Below is a proposed Equated Monthly Installment (EMI) policy tailored for Presidency London College (PLC), designed to facilitate accessible and affordable education for students while ensuring financial sustainability for the institution. This policy assumes PLC offers a range of programs (e.g., electrical courses and health care courses to support students who may need flexible payment options.

 

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EMI Policy for Presidency London College

 

1. Purpose

Presidency London College (PLC) is committed to providing high-quality, accessible education to a diverse student population. The EMI (Equated Monthly Installment) Policy is designed to offer students a flexible and affordable payment option for tuition fees, enabling them to pursue their educational goals without undue financial burden.

 

2. Scope

This policy applies to all students enrolled in PLC programs, including electrical courses and health care courses, who opt for the EMI payment plan instead of lump-sum payments. It does not apply to short-term courses (less than 2 months) or programs fully funded by employers, charity organization, or government schemes.

 

3. Eligibility

– Enrollment Status: Students must be officially enrolled in a PLC program with a minimum duration of 3 months.

– Financial Assessment: Students must demonstrate a need for flexible payment through a simple application process.

– Good Standing: Students must maintain good academic and financial standing with PLC to continue using the EMI option.

– Direct Debit: All Students who opt for EMI option will be automatically eligible for the monthly direct debit from the account details submitted to the college.

 

 

4. EMI Structure

– Installment Calculation: Tuition fees will be divided into equal monthly installments based on the total program cost and duration.

– Tenure: The EMI tenure will align with the program duration (e.g., 3 months or 6 months course).

– Minimum Amount: The minimum monthly installment will be £500 (subject to adjustment based on total program cost).

– Down Payment: A minimum down payment of 25% of the total tuition fee is required at the time of enrollment to activate the EMI plan.

 

5. Application Process
6. Submission: Students who submit the application form and require the EMI option (contact the PLC admissions office) along with supporting documents (e.g., ID, proof of income, or guarantor details).
7. Review: The PLC Finance Office will review the application within 5 working days and assess eligibility.
8. Approval: Upon approval, students will receive an EMI agreement outlining the payment schedule, total amount, and terms.
9. Agreement Signing: Students who filled the application form agrees to all the terms and conditions of the EMI options.

 

6. Payment Terms

– Mode of Payment: Payments can be made via direct debit, bank transfer, or online payment portal.

– Due Date: Installments are due on the 1st of each month (or the next working day if the 1st is a weekend/holiday).

– Late Payment: A grace period of 7 days is provided. Late payments beyond this will incur a penalty of £25 per month, and repeated delays may lead to suspension of the EMI plan.

– Re-registration Cost: if the learner did not contact the college for more than 60 days all the login credentials will be and library access of class material will be on hold from the platform and the learner has to re-register to access it, and the Re-registrations cost applies.

– Early Payment: Students may pay off the remaining balance early without penalty, subject to notifying the Finance Office in writing.

 

7. Default and Consequences

– Default Definition: Failure to pay installment without prior arrangement with PLC.

– Consequences:

  – Suspension of access to classes, resources, and assessments until payment is cleared.

  – Termination of the EMI plan, requiring full payment of the outstanding balance within 30 days.

  – Legal action may be pursued for non-payment after formal notice, in accordance with UK debt recovery laws.

 

8. Special Circumstances

– Financial Hardship: Students facing unexpected financial difficulties may request a temporary pause (up to 3 months) or restructuring of their EMI plan, subject to approval and documentation (e.g., medical bills, job loss proof).

– Withdrawal: If a student withdraws from a program, the EMI plan will cease, and a refund (if applicable) will follow PLC’s standard refund policy, minus any outstanding EMI amounts.

 

9. Responsibilities

– PLC Finance Office:

  – Administer the EMI program, process applications, and provide clear communication about payment schedules and obligations.

  – Offer support and guidance to students facing payment challenges.

– Students:

  – Adhere to the agreed payment schedule and promptly report any issues affecting their ability to pay.

  – Ensure accurate contact and banking details are provided to PLC.

 

10. Review and Amendments

– This policy will be reviewed annually by the PLC Finance and Administrative Committee to ensure it remains fair, sustainable, and aligned with the college’s mission.

– Amendments will be communicated to students at least 30 days before taking effect.

 

11. Contact Information

For inquiries or assistance with the EMI policy, students can contact:

– Email: info@presidencylondoncollege.ac.uk

– Phone: +44 (0)20 3784 6005

– In-Person: Office Address, 591-593 Harrow Road, London, W10 4RA

 

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This EMI policy balances flexibility for students with administrative clarity for Presidency London College. It reflects PLC’s commitment to accessibility while ensuring financial viability. If you’d like adjustments (e.g., specific interest rates, different penalties, or integration with UK funding schemes), let me know!