The debt associated with attending a premium B-school or getting a foreign degree is overwhelming. For millions of young Indians, affording this dream is an obstacle and a pressing concern.
Moreover, with low credit penetration, it is extremely difficult for a middle-class family to arrange funds for their child's education
This is where platforms providing education loans step in to make credit for young professionals and college students accessible and affordable. Education loan is the most cost-effective means to fund education if one is unable to get a full scholarship.
Though most banks provide an education loan, in today's era there are certain fintech players giving attractive offers on the same.
Here is a list of five popular fintech players giving a push to the education dreams of students in India:
HDFC Credila
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HDFC Credila funds students for higher education in India and abroad. With HDFC Credila, students can get their education loan pre-approved even before they start applying to Universities.
HDFC Credila has enabled numerous students to pursue higher education in their dream institute, with education loan approval even before the admission process.
InCred
InCred is a new-age financial services group founded with an aim to provide credit in a hassle-free manner, thereby furthering financial inclusion in the country.
The education loans provided by the company seek to enable young Indians to meet their aspirations of higher education in India and abroad. These loans are designed to bridge the gap between personal potential and financial feasibility for students seeking education beyond K-12.
Vidya Lakshmi
Vidya Lakshmi is a first of its kind portal for students seeking education loan. This portal has been developed under the guidance of the Ministry of Finance, Ministry of Human Resource Development, and Indian Banks Association with a view to enable all poor and middle class students to pursue higher education of their choice without any constraint of funds.
Avanse
A new age education finance company, Avanse through its customized solutions and flexible repayment plans aims to provide a hassle-free and 100 percent education finance to Indians, to study in India and abroad.
The platform wants to encourage and mentor students through underwriting innovation, accessibility, and trustworthiness, enabling holistic development.
Faircent
Faircent's semi-secure student loan product helps students avail fast and easy personal loans at a reasonable cost.
Under this product, college students can fund purchase of items such as laptops, books, mobile phones, etc. by registering their loan requirements on the platform at a reasonable rate with a flexible loan period ranging between six to thirty-six months.