Magma Fincorp Awards 100 Scholarships to Meritorious Students From Underprivileged Families Under M-SCHOLAR 2018 program

Mumbai, December 26, 2018: Mumbai-based Magma Fincorp Limited (Magma), announced a list of 100 M-Scholars today. Magma has been awarding “M-Scholar” for the past 4 years and so far 300 meritorious students from underprivileged families have benefitted from this CSR initiative of Magma. Under Magma M Scholar, the company offers 100 meritorious students from families with monthly income of less than Rs 10,000 a scholarship to continue their studies. The scholarship is open to Indian students and is for a duration of three to five years, renewable every year.

Profile of students in Pan India

Age group 17-19, scored 92% on average.

Family annual income INR 45,000 on average.

Courses registered for by the 100 students are Bachelor degrees

Family background - Parents work as daily wage earners, odds jobs in a watch shop, van driver, mason/ painter, cycle repair mechanic, mobile repair person, tailor, farmer, security guard etc.

Announcing the list, Mr Kaushik Sinha, Head - CSR, Magma Fincorp Ltd said, “Good quality education is the back bone of a successful nation. Magma through its investments in providing education to meritorious students hailing from poor families is keeping alive our motto of ‘investing in the smallest dream’. Around 50% children between the age group of 15-18 years drop out of schools and we target bringing them back into mainstream education. This will help shape future of these students who are key for the nation’s advancement. We hope these become achievers, thinkers, innovators and pronounced leaders”.

The students are spread across zones with cut offs between 88-91% and have registered for Medical, Engineering, Bachelors of Science, Arts and Commerce, BBA, LLB and CA.