VIBGYOR Group of Schools announces Zero-Interest Easy-EMI Education Loan for students’ families affected by COVID-19
Mumbai: VIBGYOR Group of Schools, a leading Indian chain of K-12 schools, has announced the launch of Easy-EMI Education Loan, a financial assistance programme for COVID-impacted families, to cover education-related expenses. Under the programme, each family can avail of a maximum of 2 loans for up to INR 5 lakh (INR 2.5 lakh per student) for 27 months. The loan is being offered interest-free for students with outstanding fees, with VIBGYOR subsidising 100 per cent of the interest amount till 30th September 2020.
Mr.Peshwa Acharya, Chief Marketing Officer, VIBGYOR Group of Schools, said, “We are continuously working on innovative ways and means to help students whose parents are financially impacted by the on-going pandemic. In this difficult time, our aim is to support each other, as we work to ensure continuity of education amid the lockdown. We have listened to their problems, and have subsequently rolled out the Easy-EMI Education Loan, to help VIBGYOR parents who have been financially affected by the pandemic and are doing their utmost to facilitate learning for their children. The interest-free loan will cover all education-related expenses and ensure that these students have access to everything necessary for their learning.”
Easy-EMI Education Loan is being offered in Mumbai, Pune, Nashik and Vadodara. The 27-month tenure of the loan also includes a 3-month moratorium.
VIBGYOR shall not be responsible and/or liable in any manner and under any circumstances whatsoever for any delayed interest/penalty/punitive interest on the principal amount or any other amount beyond the fixed amount of interest. All parents are eligible to apply for the education loan.
In March 2020, VIBGYOR Group of Schools also launched the EduBridge Scholarship Programme (fee waiver scholarship), to provide financial support to parents (salaried and non-salaried/business-owner) who had been impacted by the COVID-19 pandemic. Fee waivers (Edubridge Scholarship) have already been approved for over 3,000 students, averaging 2 quarters of the fees, up to a maximum of 3. The school also offers monthly instalment and online payment options to help families continue their children’s education during the pandemic.