HSBC launches scheme for Chennai private schools

To offer loans of Rs 50,000 to Rs 7.5 lakh for infrastructure development

The Hong Kong and Shanghai Banking Corporation Limited (HSBC), in partnership with the Centre for British Teachers (CfBT), has launched a programme "� Enabling Quality Improvement Programmes in Schools (EQUIP) "� for Chennai-based private schools. Under this scheme, the schools can borrow amounts ranging from Rs 50, 000 to Rs 7.5 lakh for infrastructure improvements.

HSBC provides the financial assistance while the technical support will be given by CfBT for EQUIP. Schools that are in existence for at least five years and registered as trusts or societies are eligible for the loan.

Addressing mediapersons, E Prakash Kuruvilla, regional head ( southern India), HSBC, said that EQUIP is aimed at improving the quality of education in schools and poor children of low-income families.

The loan will have an interest rate of nine per cent repayable within a period of four years. Schools can utilise the funds for purchase of computers, furniture, library books, teaching material and sports equipment. However, the funds cannot be utilised for administrative purposes or to meet the school's staffing requirments.

Schools availing of the loan and displaying a good payment record as well as adhering to the school improvement plan as recommended by CfBt through their management information system, will be eligible for an education grant from the UK-based HSBC Education Trust, at the end of the loan tenure.

The pilot phase of EQUIP has been extended only for private schools in Hyderabad and Chennai. HSBC has so far received about 15 applications from schools based in Hyderabad.

CfBT is an UK-based non-profit education resource management organisation established in 1965. It supports schools, trains teachers and assists government in bringing about educational improvements.