FDDI signs MoU with Canara Bank for ‘Vidya Turant’ Education Loan Scheme
Through its mission of inclusive education, Footwear Design & Development Institute (FDDI) attempts to integrate students who do not have adequate financial resources to continue with higher education.
To fulfill this objective of making education accessible and affordable for all, a Memorandum of Understanding (MoU) was signed on 16th March 2023 between FDDI and Canara Bank under the ‘Vidya Turant’ Education Loan Scheme for four FDDI campuses i.e. Noida, Furstagunj, Rohtak and Chennai.
The objective of the MoU is to provide collateral-free education loans to the students of FDDI with a competitive rate of interest. The loan will be offered by Canara Bank and will provide up to Rs.30 lakhs of funding for the students.
On behalf of FDDI, Mr. Arun Kumar Sinha, IAS, Managing Director (MD), FDDI signed the MoU, whereas, on behalf of Canara Bank, Mr. Bhavendra Kumar, Chief General Manager signed the MoU during which the senior officers from both the sides were present.
The initial duration of this MoU is five (5) years starting from the date of execution. The terms and conditions of the education loan are quite favorable for the students.
The education loan does not have any processing charges or upfront fees. The designated branch will deal with the loan applications irrespective of the permanent residence of the student or the place of work of the parents. The student needs to submit regular applications duly filled and signed with all other requirements for the sanction of loans.
This initiative will help aspiring students overcome the financial burden of pursuing higher education and achieve their academic goals without worrying about financial constraints.
Through this MoU, FDDI and Canara Bank have committed to work towards the common objective of promoting education and providing access to quality education for all. This initiative will not only benefit students, but, also help in the development of the education sector in India.
This initiative will also play a transformative role in fulfilling the goals of Hon’ble Prime Minister’s ‘Vocal for Local’, ‘Make in India’, ‘Aatmanirbhar Bharat’, ‘Skill India’, and ‘Start-up India’ Programmes.