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Education has the power to change lives, which is why educational institutions must constantly evolve with time. It is a known fact that modern schools require modern advancements in technology to enable new-age students to learn in a better way. However, such advancements need money as there are costs involved. This is where a school loan comes into the picture. This article will take a deep dive into the features, benefits, and the eligibility criteria of a business loan for school.

Features and Benefits of a School Loan

School loans are highly beneficial for those educational institutions who want to expand and grow. The funds from the loan can be used for construction/renovation or to bring about an improvement in the overall infrastructure. The following are the benefits of getting a school loan:

  • Repairs and Renovation: With sufficient funds, schools can manage the cost of any repairs to the school premises. These repairs could be to address property damage due to harsh weather conditions or simply a yearly maintenance check.

  • Construction of New Buildings: School loans help educational institutions create new wings and rooms on the premises, thus improving the overall ambience for the students. The likes of a new laboratory, library,  and additional classrooms can eventually be populated by new students.

  • Technological Advancements: Providing good internet connectivity throughout the school campus is now a necessity for a modern school. It allows teachers and other faculty to connect with each other, get the job done efficiently, and, most importantly, teach the students in a better way. Employing the latest technology will eventually contribute towards a modern way of learning and help teachers be equipped for the future.

  • Sports Equipment Facilities: With business loans for private schools, better sports equipment and facilities can be purchased. Getting the latest sports equipment will help institutes to create a greater interest in sports activities as they are considered to be an integral part of student education.

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Eligibility Criteria for School Loan

To avail of a school loan from Bajaj Markets with ease, you will need to meet the following eligibility criteria:

  • The applicant needs to be a citizen of India to be eligible for a school loan.

  • The school loan applicant needs to be a self-employed individual, or in this case, the owner of the institution.

  • Self-employed individuals between 26-66 years are eligible for a school loan.

How to Apply for a School Loan?

The following are the steps to apply for a School Business Loan at Bajaj Markets.

  • Online Form Filling

    The online school loan application process makes it easier for prospective borrowers. One must fill in their personal and employment details to get started with the process. Once completed, the user will be allowed to initiate the next step.

  • Specify Loan Details

    One must also provide the terms on which they are willing to accept a loan, like the amount they require for their business and the repayment tenure of the loan.

  • Approval and Disbursal

    The application will be approved in 2 mins, once the eligibility criteria is fulfilled. Post which, the submitted documents will undergo a comprehensive verification process. The applicant will be intimated once the process is completed. If any additional documents are required, the representatives will reach out and request for the same. If everything is in order and the loan is approved, the applicant can expect the money to get credited into their bank account within 24 hours.

Documents Required for School Loan

The list of documents required for a loan for school are as follows:

  • Identity Proof: Personal KYC, PAN card, Aadhaar card

  • Residential Address Proof: Rent agreement, driving license, voter’s ID, ration card, passport

  • Last 6 months Current Account bank statement

  • GST Registration Certificate

  • Shops and Establishment Certificate

Self-Employed Individuals

Self-Employed Individuals (Non-Professionals)

PAN card/ITR documents of the borrower or municipal tax/water/electricity bill

Proof of identity of the sole proprietorship

Identity proof such as passport, driving license, voter’s identity card, PAN card

Three years of income tax returns

Proof of residence such as driving license, passport, Voter’s ID

Three years of sales tax return documents

 

A copy of periodic stock and creditors statement for the last three months

 

Bank statement for the last 6 months

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