• Loan for Day Care Centre

    Day care centres turn out to be the best ventures in the major cities where everyone is busy going to work and no one to look after the little ones. It is expensive to hire a full time nanny and at times they can’t be trusted either. So most often the working parents prefer to drop off their young ones at the day care centres close to their workplace.

    It isn’t an easy venture, it requires a skilled workforce and a lot of safety procedures will have to be followed and the children have to be entertained throughout. But there aren’t many lenders who offer loan facilities to start a day care centre.

    Financing your Day Care Centre

    • You can however dig into your savings to start a day care centre, but it would mean letting go of the interest that you will be earning on that saving.
    • The advantage of borrowing money from someone you know is that there is no legal limit to borrow but the only drawback is that you have to pay the money on time.
    • Commercial banks offer short term or Long Term Loans at the prevailing interest rate, but the drawback is that the bank will need a collateral and good credit is needed if you need the loan sanctioned.
    • Government has special financing options to small businesses and the guidelines must be followed. The loan must not be defaulted on in this case.

    Loan for Day Care Centre in India

    In India loan for day care centre is provided by BMP and the loan is called BMP Parvarish.

    The features of the loan are as follows:

    • The loan is to assist women who wish to establish day care centres.
    • To purchase equipment and utensils for the day care centre.
    • The loan is collateral free and is covered under CGTMSE.
    • The loan repayment tenure is set at 5 years.
    • The applicant’s age must be minimum 21 years. The applicant cannot be over 55 years of age.
    • The rate of interest is 11.70% per annum.

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