Furthering its mission to increase credit access to the underserved, EnableCap, a FinTech company that provides hassle-free education loans, aims at empowering teachers across India. With its key Teacher Empowerment Program, the company intends to provide easy-to-access and low-cost EMI loans, among other financial services, including insurance and microsavings, through a fully digital process.
The program is in alignment with the firm’s focus on improving the plight of teachers in India. They are the dynamic forces for any school, but, unfortunately, teaching is not a well-paying profession, especially in India. The situation has further worsened after the global pandemic struck us. With the health crisis leading to prolonged closure, several private schools reported up to 50% of revenue loss due to widespread non-payment of fees. It led to either reduction of teachers’ salaries or layoffs. Around 55% of teachers across private schools faced salary cuts.
The torch-bearers for many teachers are the unsung Covid warriors who are fighting the unseen enemy too. While the government school teachers have been out on poll duties, etc., several of them made personal investments for an online setup at home after the lockdown, be it paying for laptops or broadband connections and whiteboards.
Through its empowerment program, EnableCap is helping the teacher community by offering them customized loan solutions with flexible repayment options and zero hidden charges. The flexibility will help them build their credit score by repaying the loans on time. The loan ticket ranges from Rs. 10000 and can go up to a month’s salary – as long-term and short-term loans – via an entirely paperless process on WhatsApp.
Speaking about the ambitious program, Mr.Nirpeksh Kumbhat, Co-Founder, EnableCap, said, “Lower salary structures of teachers in India have been an issue for a long time now, and the pandemic only worsened the situation with pay cuts across the country. We at EnableCap are committed to providing them some relief in the form of easy loans to empower them financially. Our wholesome product not only offers all financial services under one roof, but the process is absolutely smooth.”
Presently, EnableCap is also working actively with EdTech players in the industry that are offering the teachers assistance in conducting online classes by providing them with easy loan plans. Besides teachers, the FinTech startup designs customized loans that provide easy, accessible, and quick funding to institutes/schools and parents as well.
