Private Mumbai schools have collaborated with fintech firms in a bid to provide financial assistance to parents who are seeking instalments for paying tuition fees during the financial crunch induced by COVID-19. Parents are now offered the option of microcredit to ease financial hurdles. The move comes after High Court and state school education department had recently directed private schools to offer financial assistance to parents.
Approximately, 100 private schools in the city including a few esteemed sprawling school chains have collaborated with Mumbai-based financial units for loan packages either at zero additional cost or a bare minimum of it. Most of loan packages can be availed at 1 to 4 percent as school authorities agree to pay the loan interests.
“We noticed that most schools take fees in quarterly or half-yearly instalments. That’s where we thought of giving parents the option of paying fees monthly. It’s a fairly new concept,” commented Rishab Mehta, CEO and Founder of GrayQuest Finance based in Mumbai that has teamed up with numerous private school chains.
Parents willing to clear dues through firms need to submit their KYC details and sign a digital agreement.
Likewise, Amity University has agreed to offer three plans of six, eight and ten instalments at interest rates of 2.75, 3.5 and 4 percent respectively.
GrayQuest Finance are reachable over email at firstname.lastname@example.org and by WhatsApp at 9930194812.