New Delhi: United Nations estimates that globally more than 24 million school age children are at risk of dropping out of school due to the COVID-19 crisis. India too could see many children from poor households never go back to school. To address this brewing crisis in the education space, Rang De along with NDTV hopes to intervene by providing interest free loans to low income households. The campaign aims to prevent children from dropping out of school and help them continue their education, despite the disruption caused by COVID-19 pandemic.
The pandemic has disturbed lives of everyone, especially the most vulnerable section of our society. Teachers have had to undergo salary cuts, many parents have not been able to pay the school fees due to job losses. For low income households, the challenge is accentuated further. With classes going online, thousands of children have had to scramble for gadgets to get online. The digital divide has never been more obvious, resulting in several kids dropping out of school.
How The Contributions Will Be Used
The campaign Rang De India For Education hopes to provide interest free loans to young students from low income families to enable them to send their children back to school. The loan can be availed to cover however not limited to the following:
a. Admission and Tuition fees,
b. Expenses incurred for buying books, instruments and gadgets (laptops, smartphones)
How The Campaign Works?
1. You commit funds that you want to invest in children’s education
2. Your funds are automatically invested and you get notified
3. Track all your investment activities on your dashboard.
4. Repayments you receive as Rang De credit can be reinvested or withdrawn.
Talking to NDTV about the campaign and why Rang De has chosen education as a focus area this time, Smita Ram, Co-Founder & CEO, Rang De said,
Livelihoods only address the situation of families. Education is a game changer and can uplift entire generation out of poverty. This is really for future generations and that is why we are focussing on education.
On the other hand, talking about this model of social investment and has it taken root with people accepting it, Ram Nk, Co-Founder & Director, Rang De said,
I think we have just started and still have a long way to go. It will take a while for people to understand it is investment which will come back. They will have to experience it. We have just got started and there is a long way to go until this becomes a big movement.
About Rang De
Rang De is a peer-to-peer lending platform that enables individuals to invest in fellow Indians. Started in 2008 as a non-profit, Rang De is now an RBI regulated peer-to-peer lending platform (NBFC-P2P).
Rang De’s mission is to provide access to low cost, collateral-free loans with respect and dignity. Since inception, Rang De has been supporting farmers, artisans and small businesses and individuals who have been denied credit or cannot afford high-interest loans.