After higher education, now K-12 education loans also available

Private schools in India are gradually moving towards collecting fees on an annual, half-yearly and quarterly basis, as against the traditional way of monthly payments. The new practice helps schools manage their cash-flow better.
However, a significant section of the middle-class is not capable of meeting the lumpsum payment requirement of schools. A Bengaluru-based financial startup, NeevFinance is stepping in to allow children education to continue unhampered.
Founded in June 2015, NeevFinance, a RBI-registered non-banking financial company (NBFC) provides loans to parents for K-12 education. The startup can begin processing loan applications from parents once it completes the formalities for association with the educational institution, after which the parents are eligible to apply for a loan, varying in amount from Rs 30,000 to 2 lakh p.a.
When a parent applies for a loan, Neev offers an amount equal to the total annual amount due to the school, for a particular term at the beginning of the period, at a pre-agreed cost. The parent then repays the loan to Neev in equated monthly instalments (EMIs) over the period of the loan term.
Neev provides the school with the entire fees upfront on behalf of the parents, and, in return, the school supports Neev in timely collection of dues from the parents.
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