School Loan for Private School

No matter where you are I the world, education is the most important aspect of a child lives. Knowledge and education pave the way to a bright future full of opportunities, and that can help found and establish a child’s life.

To provide the best of education and a proper learning environment, schools and educational institutions should be well equipped with the proper tools and set up to cultivate the young minds. High-end education can often be paired with states of the art infrastructure and quality accommodations. Proper expansion with the advancement of technology and upgrading the school enables better learning.

To achieve this institutional expansion, a large amount of capital is often required to meet the ever-expanding needs. In such situations, school loans and loans for school construction comes into play.

school loan

Features and Benefits of School Loan Finance

Lendingkart offers school loans for the construction and renovation of private schools to improve educational infrastructure. Lendingkart offers a minimum of rupees 50 lakh as a school loan. Using this capital, schools and learning institutions can:

  • Construct new buildings: a loan for school construction can help create new wings and rooms that will help increase the ambiance for learning. The new laboratory, library, and classroom renovations can be done with ease in a short period.
  • Connectivity: better campus connectivity can be established through refinance school loans. Teachers and the faculty can connect and relay information faster and more accurately.
  • Sports facilities: with loans for private schools, better sports equipment, and facilities can be brought in. This will help perpetuate better physical education for the students, which forms an integral part of their education.

Eligibility for School Loan

To check the eligibility for school loans India for Lendingkart, one can visit their online eligibility. Once cleared the eligibility, a loan application can be submitted.

The loan application will be then checked and approved, and the capital loan amount will be provided within three days of loan approval.

Application Criteria

  • Schools that have a curriculum for classes from lower kindergarten to the plus two levels of classes 11 and 12 can apply for a school loan finance.
  • The overall yearly fee that is collected by the school from its students must be over Rs. 75 lakh.
  • The school itself must be built upon the property that is owned.
  • The educational institution must be run by a promoter, association, or trust.

How to Apply for School Loan at Lendingkart

  • Submit Application: fill the loan form and input the requested information.
  • Attach documents: Attach the necessary documents that are requested with the loan application form.
  • Wait for approval: Wait for your loan application to be approved. If the application gets the green signal, then you can receive the loan shortly afterward. If it gets denied, you may try again later with the corrected documents and application requirements.

Documents Required for School Loan

To apply for a school loan, the school must present the following documents:

  • The salary structure of the employed staff and faculty members.
  • KYC of the promoters or association for a minimum of 2 years.
  • Bank statement of the school for the previous year
  • The fee structure for all the attending students at the school.

Fees and Charges

the fees and the associated charges that are applicable for a school loan via Lendingkart are as follows:

Interest Rates

Between 15% and 27%

One time processing fee

1-2%

Tenure

Up to 2 years

Pre-closure fee

0

Loan Amount

Rs. 50,000 – Rs. 2 crores

Repayment schedule

Monthly or Bi-weekly

School Loans FAQs:

1. How much loan should one take as a school loan?

The amount of school loan taken is dependent on the changes and amount of renovations that the school in question is aiming to make. If its school wishes to renovate of install upgraded versions of equipment, then it will take less amount in comparison to the capital needed to renovate or build a new building.

2. Why should one opt for Lendingkart?

Lendingkart offers low-interest rates because it is completely online-based. Also, Lendingkart offers biweekly repayment options which allow quicker repayment of the school loan

3. When can the loan amount be received after applying?

After being checked and approve, a loan from Lendingkart can be received within a span of 72 hours.