Struggling to Pay Your Child's School Admission Deposits? Here's What You Can Do
5 min read | 2 months ago
The costs of education have rapidly increased in India over the years. As per reports, tuition fees charged by private schools in Tier-1 and Tier-2 cities have already touched Rs. 2,500-8,000 each month. The total costs also include technology and laboratory charges, transportation, stationery and books, maintenance, and more. The amount doubles up in most cases, once these charges are included.
At the same time, schools also keep increasing their fees by approximately 5-7% annually too. Another cost that parents often worry about is the admission deposit. This is payable at the time of enrolling your child into school and represents the beginning of his/her academic and educational journey. While this amount is refundable, it is only done after the completion of schooling or when the child takes a transfer certificate due to any particular reason.
In case you are struggling to pay this money, what do you do? Immediate loans online may be a potent solution worth considering in this regard.
Deposits and Other Costs for Admitting Your Child to School:
There are several overheads that you should budget for when it comes to admitting your child into school. Some of them include:
Admission Deposit: A one-time fee that you have to pay to the school, refundable after the child completes schooling. It may start from upwards of Rs. 50,000 to Rs. 1 lakh and even touch Rs. 2-3 lakhs at reputed educational institutions.
Regular Fees: Session fees and fees for the first month or two are payable at enrollment.
Books and Stationery: Costs for the books and other essentials required in the first year, such as exercise books, school bags, and water bottles.
Transportation Charges: School bus or other transportation fees, payable at the beginning of the new session.
How to Arrange Funds with Personal Loans:
In case you are stuck due to the lack of funds, delayed payments, or other responsibilities that have drained your finances, you can always consider applying for a personal loan from a reputed NBFC, Commercial Bank, or Small Finance Bank. The beauty of a personal loan is that you can apply for any amount as per your requirements and eligibility and obtain the same for any purpose. This means that you do not have to demonstrate/prove the purpose of the funds to the lender.
Many people take it to cover home repairs and renovations, medical emergencies, travel, weddings, higher education, gadget purchases, and more. You can similarly use the money to pay the admission deposit and other associated costs while enrolling your child in school. These are unsecured loans, i.e. you do not have to provide any security or mortgage assets to get the funds. Another advantage is the quick personal loans online approval and processing mechanisms as compared to other loan types along with their easy online application procedure and competitive rates of interest.
1.Compare interest rates across lenders.
2.Ensure eligibility and have a high credit score.
3.Check your EMI with an online calculator to confirm affordability.
4.Apply online, fill in details, and upload necessary documents.
5.Accept the loan offer after reviewing terms and complete the process for fund disbursement.
Conclusion
You can use a personal loan to meet sudden obligations like admission deposits while enrolling your child in school, and other related costs. If used in the right way, they can help you avoid depleting your savings and breaking investments, while you can conveniently repay them over your desired tenure.
FAQs
1.What is a personal loan?
A personal loan is an unsecured loan for any purpose, different from secured loans like home loans, usually with shorter tenures.
2.Can I apply for a personal loan offline? Yes, by visiting your nearest bank branch and filling out the form.
3.What is the usual tenure for a personal loan? Tenures vary but typically extend up to three years or 36 months.
About Unity Small Finance Bank
Unity Small Finance Bank is committed to making banking simpler and more accessible for everyone. Our services include Savings Account, NRI account, Current Account, Fixed Deposits, and Personal Loans offering flexible tenures and attractive interest rates. We also offer financing options like MSME Loans and Microfinance to support businesses and underserved communities. Learn more about Unity Small Finance Bank here.
