Financial Support to the schools

Financial Support to the schools

Construction of facilities including major renovation, additions, and upgrades for technology, is a major expenditure for schools. Expodian educational and welfare trust strive to provide financial support to schools. The trust offer loan facility to the schools at lowest rate of interest for secured and unsecured loans. We propose funding for infrastructural and technical requirements of the schools to meet expectations and requirements of the students and their parents. Re-forming and strengthening of school management system will transform schools into future ready schools that act strongly on any issues pertaining to school or management and can ensure corrective actions through an appropriate mechanism.

Eligibility Criteria for Schools

• Any unaided under developed Pre-school, Primary or Secondary school (Unrecognized/Recognized by State or Central Education Board) managed by a trust /Society/Individuals.

• The School has to be associated with the trust at least from past 6 months.

• School has to be in operations from at-least past 5 years with minimum profit / proven income track record.

• School should have civilized infrastructure and nominal / at least student strength of 250 students.

• Strong operational and committed school management.

• Good track record in terms of goodwill.

Purpose

• Purchase of Land & Building for School.

• Construction of Building

• Renovation of Building and existing infrastructure.

• Purchase of Furniture & Equipments.

• Purchase of Hardware and Software contents.

Characteristics

• Secured loans up to Rs. 25 lacs.

• Unsecured loans up to Rs 2 lac.

• EMI options up to 84 Months.

• No pre-closure charges up to 25% of the loan amount.

Documentation

• Duly filled in Application form.

• KYC Documents –ID and Residence proof of applicant and co-applicant.

• Latest 6 months Banks statement of Society, Trust, School, applicant and co applicant.

• Society/Trust Pan card and Pan card of applicant and co applicant.

• Copy of recognition and affiliation certificates.

• Copy of Society/Trust registration, Bye laws, updated members list.

Funding Process

• The assistance under financial support system will be for all purposes mentioned above for implementation up to 20 lacs amount for a school (terms & conditions apply).

• The trust proposes funding for expansion of functional resources and pedagogic infrastructure of the school. The funds can be sanctioned on actual need basis after approval from Legal and Finance department of the trust.

• The trust has set of norms for funding of various activities under the Financial Support Scheme of the trust.

• Legal and Finance department of the trust should submit its report within a specified period of one month regarding the eligibility, suitability, relevance of the funding proposal and the capacity of the school to facilitate them with funding.

Release of Funds: (Please choose any one option)

On approval of the project, the funds shall be released to the school in two instalments -the first instalment amounting to 50 per cent of the total funds will be released immediately after the issue of the sanction letter from the financial institution along with the approval from trust. After the school has utilised 75 per cent of the first instalment, it may make a request for release of the subsequent instalment along with a progress report and statement of expenditure. The release of second instalment will depend on satisfactory evaluation report of the program or development project.

OR

On approval of the project, 100 % loan amount shall be released to the school immediately after the issue of the sanction. The school has to submit a progress report and statement of expenditures quarterly / half yearly / annually to the trust for the evaluation of funds utilization for the purpose it has given.

Disbursement

Funds will be remitted to the schools directly by a demand draft/ cheque drawn in their favour by the concerned bank / financial institution linked with the trust.

Terms and Conditions

• In case, the school / educational institution is already receiving or expecting to receive funds from some other source for the program for which application is made under this scheme. The trust will disqualify the school to redeem the benefit of funding under this scheme. It should be ensured that school is not getting funds from any other resource.

• The school receiving funds will be required to execute an agreement in a prescribed format along with two witnesses and guarantors that support the agreement.

• The school in receipt of financial support shall be open to inspection by an officer or any other person deputed by the trust.

• The accounts of the program shall be maintained properly and separately and submitted as and when required. The audited accounts together with utilisation certificate in the prescribed form duly countersigned by the Chartered Accountants and the progress report supported by certificate from the Head of the school / educational institution where the program has been conducted are required to be furnished.

• The school shall maintain a record of all assets acquired wholly or partially out of funding amount and maintain a register of such assets in the prescribed proforma. Such assets shall not be disposed or utilized for purposes other than for which the funds was given without prior sanction of the trust.

• In case, the sanctioned funds are not being utilised for the approved purpose, the trust is authorised to take actions as per the disciplinary guidelines prescribed by the trust. The activities undertaken by the programs would be evaluated. Such evaluation reports have to be sent to the trust.

• Breach or violation of any of the terms and conditions mentioned in the agreement shall cause the termination of the contract with immediate effect and the terms mentioned in contract shall be final and binding for school.

• While submitting the proposal for funding, each school will clearly project the expected outcomes. On completion of the program, school will submit performance report, which should bring out clearly whether the expected outcome has been achieved or not. School will also send a copy of the Performance report to the trust.

Please note that the loan amount is calculated on the basis of certain criteria decided by the trust and bank / financial institutions. Our turnaround time is faster and we work as a professional. We prefer fair practices and transparent dealings. Besides loans and financial funding, our endeavour is to also provide you services which will help your institution to reach new heights of expansion.