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24 May 2018, Edition - 1045, Thursday

FLASH NEWS:

  • Power supply of sterlite plant disconnected, T.N govt disconnects power supply, cut due to non compliance of rules
  • Extortion threats to 12 U.P MLAs, demand: Pay up Rs 12 lakh each, Intel agencies begin probe
  • 6 women officers of the Indian Navy, who successfully circumnavigated the globe on INSV Tarini met PM Modi
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  • Indian Air Force Cheetah helicopter crash-lands in Natha Top in Jammu and Kashmir
  • NHRC takes cognizance of Tuticorin violence, issues notice to Tamil Nadu Chief Secretary and DGP
  • The Madras High Court directed Vedanta to stop the construction of the second unit of Sterlite copper smelter plant
  • Tamil Nadu government forms judicial commission to probe Tuticorin violence
  • J&K: Grenade attack in Bijbehara as 7 civilians were injured
  • MHA has sought a report from Tamil Nadu Government on the violence in Tuticorin

Coimbatore

Auxilo to disburse Rs.100 crore to support education segments

Covai Post Network

COIMBATORE: Auxilo Finserve Pvt Ltd, one of India’s next-level education ecosystem financing NBFC, has plans to dedicate a corpus of Rs 100 crore loan amount to support two important education segments – school infrastructure financing and higher education financing in Tamil Nadu.

To address the growing needs of State’s school education infrastructure development, including students’ classroom renovation to school uniforms, under one roof, Auxilo has designed need-based customized financial solutions to be disbursed to eligible schools/institutes.

It will provide financing to more than 100 schools by next year-end and the proposed ticket-size of loans, secured and unsecured, for schools/institutes could go up to Rs 15 crore or minimum at Rs 20 lakh, the company Managing Director and CEO Neeraj Saxena said in a release on Monday.

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 that not only that it will also provide loans on education fees, classroom expenditures, pre-VISA, air-fares and almost everything related to education cost.

The company is in the process of consolidating an advantage pack – ACE PACK- for students’ aspiring for global destinations that would automatically provide post-landing benefits – air travel, vaccination, SIM card, accommodation et al. 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,” he 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 strengthen its presence in major metros and Tier-I and II cities, where a large influx of demand is coming up for education enhancement.

Currently, it has presence in Mumbai, Hyderabad and in Chennai and the next Centres coming up are in Bengaluru, Delhi and Pune, Saxena said.