the time of disbursal from the applicant’ parents/guardians.
On completion of the documentation formalities and selection of eligible students, the panel to submit the memo for preparing the cheque for final sign off by the authorized Trustee and submission to accounts for cheque issuance.
Once cheque is ready, upto 60 undated PDC’s of each EMI for repayment of loan is to be handed over by the applicant to the Trust. The cheque towards loan will then be given to the applicant/ or his representative and acknowledged copy of cheque is to be kept for Trust’s records. The applicant has to submit the original receipt from the school / college /institute within seven days of collecting the cheque from Fort office.

6. DISQUALIFICATION CRITERIA FOR FUTURE LOAN

Once the loan is sanctioned for 1 year, the student must secure minimum overall score of 50% every year to become eligible for applying for the loan for next year.
In case if the student fails to obtain minimum overall score of 50%, then she/he gets disqualified from applying for the loan in the consecutive year. However, the Trust shall have the full power to make an exception at it’s sole discretion.

7. REPAYMENT OF THE LOAN AMOUNT

The repayment of the “Dosti Udaan” loan will start from the 2nd year of loan disbursement, by deduction from applicant/ parents in upto 60 months equated monthly installment (EMI) and for these employer’s consent / NOC shall be submitted to the Trust.
The monthly installment towards repayment of loan (EMI) shall be deducted from the salary amount to be paid by the employer to the employees, every month till the entire loan is repaid.
The management shall have sole discretion to decide and fix the monthly installments.to be deducted.
In case the employee resigns from the employer’s organization, or his/her services are terminated or retires, before the entire loan is repaid, then the entire outstanding will become due immediately and will be adjusted or deducted from any dues payable to the said employee by the employer. However, in case the outstanding loan amount is more than the outstanding dues payable to the employee by the employer’s then the employee shall be liable to immediately clear the said differential outstanding amount.

8. CHANGE IN CRITERIA FOR LOAN

The Trust shall be the final authority and shall have full powers to add, amend or deduct all or any of the terms and conditions related to grant of loan as well as in selection and / or rejection of any loan application.