Education Funding Support

Financial Support Portfolio

Our Education Support Funding Programme (ESFP) consists mainly of:

• • • Credits or Loans;

    • Grants;

    • Scholarships; and

    • Bursaries.

Based on these reasons, MDACI developed and built a learning system that helps make your learning fit your life. This learning option is designed for adults who do not have a high school diploma and also for adults who wish to return back to college or university and finish their bachelor, master or doctoral degrees or wish to improve their language (English, French, Spanish, German, Italian, Russian, Ukrainian, Finish, Czech, Slovakian, Hungarian, etc.) capabilities in one of our special language centres.

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Grant

Who can apply for a grant?

Only registered members with MDACI can apply for a grant provided through Millennium Development Action Capital Invest (MDACI) by MDACI’s consortium of companies and international partners (Non-Governmental Organisations, governmental agencies, financial institutions and corporate businesses, etc.) formally established and located around the world.

Each program within Millennium Development Action Capital Invest (MDACI) has its own strategy and process for selecting grantees. Registered members whose values, goals, and work align with said strategies may inquire with the relevant program to see whether or not there is a fit (click below to view all grants).

The process for applying for grants varies by program. MDACI may use Requests For Proposals (RFPs), invite Letters of Inquiry (LOI) or Concept Papers, or may also send unsolicited grant proposals by invitation only. Given that, each program has specific grant-making processes. Therefore, we always recommend you inquire with that particular program to explore fit and process.

Do we provide grant for projects support?

Yes. MDACI is able to provide project support for students. When appropriate, we seek to provide grants for project support.

Can registered members apply for multiple grants at once?

Yes. There are many situations where a member receives grants from different MDACI’s programmes or affiliates. Recognizing that this can place burdens on a grant recipient while also adding to our administrative costs, we seek to combine multiple proposals into a single grant where feasible.

Scholarship/Bursary

At MDACI, registered members can also benefit from scholarship opportunities to study in Europe, Canada and the United States of America. MDACI arranges scholarship from MDACI’s consortium of companies and international partners (Non-Governmental Organisations, governmental agencies, financial institutions and corporate businesses, etc.). Our scholarships/bursary programme include:

• • • Government scholarships;

    • Non Governmental Organisation Scholarship;

    • International Socio-economic Development Organisations/Agencies Scholarships;

    • Local Organisation Scholarships;

    • National Organisation Scholarships;

    • Industrial Scholarships;

    • Art Scholarships;

    • Music Scholarship;

    • Financial Institution Scholarships;

    • Corporate Business Scholarship;

    • Academic (University) Scholarships;

    • Athletic Scholarships;

    • Scholarships for Minorities;

    • Scholarship for Women; and

    • Creative Scholarship.

Whom is the Scholarship offered to?

It is offered to any students who want to study in their own country or pursue higher education overseas for full-time bachelor, master or doctoral courses only in any selected field (e.g. engineering, management, hotel management, architecture, etc.) of your choice.

Eligibility and documents required

To apply for the loan, one must be meet the following requirements already:

• • • Being a registered member of MDACI.

• • • Having secured an admission into a school/college/university processed by MDACI;

    • Having completed the required admission level of study (documented); and

    • No restrictions on the age limit.

Loan or Credit

To apply for the loan, one must secure an admission into a college/university recognised by a competent authority in specific country or abroad. Quality education is a must for a complete and successful life. The cost of education is, however, increasing rapidly. Parents, who want to provide their children with the best possible education, invest their money in mutual funds (MFs), fixed deposits (FDs), unit-linked insurance plans (ULIPs), etc., for the long term. But, with Millennium Development Action Capital Invest (MDACI) you do not need to stress at all, it is just enough to register and make your request to get the most flexible and education loan at the lowest possible cost.

What does an education loan cover?

It covers all your course fees and other related expenses such as accommodations, health insurance, exams and other miscellaneous charges. A student or trainee is the main borrower and/or the parents, spouse or sibling can be the co-applicant.

Whom is the loan offered to?

It is offered to students who want to study in their own country or pursue higher education overseas. The credits offered are different and vary from one MDACI’s institutional lender to another.

Types of courses covered under the loan

The loan can be used for full-time or part-time bachelor, master or doctoral courses, including vocational education and training courses in any selected field (e.g. engineering, management, hotel management, architecture, etc.) of your choice.

Eligibility, documents required

To apply for the loan, one must be meet the following requirements already:

• • • Being a registered member of MDACI.

• • • Having secured an admission into a school/college/university processed by MDACI;

    • Having completed the required admission level of study (documented); and

    • No restrictions on the age limit.

Loan financing, collateral requirement

Our Institutional lenders finance up to 100% of the loan, depending on the required amount. For local studies, 5% of the required money has to be financed by the applicant. On the other hand, for studies overseas, the required margin money increases to 15%. Every Loan must be insured.

No collateral or third-party guarantee is require

Once the loan application is accepted, the banks disburse the amount directly to the school/college/university as per the given fees structure.

Interest rate

The banks uses the Marginal Cost of Funds based Lending Rate (MCLR), plus an additional spread to set an interest rate. Presently (in 2019), the additional spread is in the 1.35-3% range.

Repayment

The loan is repaid by the student. Generally, the repayment starts when the course is completed. Some banks even provide a relaxation period of 6 months after securing a job or a year after the completion of studies for repayment.

The repayment period is generally between 5 and 7 years, but can be extended beyond that as well.

During the course period, the bank charges simple interest rate on the loan. The payment of simple interest during the course period lessens the equated monthly instalment (EMI) burden on the student for future repayments.

Precautions

While applying for a loan, MDACI will make sure that you will understand all terms and condition of the loan, including bank charges such as those related to processing, pre-payment, late payment of EMIs, etc. Most lenders charge processing fee of around 0.15% of the loan amount but with MDACI no processing fees will charged.

Early Payment Benefit

Taking an education loan helps you in building a good credit score as this is the first loan in a person's life. If you repay the loan on time without any defaults then it also makes easier for you to get home loan, car loan, etc., in future.

How we can help you pay for your courses

Being a member of MDACI’s Education and Training Programmes (ETP) will give you the advantage of being qualified for our Education Funding Supports (EFS) from the following relevant institutions:

• • • Governmental Agencies;

• • • International Socio-Economic Development Organisations;

    • Non Governmental Organisations (NGOs); or

    • Institutional Lenders; or

If you cannot get grant, we arrange for you from Governmental Agencies, International Socio-Economic Development Organisations or Non Governmental Organisations (NGOs), then MDACI shall arrangement a credit or loan (cheap students loans) from our Institutional lenders. If you are qualified for any of the above MDAC’s Learning Aid, you have to cover the costs of learning. But, MDACI will assist you organise and plane your leaning programme so that you can satisfactorily meet all your financial and living requirements and costs.

In the case you get a credit from our institutional lenders, then how you pay for your learning shall depend on your financial situation. You may be able to pay for your education on your own if you:

• • • plan to keep working to pay for your courses as you take them;

    • can use money you saved to cover these costs; and

    • have a learning account or financial support from your employer.