Private schools today serve nearly 12 crore children. A wave of low and middle-income families seeking better education for their children has fueled the growth of the affordable private school sector. Nothing demonstrates this better than the fact that 45.5% of private school students pay less than Rs. 500 monthly fees. However, these schools are entirely run by individuals from the local community, with zero government or philanthropic support.
As India makes significant progress in ensuring access to education and enrollment in schools, these schools are unable to achieve the institutional framework essential to expanding the infrastructure or paying teacher fees.
One of India’s best private school loan providers, Varthana is funding infrastructural requirements for these schools. Because pandemic-related school closures are predicted to have far-reaching repercussions for education, we believe that to impress children and parents, affordable private schools and independent owners need to have better learning and infrastructure.
Many education-focused best private school loan providers in India offer customised loans to affordable private schools for the construction of new buildings or classrooms, the rehabilitation of existing structures, the purchase of land, furniture, computers, lab equipment, or the upgrading of sports facilities.
Feature and benefits of the best school loan providers
Secured loans as per school’s needs
The best school loan providers in the Indian market would require the borrower to mortgage property and get secured loans. The process is hasten-free and loan disbursal is quick.
Quick and flexible Unsecured loans
The best school loan providers in India don’t require collateral for unsecured loans. The borrower has to simply meet the criteria and submit documents to get approval. The whole school loan process could take 5-7 working days.
Flexi benefits
The school loan amount can be repaid to the lender through Easy Monthly Installments (EMIs) over the term of the loan. It can be repaid using the Electronic National Automated Clearing House (e-NACH) or Post-Dated Cheques (PDCs). Want to learn how do school finance companies work in India? Read more
Affordable Interest rates
The interest rate is determined by a number of factors, including the loan amount requested, the type of school loan requested, the type of collateral offered, the loan tenure selected, the school’s future cash inflow, loan repayment history, and so on.
How to apply for a loan from one of India’s best private school loan providers
There are several ways of applying for a school loan from one of the best private school loan providers in India:
Online
Step 1: This is the simplest and most practical method of applying. Either fill out an online application form, attach any required documents and submit.
Step 2: Or, you can apply by providing all of the requested documents, and the lender will contact you to discuss the loan terms before moving forward with the application.
Offline
Step 1: Visit a Branch: You can apply for a loan by going to your nearest branch with the required documents, discussing the loan terms with a representative, filling out the application, and submitting it in person.
Step 2: Call the Lender: You have the option of calling the lender directly or requesting a callback by expressing your interest. After that, you can talk about the loan terms and apply.
Virtual Assistant
Banks and other financial institutions are turning to digital methods to better serve their customers. One way is to use a Virtual Assistant to clarify your doubts and request assistance with the application process. Also if you want to know how to get a loan for school construction, click here.
Documents needed when applying for a loan from one of India’s best private school loan providers
You will need these documents to apply for any kind of school loans:
- KYC documents
- Business financial documents
- Proof of business: Incorporation or registration certificate
- Bank account statements
- Collateral documents
What is the use of a loan from one of India’s best private school loan providers?
It serves various purposes including:
- Purchase of land for constructing a school building
- Purchase of land for playground or for setting up the sports complex
- Construction of a new school building
- Purchase of ready to occupy school premises
- Renovation of an old school building
- Buying furniture, library books, computers, software, sports equipment or lab equipment, etc.
- Working capital funds to take care of the day-to-day operations of running a school.
Schools and educational institutions should be well-equipped with the proper tools and set up to cultivate young minds to offer the best education and a proper learning environment. Modern facilities and quality accommodations are frequently combined with high-end education.
Better learning is made possible by the advancement of technology and upgrading the school. In such cases, Varthana offers financial services to private schools so that they can expand their infrastructure, invest in teacher training, and implement new learning methods in their classrooms.
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