Mumbai-based Auxilo Finserve Pvt Ltd, a Non Banking Financial Company, has proposed to grant loan worth Rs 100 crore to support education infrastructure development in Tamil Nadu.
To address the growing needs of state's school education infrastructure development, including classroom renovation to school uniforms, under one roof, Auxilo has designed need-based customised financial solutions to be disbursed to eligible schools.
It will provide loans to more than 100 schools by next year-end and the proposed ticket-size of loans, secured and unsecured, for schools could go up to Rs 15 crore or minimum at Rs 20 Lakh, the company's Managing Director and CEO Neeraj Saxena said in a release today.
Interestingly, students are opting for high-end subjects including Robotics, Applied science or Artificial Intelligence globally and the company will support all kinds of courses, anywhere in the world, he said.
Stating that Auxilo is prepared to enable loans to deserving students up to 100 per cent and financing, it said it will also provide loans on education fees, classroom expenditures, pre-VISA, air-fares and almost everything related to education cost.
Tamil Nadu has accounted for 50 per cent of all incremental education loans between 2013 and 2016 and the Indian education loan industry disbursed nearly Rs 20,000 crore in 2016-17, with a growth of 17 per cent.
"We are in the process of identifying schools and institutes providing basic as well tertiary education to further support them to match up with standardisation," Saxena said adding that the company plans to disburse more than Rs 350 crore nationally for the end 2019 into both segments.
In order to help as many schools and students across India, Auxilo is planning to expand its presence in major metros and Tier-I and II cities, where a large influx of demand is coming up for education enhancement, he said.
Currently, it has presence in Mumbai, Hyderabad and in Chennai.
The next Centres coming up are in Bengaluru, Delhi and Pune, Saxena added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)