Central Bank of India to offer fast track loans to students at Warwick

The Central Bank of India has agreed to provide fast track loans, worth as much as two million rupees (just over £26,000), to eligible Indian students who wish to study at WMG (Warwick Manufacturing Group).

On Tuesday 10 May Professor Lord Kumar Bhattacharyya, Director and Professor of WMG, met with Mr Sridhar, Chairman and Managing Director of the Central Bank of India, to sign a Memorandum of Understanding (MoU).

The fast track loans offered by the Central Bank of India are only available to students from India (or students who have family residing in India) who are migrating to study on any of the courses offered by the WMG. These fast track loans would help Indian students with fees, travel and living expenses. There has even been discussion of the development of a low cost housing project.

Professor Sujit Banerji, Executive Director of Postgraduate Programmes at WMG expressed delight in the optimistic prospect of an enhanced bond between WMG and The Central Bank of India. “In these days of increasing complexity, this fast track student loan approval process embodied in the Memorandum of Understanding is a fine example of simplifying procedures and should be very useful for students coming to study here in the UK.”

According to Cathy Fawcett, Recruitment and Marketing Manager for WMG, this new scheme “is a bonus for students coming to WMG. If they need an educational loan then this facilitates it because there is recognition by the Central Bank of India of the quality of the courses and of the department”.

The two parties hope that this MoU shall cover other areas of cooperation such as strengthening industrial engagement between Indian and British business; Fawcett gave an example of beneficial exchange in the form of “WMG’s expertise in the e-marketplace and in other areas of research in order to benefit the Central Bank of India’s clients.”

Fawcett adds that this scheme shall be “indefinite” and is “in place” with the Central Bank of India for the foreseeable future.

WMG is an independent academic department within the faculty of science and engineering. It is the second largest department at the University of Warwick concentrating heavily on research with a specific industry focus. They are currently in partnership with around a thousand industrial companies. It teaches undergraduate courses to the engineering school and has 11 different Masters’ programmes, with 643 students on their Masters’ programmes, focusing on management in a technology-led industry.