Digital school fee financing solution unveiled

This solution is being offered through the EarlySalary App. This solution is to help parents afford quality school education for their children by simplifying the fee payment process through instant credit facility and convenient EMIs. ‘FeES’ provides instant education loans ranging from Rs 50,000 to Rs 3,00,000 and offers flexible repayment options of 3 and 6 months.

The school education sector in India is evolving owing to increased investments and mushrooming of international schools all over the country. At the same time, the cost of school education is increasing rapidly due to the growing demand for an advanced curriculum of international standards and technology driven teaching methodology. 

As per Assocham, the school fee of a single child per annum has risen from Rs 55,000 in 2005 to Rs 1,25,000 in 2015. Sharp increase in school education costs in metros has made bulk fee payments very difficult for parents. On the other hand, schools find it difficult to offer monthly payment options to parents due to administrative and operational expenses. To tackle concerns around effective management of rising school fees in today’s date and time, the ‘FeES’ solution was launched to provide funding to parents and solve the problem of cash flows for schools. Avanse and Early Salary will be working towards tying-up with over 500 schools in one year.

Akshay Mehrotra, Co-Founder & CEO of EarlySalary said, “We are aiming to reach out to more than 1,00,000 parents within the next 18 months.”