Over 12 lakh parents from across the country, most of them from Mumbai, have taken a loan to pay the school fees this year, due to financial constraints amid the pandemic. This was revealed by GrayQuest - a financing company, which released a report of its growth in the past one year. Post the COVID-19 outbreak, there has been an increase in the number of parents opting for microloans for school fees, thanks to increasing associations of schools with the financial company. The loans enable parents to pay the fees in one go, while they can repay the loan in installments.

New trend
School fees are a major issue for lakhs of parents amid pandemic. Parents have been demanding several relaxations in school fees this year as many are facing financial crises. In the past one year, many private schools have been directing parents to such microloan providing finance companies which allow easy to repay loans. The growth report shared by GrayQuest clearly shows the increasing new trend in the education financing sector, over the past one year of the pandemic.