IDFC FIRST Bank is offering a scholarship program for engineering students who have secured admission to selected B-Tech/BE courses from selected colleges in India. The scholarship is a need-based financial assistance program that provides 50 scholarships up to Rs. 1 lakh each. The scholarship is open to students who are currently studying in the first year of their B-Tech/BE courses and have an annual family income of up to Rs. 6 lakhs. The deadline to apply for the scholarship is September 15, 2023.
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Table of Contents
About the IDFC First Bank
IDFC Limited was set up in 1997 to finance infrastructure projects in India. With time, the company diversified into asset management, institutional broking, and investment banking. In 2014, the Reserve Bank of India granted in-principle approval to IDFC Limited to set up a new bank in the private sector. Following this, IDFC Limited divested its infrastructure finance assets and liabilities to a new entity – IDFC Bank. The bank was launched through this demerger from IDFC Limited, and it was officially inaugurated by Prime Minister of India Narendra Modi in October 2015.
IDFC Bank started operations on 1 October 2015, with 23 branches in Madhya Pradesh, Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Ahmedabad, and Kolkata. It has more than 600 branches across India by 2021.15 branches are in settlements with a population of less than 10,000. IDFC Bank launched its 100th branch in Honnali, Karnataka, in October 2017.
In January 2018, IDFC Bank and non-banking financial company Capital First announced a merger. Capital First, then called Future Capital Holdings, went public on India’s stock exchanges in 2008. It was an Indian non-bank financial institution providing debt financing to small and medium-sized enterprises. Capital First was founded in 2012 by V. Vaidyanathan who acquired a stake in Future Capital Holdings and secured equity backing of Rs. 8.10 billion from Warburg Pincus. The company grew its loan book and net profits at a 5-year CAGR of 29% and 56%, respectively, with gross non-performing assets (gross NPA) of <2% and a net NPA of <1% for nearly a decade.
About the Program
The Engineering Scholarship Program is a need-based financial assistance program for engineering students who have secured admission to selected B-Tech/BE colleges in India. The program supports a part of the student’s tuition fee for four *years of full-time engineering degree.
Eligibility Criteria Of Bank Scholarship
Eligible for students who are currently studying in the first year of their B-Tech/BE courses from selected colleges in India
Annual family income up to ₹ 6,00,000 per annum or less
Students who have not received any other scholarship or tuition fee waiver for their engineering course
Students should have secured admission to one of the colleges as per the list
Children of IDFC FIRST Bank employees are not eligible for the program
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Benefits
Number of Scholarships Available: 50
Number of Years of Support: 4 *years
Scholarship Amount: tuition Fee of one year or 1 lakh p.a. (whichever is lesser)
Selection Process
Candidates need to fill out the multi-step online application form that includes personal details, academic details, documents, etc.
Shortlisting based on eligibility criteria
Document-check and first-level shortlisting + waitlist
Home visit verification for shortlisted students
Final selection based on home verification visit
Scholar onboarding
Fund disbursement (year 1)
Marksheet submission for the previous year’s result for subsequent year fund disbursement
Scholarship Renewal Criteria (multi-year scholarship)
Once selected, the scholar needs to submit mark sheets for each passing year to be eligible for next year’s scholarship. Only students who pass their exams will be awarded scholarships for subsequent years
The student must enter the details and provide documents in an online scholar tracking system each year to claim their scholarships as per the following renewal eligibility criteria
Proof of continuity of education in subsequent years
Proof of tuition fee paid receipts for the next academic year
The scholarship will be transferred on an annual basis to the college
Application Procedure
Eligible candidates can apply for the scholarship through the following steps:
Timeline
Applications will be live from 01 September 2023 To 15 September 2023.
Documents Required
Below is the list of documents that have to be uploaded before the final submission of the application form:
01. A government-issued address proof and identity proof (Aadhaar card)
02. Proof of admission (college/school ID card, academic fees receipt) for the academic year
03. Family income proof (ITR Form-16/income certificate from competent government authority/salary slips)
04. Birth certificate
Terms & Conditions
Candidates should be enrolled in the first year of their full-time, four-year engineering degree course (B.E./ B. Tech Degree).
Candidates opting for dual degree/part-time/distance learning/diploma/exchange programs in engineering are not eligible to apply.
Only Indian nationals are eligible to apply.
The scholarship will be awarded for 4 years only (subject to the scholar passing all exams ) and not beyond this tenure. If a scholar fails to pass any of the exams, they will be considered a dropout and the scholarship will be revoked immediately.
Once selected, the scholar needs to submit mark sheets for each passing year to be eligible for the next year’s scholarship. Only students who pass all of their engineering exams will be awarded scholarships for subsequent years.
Residence verification is a mandatory step for the selection of scholars. In case the applicant fails to facilitate /ensure the needful or is unable to comply with the process within the stipulated timeframe, his/her candidature shall be rejected.
The scholarship fund can be utilized only for academic expenses purposes and will only be transferred to the student’s college bank account. The same shall be adjusted by the college against the tuition fee to be paid by the student.
IDFC FIRST Bank does not transfer scholarship amounts to students’ bank accounts. It is the sole responsibility of the scholar to ensure the college submits all its KYC documents for vendor empanelment for scholarship disbursal within the stipulated timeframe. Failure to do so may lead to revocation of the scholarship.
It is mandatory for all scholarship recipients to submit their testimonials & acknowledgment receipt of the scholarship amount received once the scholarship award has been disbursed in their college accounts.
The final selection of awardees will be absolutely & solely at the discretion of IDFC FIRST Bank.
If an applicant /scholarship recipient agrees to explore the possibility of a student loan with the bank, indicated during his/her application submission stage, it will be deemed as an act of authorization by him/her given to the bank and/or its representatives or its agents to communicate with him/her in future via email, call or SMS about his/her application or to other promotional activities.
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How To Apply?
If you are an Interested Candidate You can apply For IDFC FIRST Bank Scholarship
Official website Link Click Here
