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MIC is providing academic grants to qualified Indian students to pursue their tertiary education at selected higher educational institutions.
Its president, Datuk Seri G. Palanivel, said the Tan Sri Manickavasagam Scholarship Fund would be offered to poor students to help ease the burden of low and middle-income families suffering from the rise in living costs.
"Any student with admission to a recognised university and course can apply for this loan.
"There are no limitations to the amount each person can borrow," he said at a press conference after the Tan Sri Manickavasagam Scholarship Fund annual general meeting at MIC headquarters yesterday
Palanivel said applicants would have to undergo a stringent interview before they were selected.
He advised students not to rely solely on this scholarship fund as a financial means.
"Applicants will have to start paying back immediately after receiving the loans. This should be done within their capacities and it is interest free."
To date, RM2 million of the RM8 million scholarships had been given out to 176 students since last year.
These students are currently studying at local universities or at universities abroad in India, Indonesia and Russia.
The scholarship was previously called the Malaysian Indian Scholarship Fund before it was renamed after the late MIC's sixth president, V. Manickavasagam, in 1980. It was set up by his son, M. Ramani.
Manickavasagam was well known for his contributions and sacrifices to the Indian community.