In the fight against deadly coronavirus, a leading fee financing company Financepeer is spearheading the battle in a totally different way.
Financepeer is acting as a facilitator for the education sector by solving the problem of fee payment for both, parents as well as schools.
While uncertainty prevails in the education sector as there is no clarity about the reopening of the schools, the schools are also reeling under huge financial pressure as a lot of parents are finding it difficult to pay the fee amid job loss and pay cuts. However, the schools are also not in a position to waive off the fee owing to various expenses.
Acting aptly on the PM's speech of converting problems into an opportunity, Financepeer realized the need of the hour and introduced 'Fee Financing model' a one-stop solution for all the major stakeholders of the education sector, especially basic education.
Through this model, the company will pay the annual fees upfront to the schools on behalf of the parents while parents have the option to repay the amount in monthly EMIs at zero per cent interest. Amid the COVID crisis, the company is also offering a three-month moratorium to the parents.
"We have seen that this unprecedented crisis has led to the closure of various schools and a lot of dropouts because parents were not able to pay the fee. Therefore, we felt that there should be a solution which could help schools as well as parents so that no one is denied quality education and also a lot of teachers are not axed. Our model helps the school as they get the advance fee for the whole year while the parents get the facility to pay the fee in monthly EMIs that too without any extra burden of interest," said Rohit Gajbhiye, Financepeer Founder about the fee financing model.
"This is totally a different model as compared to the education loan as we don't charge any interest and also offer three-month interest-free moratorium. Also, this is our small contribution in the fight against COVID as our model will help in the smooth and continuous operations of the education sector despite this crisis," he added.
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( With inputs from ANI )