Bengaluru schools allege harassment over non-payment of loans and seek government intervention – The New Indian Express

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Express press service

BENGALURU: Several schools in Bengaluru have raised allegations of harassment by an NBFC (non-bank financial company), for non-payment of loans as they have been affected by the pandemic.
While two schools have made allegations, they claim that several schools, particularly in Devanahalli and Anekal taluks, are suffering from continuous harassment from NBFC Varthana Finance, a school loan provider, also known as of Thirumeni Finance, based in Bengaluru.

SK Public School Principal Ajjappa said, “There are several schools like ours, which took out loans before the pandemic, but due to the closures, classes have been moved online and there are had a decline in student enrollment. This has led to a decline in tuition fee collection. For this reason, we have not been able to maintain monthly payments. Another school, which is part of St Mary’s Educational Society, has written a letter to the Karnataka Associated Management of Schools (KAMS) about the harassment it faces.

Following the non-payment of the loans, the NBFC attempted to auction off the mortgaged land, but failed to attract buyers. KAMS has written to Chief Minister Basavaraj Bommai to seek his involvement in calling a meeting with private loan companies and also to ensure the protection of educational institutions.

BENGALURU: Several schools in Bengaluru have raised allegations of harassment by an NBFC (non-bank financial company), for non-payment of loans as they have been affected by the pandemic. While two schools have made allegations, they claim that several schools, particularly in Devanahalli and Anekal taluks, are suffering from continuous harassment from NBFC Varthana Finance, a school loan provider, also known as of Thirumeni Finance, based in Bengaluru. SK Public School Principal Ajjappa said, “There are several schools like ours, which took out loans before the pandemic, but due to the closures, classes have been moved online and there are had a decline in student enrollment. This has led to a decline in tuition fee collection. For this reason, we have not been able to maintain monthly payments. Another school, which is part of St Mary’s Educational Society, has written a letter to the Karnataka Associated Management of Schools (KAMS) about the harassment it faces. Following the non-payment of the loans, the NBFC attempted to auction off the mortgaged land, but failed to attract buyers. KAMS has written to Chief Minister Basavaraj Bommai to seek his involvement in calling a meeting with private loan companies and also to ensure the protection of educational institutions.

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