The Covid19 is not only seen as a health crisis but it has severe economic implications as well. Calling it an economic pandemic won’t be an exaggeration. The past 18 months have brought a serious economic imbalance which has impacted a large percentage of the population. With layoffs, pay cuts and revenue loss becoming obvious, the implications of fund shortage are reflected in the education sector too. There are several parents who are experiencing difficulties in managing their finances and in turn the education fees payment is also delayed and sometimes defaulted too.
As the education fee payment becomes a stressful task for several parents, so to address the challenge of parents about fee payment, one of the leading education groups of the country Narayana Group of Institutions has brought a path breaking mechanism of fees payment under fee financing model which comes with Zero cost EMI. The Fee Financing Facility will directly benefit around 50,000 students of Narayana group who will be able to pay their education fee on zero cost easy EMI which will further reduce the burden of parents.
For this special arrangement Narayana Group has teamed up with Financepeer India’s leading Fee Payment Solution provider. Under this agreement, Financepeer will provide a facility using which parents can pay their child’s education fee in multiple parts at zero additional cost. This facility will be made available to 50,000 students of Narayana Group of Institutions. Financepeer is also offering free insurance facility to the students that will ensure security to their education.
Speaking about the collaboration, Rohit Gajbhiye – Founder, Financepeer said: “Narayana Group of Institutions is among the most prestigious names in the industry and is known for its quality education. This partnership is a win-win situation as it opens the gates of a premier education institution for the parents while the institution will have access to the funds without any hassle. Also, the insurance facility that we provide will act as a safety guard for the students to pursue their education without interruption. This association will further motivate us to achieve our vision of ensuring quality education to the masses. This also gives us energy to continue working with great zeal to bring a revolution in the education system of the country.”
Speaking about the initiative Mr. Puneet Kothapa- Executive Director, Narayana Group of Institutions said “We understand that there is a challenge faced by the entire industry and parents also have financial constraints but the continuity of education is essential for the children. We are committed to address and resolve the challenges faced by the students so that their education doesn’t suffer. We have identified the fee payment challenge by a lot of parents and have partnered with Financepeer to facilitate them for ease of fee payments. This has helped a significant number of parents in managing their finances and we have also seen a spike in our admissions. The service quality and response mechanism of Financepeer are commendable and we are determined to bring back the lost balance in the education system.
This innovative approach taken by Narayana Group and Financepeer will set the benchmark for others to follow. The fee financing model will change the dynamics of the education industry and would facilitate access to quality education to more and more students.