Introduction to Educational Institutions
A place of learning that caters to all age groups in different learning environments, while offering the true lessons of life, are educational Institutions. These institutions include preschools, childcare homes, primary-elementary schools, secondary schools, seniorsecondary schools, and universities. That is not all, even private learning centers and coaching institutes are a part of it.
In other words, any place that provides an opportunity to learn something is an educational institution.
But that place has its provisions that make your learning fun, attractive, and more interactive. Such provisions are infrastructural, teaching materials, teaching staff, management staff, cleaning staff, and so on. How do you think these provisions are possible? These are possible because those who are dedicated to learning, pay certain fees to attain various benefits of these institutions. The top management and owners of the institutions arrange for financial aids to ensure that every student receives those benefits to make their learning process easier and more fruitful.
That is the sole purpose of running an educational institution, ‘Think for the benefit of the future of the students at all times.’ This is the mantra followed in almost every institution. No matter what new provisions are necessary to be inculcated in the institutions, the principal heads of the same are dedicatedly looking for ways to make it happen by applying for the best financial aids.
To understand this in detail, we need to first understand how these educational institutions benefit all.
Benefits of Educational Institutions
Learning is a part of life. But learning in a systematic way to achieve a certain goal in life is truly an ambitious perspective to understand its meaning. Educational Institutions are here to provide you the opportunity of gaining an income in the future, setting up a successful career, developing necessary and optional skills, and developing personality.
Let’s see some of the benefits of educational institutions:
- Reduction in poverty rate
- A better and healthier lifestyle
- The sound development of mind and independent thinking capability
- A personal sense of accomplishment and self-confidence
- Skill development
- Greater productivity
- Improved communication skills
- Critical thinking skills
- Disciplinary and ethical personality
- Greater employment opportunities
The benefits do not end here. They are limitless. These are just the tip of the iceberg. There is a lot to discover underneath. But that is the true benefit of learning from an educational institution. You can think, plan, ideate, create, develop, implement, etc. to no limits. You have a vast universe and an equally large expanse of your mind. The more you utilize it the better you grow.
But what are the true challenges faced by these educational institutions to make them require financial help?
An educational institution gives various provisions and hope of a good future to a vast number of students of all ages. To cater to every respective need of each student and even the staff is a challenge in itself. There has been no educational institution that has not required some sort of an outsourced aid financially from either the Government or other financial funding means.
Let us look at some of those challenges.
- Budget Control due to lack of planning and appropriate funds allocation
- Improper Bank Account Management causing deficit account status
- Lack of budget reviews due to skipping of the crucial step of year-end budget analysis
- Lack of accountability and leadership while handling payments and proper pay procedures
- Use of cash over audit-based banking procedures lacking record maintenance
- Corrupt conduct involving the violation of the procurement process
- Poor record-keeping and record management
- Mismanaging the institutional projects that have been a secondary source of funding
All these challenges are faced by educational institutions because they overlooked the necessary procedures and the need to follow them precisely.
Now, the key point is to know how these challenges can be overcome and educational institutions are aided to ensure no financial roadblocks affect the education of a student in any way, directly or indirectly.
How TFCI (Tourism Finance Corporation of India Ltd) provides Financial Services for Educational Institutions
Educational Institutions have a hand in ensuring a successful future for all. There is no doubt that the need for devoted teaching staff, involved parental guidance, and proper education guidelines are necessitated. But, at the same time, there is a stronger need for state-of-the-art modern infrastructure and advanced amenities to ensure that everyone receives the best quality of education.
Tourism Finance Corporation of India Ltd (TFCI) has been working closely with numerous educational institutions and have been able to grasp the financial needs that will be paramount in growing or expanding the institution with sound financial assistance through reliable Education Institution Loans. For some time, we have been aiding the institutions by providing them long-term and short-term financial services catering to the implementation of renovations, infrastructural facilities, new constructions, expansion of lands, equipment purchases, debt consolidation, and so on.
Tourism Finance Corporation of India Ltd has been able to reach the level of success in this field due to its professional expertise and practice in the education sector, provisions of customized loan plans, quick and easy processing of loans, cash-flow biased underwriting, and various tie-ups with institutions. TFCI provides flexible credit norms and cash-flow based underwriting by taking into consideration the current as well as expected income in the duration of the loan cycle.
TFCI (Tourism Finance Corporation of India Ltd) follows a basic loan process:
- Document collection & initial processing fee
- Assessing eligibility, give a review and receive balance documents
- Completion of technical, legal and financial check
- Finalizing sanction terms, balance fee, and issues loan sanction letter
- Execution of loan documents and disbursement of the amount
With a reliable financial services provider such as TFCI, you get the benefits of tailor-made repayment terms to your comfort, attractive and relatable rate of interest, time-bound, and worry-free processing. When all these benefits are available on hand for educational institutions with the help of Tourism Finance Corporation of India Ltd, they can easily aspire to build themselves into a world-class Institution.