COVID-19 disaster has severely hit earnings of fogeys, lots of them at the moment are discovering tough to pay college charges of their kids on time. Many huge faculties at the moment are coming ahead with schemes to assist ease mother and father’ monetary constraints. The newest in that is VIBGYOR Group of Schools, which has developed an interest-free loan scheme for COVID-impacted households which might be discovering it tough to manage with their kids’s education expense. The loans are offered for college kids learning in VIBGYOR faculties in Mumbai, Pune, Nashik and Vadodara. Under the scheme, every household can avail of a most of two loans for as much as Rs 5 lakh (Rs 2.5 lakh per pupil) for 27 months, together with a three- month moratorium. VIBGYOR pays 100 per cent of the curiosity on the loan for eligible households.
In an electronic mail interplay with FE Online Peshwa Acharya, Chief Marketing Officer, VIBGYOR Group of Schools, talked in regards to the scheme and the way it works in element. Excerpts:
Please share particulars of the interest-free loan programme
Keeping in thoughts some mother and father industrial necessities particularly throughout these occasions, VIBGYOR is facilitating the mother and father with Easy-EMI Education Loan Scheme, a monetary programme to assist VIBGYOR mother and father in Mumbai, Pune, Nashik and Vadodara who’ve been financially impacted by the COVID-19 pandemic.
The program facilitates education loans of as much as Rs 2.5 lakhs per pupil, and as much as a most of two college students per family, to fulfill education-related bills resembling college charges, and buy of desktop/laptop computer/pill, books, tools, uniforms and devices.
The curiosity rate is 8.25 per cent, which is the most effective in the education loan section. There aren’t any collaterals required for the loan, no foreclosures or hidden prices concerned. The max tenure of the loan might be 27 months, together with a 3-month moratorium.
As an extra characteristic, VIBGYOR is offering 100 per cent curiosity subvention on loan to oldsters who’ve present excellent college charges due for cost. Internally, communication will probably be shared with mother and father in the approaching week about this program. Which Essentially leans that is at ZERO INTEREST COST to our mother and father.
Who pays the curiosity, if not mother and father?
VIBGYOR is offering 100 per cent curiosity subvention on loan to oldsters who’ve present excellent college charges due for cost.
What are the phrases and circumstances? Any hidden situation for the loan programme?
There aren’t any hidden prices, and no foreclosures prices concerned. The loan additionally doesn’t require collateral. There will probably be a processing price of Rs 500 (plus GST), and for loan quantities exceeding INR 1 lakh, the financial institution will cost a refundable membership deposit of Rs 1,010 per member, as per co-operative financial institution rules.
How will you profit by providing this loan programme to oldsters?
VIBGYOR doesn’t have any curiosity in this matter, financial or in any other case. We are a mere facilitator to assist mother and father in their quest to offer a greater future to their kids. The loan facility is offered by Abhyudaya Co-operative Bank Ltd. We advocate that folks learn all Easy-EMI Education Loan Scheme-related paperwork rigorously earlier than availing the loan. The profit to Vibgyor can be that we are going to have happy mother and father, who wouldn’t solely have peace of thoughts for the “high-quality education “for his or her wards, but in addition have peace of thoughts on their
industrial / monetary points.
Other methods in which VIBGYOR helps mother and father tide over these tough occasions
We are conscious of the state of affairs some mother and father have been going by, and have been supporting them in some ways. Accordingly, we’ve offered them with choices for month-to-month installments in addition to on-line funds, and have revised the final date a number of occasions to permit them larger flexibility. We additionally adjusted a number of elements of the charges already paid earlier, in opposition to future dues. We are making certain that each one transportation prices for this era and so on. are additionally being adjusted.
Additionally, we launched the VIBGYOR EduBridge Scholarship Programme ( which basically is a price waiver program ), to increase monetary help to these mother and father ( each salaried and non-salaried/business-owners) who had been financially impacted by the pandemic. Fee waivers have already been prolonged for greater than 3000 plus college students, with a most of as much as 3 quarters waiver.