This is Beena Sengar. A mother of three children in Morar, Gwalior, she applied for a Rang De education loan in August 2015 so that she could send her three children to school.
This year, Priya, her eldest daughter, was placed among the top 10 candidates for Class X CBSE examinations in Madhya Pradesh.
Had she not received a Rang De loan, she would have struggled to pay the school fees for all three children. Priya would not have been able to study in peace with her mother worried over the educational prospects of Jaya, 13, and Nikhil, 7.
No mother should have to choose between her children.
We have grown our education finance operations considerably over the years.
As we grow, we need the help of more people than ever before.
In 2009, we disbursed 108 loans. Since then, we have grown our education finance operations such that we have already processed over 400 applications in the first half of this year. Over 57 lakhs worth of funds have been disbursed to recipients in Maharashtra, Madhya Pradesh, Uttar Pradesh, Manipur and Karnataka.
Having started in Andhra Pradesh in July 2009, Rang De now works with six partners across India— Pardada Pardadi Educational Society and Sant Singa Ji Institute of Science and Management connect us with enterprising university students hailing from the villages of Bulandshahr and Dewas respectively, HasiruDala services the waste-picking community in Bangalore, Self Employment Voluntary Association picks out students in higher secondary in Manipur while Samagra Gram Vikas Sanstha and VAMA (Bal-Mahila Vikas Samiti) cater to the many low-income families in rural Maharashtra and Madhya Pradesh respectively that do not want their children to drop out of school.
Sagras is our oldest partner and therefore we have been able to work holistically in the Yavatmal district in Maharashtra. This means that we have been able to offer continuous support to hundreds of mothers with repeated low-cost loans over the years.
However, it is within the northeast where we are growing most aggressively. SEVA partnered with Rang De in 2012 and they are set to become the second-highest education finance provider we work with.
In June 2016, we also established a partnership with Little Drop Life Home, a home for vulnerable children who are either orphans or who come from economically weak families in Chandel, Manipur.
We are seeking to raise nearly six lakhs on behalf of this home that can impact the lives of over 80 children.
These are truly underserved communities. We have seen a steady rise in average income across families but a Rang De education loan is still given, on average, to a family with an annual income of just Rs 80k.
Saving up Rs 10k or Rs 20k to pay for their children’s school fees remains a difficult challenge.
The average loan size has also increased over the years with the 2016 figure being Rs 14,171, an 84% increase over the amount in 2009.
We have also increased our footprint in the tertiary education sector as well. Previously, we used to exclusively offer loans to parents but we are now ensuring that students can directly apply for Rang De loans through a valued partner.
Apart from PPES in Uttar Pradesh, we have also partnered with Sant Singa Ji Institute of Science and Management. This institution caters to students from disadvantaged backgrounds in rural Dewas and has shown great promise as many of their students have been placed with leading organisations such as Cognizant, Honeywell and Infosys.
We are growing. And we are proud of our growth in our student finance operations. We need to grow our pool of individuals that are willing to lend to students as well.
If you know of anyone that would like to join and support our growth as we enable many more families pursue their educational aspirations then please do inform them about our work and how they can get involved.
The maximum interest rate charged on these loans are 6.5% although a majority of the loans have far lower rates.
As the original writer (now a full-time Rang De employee) for Beena Sengar’s loan request outlined:
There are seldom guarantees in life; but if there is anything that offers the slightest bit of certainty for building a better future, it is education and a little support would aid these children in their determined pursuit.
Help us offer that slight bit of certainty.
Over 200 education loans are currently in need of support on the Rang De platform right now. Please reach out to email@example.com if you would like any assistance.