The city-based NGO,Centre for Human Development,has come up with an unique project titled Revolving Bank Guarantee to uplift the economically weaker section of the society.
The idea is to raise a corpus towards a Revolving Bank Guarantee to be established through contributions from well known corporate houses as part of their corporate social responsibility as well as from the individual donors and philanthropists, said Avinash Gavai of the NGO who has conceived the idea.
It will facilitate those candidates from economically weaker sections,who have already been selected by educational institutions for advanced studies. The financial help will be extended to them as an educational loan, he said.
Repayment of the loan is assured as bright students are always picked up by established companies even before the completion of studies, he added.
The Bank Guarantee against a loan will cover the tuition fees and allied expenses as well as the living cost during the studies, he said.
Gavai said that after the loan repayment,the candidates could contribute a small amount to the corpus as a token of gratitude so that the corpus keeps growing or at least retains its value during the instances of inflation and depreciation.
Though there are government scholarships and other schemes for the economically weaker students,they are not sufficient. Deserving and bright students should not not suffer in the red tape, said Gavai.