drmsnairmemorial.org Medical/ MBBS Scholarship : Dr M S Nair Memorial Trust

Organization :Dr. M. S. Nair Memorial Trust
Facility :Medical MBBS Scholarship

Home Page :http://drmsnairmemorial.org/medical_scholarships.html

Medical Scholarships Activities :
Award scholarships for higher education in the field of health, including Medical (MBBS) and Nursing and Paramedical (BSc) sciences. Rules of the Scholarship Scheme are provided below.

MBBS Scholarships :
The Trust has supported needy MBBS students residing in Perintalmanna Taluk who have gained entry into any medical college in India, with a six-year Rs.60,000/- interest free loan scholarship, paid during the first five years.To date sixteen medical scholarships have been awarded to deserving students, almost half of whom have been young women (see graphic and chart below).

The first student to receive this scholarship award in 1997, then bereaved by the death of her father, has already fully paid back the loan principal within one year after her employment in 2003. She is also supporting her younger sister who thereafter gained admission to a government medical college. All other awardees are in advanced stages of repaying their loan scholarships.

Rules of the Scholarship Scheme :
Scope :
The scheme is applicable to eligible candidates belonging to the Perintalmanna Taluk of Malappuram District in Kerala State.

Nature of the Scheme :
The scheme is for the grant of loan scholarship to one or more candidates selected for and securing admission to :
** A course of studies leading to the MBBS Degree of a recognized University.
** A course of studies leading to a degree in Nursing and Paramedical Sciences of a recognized University.

No. of Scholarships :
The number of scholarship tenable will be one or more as announced each year

Applications :
Applications will be called for annually through advertisements in one or more of the daily newspapers after the results of the Medical Entrance Examination of Kerala State are announced, and /or through direct contact with Principals of Medical/ Nursing Colleges in Kerala, and elsewhere if necessary.

Selection :
The selection of the candidates for the scholarship will be made from among the applicants on the basis of their merit in the Entrance Examination, as also on their financial needs and status.

Amounts of Scholarships :
The amount of loan scholarship will be a maximum of : Rs.12,000/- each year for 5 years for the MBBS course Rs.8,000/- each year for 4 years for the B.Sc. (Nursing or Paramedical) courses.

Interest :
The loan scholarship will be free of interest for six and four years for the MBBS and Nursing/Paramedical courses respectively, except as stipulated in the ‘Default in Payment’ clause below.

Repayment :
The loan shall be repayable without interest in one instalment on the expiry of 6 years in the case of MBBS and 5 and 4 years in the case of B.Sc. (Nursing/Paramedical) students, or more instalments but with interest within a further period of 6 years in the case of MBBS and five years in the case of B.Sc. (Nursing/Paramedical) students.

Default in payment :
Notwithstanding any steps that may be taken in the event of default in repayment, interest will be payable on the amount of loan outstanding at the expiry of the period indicated in the ‘Repayment’ clause above. The rate of interest will be the rate prevailing in Nationalised banks for such personal loans and the decision of the Trust in this regard will be final.

Discontinuance of Study :
If the study is discontinued before securing a degree/diploma, the loan amount will be repayable in one instalment within three months of such discontinuance.

Indemnity :
The repayment of the loan will have to be indemnified by a person acceptable to the Trustees. The candidate and the persons indemnifying will have to execute such documents as may be prescribed in this behalf.

Insurance :
The candidate will have to take out an appropriate life insurance policy for the amount of the loan and assign it to the Trust.