Hyderabad: Buying phones and other electronic items by paying in easy monthly instalments (EMIs), is common now, but one company is providing easy EMIs to pay school fees!
The company advertises itself as being India's first school fee loan company and thus making education affordable. It claims to provide monthly repayment at low interest rate. Neeve Finance provides funds from KG to professional courses and the loan covers transport, books and uniforms.
A city parent with the condition of anonymity told the newspaper that school fees in Hyderabad have gone through the roof.
“Schools don't care a damn about the government notification staying a fee hike this year. The police, unsurprisingly, are mute spectators. So after home loan, car loan school loan is the new in-thing.”
Ashish Naredi, executive member, Hyderabad School Education said, “This is yet another and most clear indication yet that most parents are just not able to afford school fees. Ironically, this is happening in a state that promises free KG to PG education and a country where Right to Free Education is enshrined in the constitution.” He adds that till now, farmers were committing suicide under pressure to repay loans. “Now perhaps it’s time for parents. Sadly, we have already seen suicides related to school fees in Telangana. We are bound to see more in coming years. But knowing the government, it won’t move them an inch.”
Venkat K. Sainath, an HSPA member said special loans should be given by the government to fund children's school fees. “See the understanding of Neeve Finance... they felt the need to help parents like us.”
Srinivas Reddy, president of the Private Schools Associations said, “It will be a shocking thing if parents have to take loans to pay the school fees of their kids.”
He said if parents can't afford expensive schools they should not put their children there. Loans should only be taken for higher education. “Parents should not fall for false prestige by putting their kids in big schools and paying huge money by taking loans to pay the fees,” he says.
Despite several efforts to reach the finance company they were not available for comment.
