Top Five Education Loan In India In this era of competition, as much as the importance of education has increased, the fees for education have also increased. In such a situation, many such incidents are seen, where students and their parents mortgage their property to pay the cost of studies or else the students leave the dream of studies in the middle. Although the situation has improved in the last few years, but even today, almost many families sell their property or are forced to drop out of college to meet the cost of their children’s education.
There is no doubt that banks have been providing education loan facility to the students for a long time. But due to loan defaults, banks have reduced education loans since 2018. The rising cost of education and limited access to formal credit have increased the need for education finance. With the help of which students can easily apply for cheap education loan. In such a situation, we will tell you about the top 5 education loan service, with the help of which you can easily take an education loan.
Edu Finance Loan
Edu finance loans have crossed $10 billion in the edu-loans market, according to Unitus Ventures. At present, organized lenders are providing only 5 per cent of the services. Keeping this gap in view, in the last few years a plethora of Startups, Digital Lenders and NBFCs have emerged which are offering services like Flexible Loans, Admission & Career Counseling Support and Study Now, Pay Later at very low or zero interest rates.
EduVanz Loan was founded in 2016 by Varun Chopra of IIT M and Raheel Shah of IIM A. The Mumbai based startup offers zero interest loans to learners preparing for school, UG/PG, or upskilling under its Study Now, Pay Later program. The loan is decided based on the future employability of the learners, which is assessed on the basis of AI based algorithms and predictive analysis.
Gyan Dhan Loan
GyanDhan Loans GyanDhan was started in 2016 by IIT alumnus Ankit Mehra and Jainesh Sinha as an educational finance marketplace for students studying abroad. In 2019, the startup has expanded its portfolio to include loans for skill building courses. Through this, they are targeting to provide 45,000 skill building loans this year.
Leap Finance Loan
Leap Finance Loans Vaibhav Singh and Arnav Kumar, Pass outs from IIT Kharagpur are the founders of Leap Finance. This startup helps Indian students to make a global career. Its credit underwriting engine draws on multiple alternative and derived data points to measure the future income potential of a loan applicant. Based in San Francisco and Bangalore, the startup is targeting students who want to pursue their post graduation from the US.
Propelled Loan The startup of former bankers and consultants Bibhu Prasad Das, Victor Senapati and Brijesh Samantare offers flexible education finance products that include fee payment in 24 months of installments, loan up to 80% of course fee .