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School and College are considered to be the best way to shape your future. There are individuals who are willing to create a global level of facilities when it comes to educational domains but lacks the ideal amount of finances. To fulfill such needs and promote people to step in and develop the education field, a School/College Loan can turn out to be a big help.
What is a School/College Loan?
When an organization or individual takes a loan against their School or college property from any Bank or NBFC, with the purpose of infrastructure or educational structure betterment of the entity, it is called Loan Against School or College.
Features of Various Loans Against Schools and Colleges Options
| Product | ROI | Loan Amount | Repayment Tenure | Processing Fees |
|---|---|---|---|---|
| Anand Rathi LAP | Based on the borrower’s Profile | Upto Rs. 3 Cr. | Based on the borrower’s Profile | Based on the borrower’s Profile |
| Cholamandalam LAP | 10% p.a | Upto Rs. 7.5 Cr | Upto 15 year | Upto 1% |
| Centrum Finance | 14.25% onwards | Upto Rs. 5 Cr. | 180 months | 1-2% |
| Utkarsh Bank(Small Segment) | 11-17% p.a | Upto Rs. 1 Cr. | 36-120 months | Upto 2% |
| Utkarsh Bank(Large Segment) | 11-12% p.a. | Up to Rs. 10 Cr. | 36-180 months | NA |
| TATA Capital | 10.10% | Upto Rs. 5 Cr. | 12-240 months | 1% |
| Fullerton | 9-24% | Upto Rs. 3 Cr. | 12-180 months | Upto 3% |
| Growth Source | 12.85-15% | Upto Rs. 3 Cr. | Based on the borrower’s Profile | Based on the borrower’s Profile |
| India Shelter Housing Finance | 15% p.a onward | Upto Rs. 50 Lac | Upto 10 years | Upto 4% |
| Axis Finance | 10.50% | Rs. 50 Lac - 5 Cr. | Upto 20 years | 1% or Rs 10,000 (whichever is higher) |
| IDFC BANK (SUVIDHA) | 8.25 - 20% | Upto Rs. 75 Lac | Upto 20 years | Upto 3% |
| IDFC Bank | 8.75-10% | Upto Rs. 75 Lac | Based on the borrower’s Profile | 1% |
| HDFC Bank | 8.50-10% | Rs. 11 Lac onwards | Upto 15 years | 1% |
Benefits of Taking Loan Against School/College with ReferLoan
- Best Available Options in Market
- Low Rate of Interest
- Low Processing Fees
- Maximum loan on the market value of the school property
- Minimum Documentation
- Fast Approvals
Uses of Loan Against School/College
- Renovation of the School/College
- Purchase of land or building for school/college
- Purchase of Furniture or any other equipment for the school/college
- Purchase of Sports Goods and Lab Equipment
- Improve the Goodwill or Education Quality of the School/College
What are the Documents required for an Equipment Loan?
- KYC Documents : Society/ Trust Pan Card, Society/ Trust registration, By-laws of Society/ Trust, Society/ Trust Profile on the Letterhead of the School, Updated members of society or trust list duly certified by the CA of the company
- Income Documents : Latest 3-year ITR with computation of Income including P & L a/c, balance sheet with their schedule, and annexures duly certified by CA, Form No. 3 CA & 3 CD in case of the audited balance sheet, Latest 2 years VAT/ Sales Tax/ GST return, Latest 2-year form 26AS if applicable
- Property Documents : Copy of Complete chain of school property paper, Copy of sanctioned plan or Map.
- The ownership of school land must be private, and any kind of grant or aid for the school land won’t be eligible.
- The school should be recognized by the central or state education board
- The school must have a stable source of Income
- The school must have a good repayment track record for all previous loans.
FREQUENTLY ASKED QUESTIONS
When an organization or individual takes a loan against their School or college property from any Bank or NBFC, with the purpose of infrastructure or educational structure betterment of the entity, it is called Loan Against School or College
IProperty loans from banks have slightly higher interest rates than standard loan rates. It is advisable to compare different banks' rates and choose the best one which suits your needs.
If you are willing to apply for a loan against your school or college property you will have to provide a Copy of the Complete chain of school property paper and a Copy of sanctioned plan or Map
No, you can’t apply for a loan against the school if my school property is rented
The Interest rates for Axis Finance Loan Against Property start from 10.50%
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