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School Funding Features & Benefits
Lenders offer loans to trusts and societies of private schools to expand their infrastructure. The interest rates are around 16% and vary between lenders. Interested candidates can get loans up to Rs.20 crore and repay it over a tenure of 10 years, provided they prove a steady cash flow for the future.
School Funding Eligibility & Requirements
- The business should have sustained for a minimum period as required by the lender.
- Tax returns need to have been filed for the school.
- Societies, public limited companies, private limited companies, trusts, etc. running recognised, unaided educational institutions can apply.
- In most cases, the existing school building is mortgaged for the loan.
- Application form
- KYC documents
- Bank statements
- PAN card of the applicants as well as the society/trust
- Copy of affiliation certificates of the school
- Copy of registration certificate of the society/trust
- Copy of other society/trust-related documents such as the updated list of members, by-laws, and so on