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Organisation : Kerala State Waqf Board
Scholarship Name : Loan Scholarship 2017-18
Applicable State : Kerala
Application Last Date : 31st October 2017
Website : http://www.keralastatewakfboard.in/
Application Form : https://www.scholarships.net.in/uploads/16886-form.pdf

Loan Scholarship :

The Board has taken special care to give assistances by way of loan scholarship to poor and able students for perusing professional courses such as Engineering, Medicine, B.Sc. Nursing, B.Pharm, MBA, MCA etc.

Update : Kerala State Waqf Board Loan Scholarship 2018-19 : www.scholarships.net.in/26611.html

Now loan scholarships are paid at the rate of Rs.1500/- and Rs. 1250/- per month considering the nature of various courses. This matter is under review and the Board proposes to increase the loan scholarship substantially from this year onwards.

The Board is giving loan to professional students from 1972 onwards. But it was not under a specific scheme of the Board. Firstly it was started to give financial assistance by way of loan to very poor and needy students only in rare cases.

From 2002-03 the Board started a scheme for granting loans from the Board’s fund to the students of professional courses. In the beginning the loan amount was at the rate of Rs.500/-, Rs.400/- and Rs.300/- considering the nature of the course.

In the year 2002-03 loan scholarship were given to 55 students which was increased to 69 in the year 2003-04. In 2004-05, 68 students availed the loan and in 2005-06 the Board granted loan to 77 students.

In the year 2005 the Board decided to expand the scholarship scheme in the name and style “Revolving Loan Scholarship Scheme”. A separate Bank Account was started by the Board for this purpose and decided to transfer the Board annual budgetary amount for this purpose to this account.

The motive behind the scheme is to recycle the scholarship scheme fund already given to the students. On completion of their course or getting employment the scholarship holders can repay the amount without any interest by instalments.

The amount so repaid will be accrued to the corpus fund of this scheme, so that after 4 years the source of fund to the scheme will be the annual budgetary amount of the Board and the amount repaid by the students.

Apart from these the Board is also intends to collect donations from the NRIs and other Industrialists which is permissible under section 77 of the Wakf Act, 1995. For this purpose a permission was also issued to the Board by the Government of India under the Foreign Contribution Regulation Act to receive foreign contribution.

If such contributions are made the Board can run the scheme on a large scale basis and the Board can distribute this scholarships in a transparent and merit cum means basis. The individuals can also create wakfs for scholarships and same can be registered as a wakf under the Wakf Act.

Besides this the Board wishes to collect donation from the Muslim NRIs and other Muslim philanthropic persons who wish to promote education of Muslim community and to develop the revolving Scholarship scheme fund of the Kerala State Wakf Board.

The intention of the Board is to create a specific Wakf from the donation accrued from the philanthropic Muslim persons and to use it as interest free Loan scholarship to Muslim students.

New scholarship are sanctioned annually by the Board after inviting applications on the basis of merit cum means. The awardees are bound to execute an agreement along with two sureties to ensure the repayment.

Loan amount shall be refunded within 2 years of their completion of the course without any interest.