Propelld, a financial technology startup, has introduced Study Abroad Loans to meet the growing demand for educational financing among students residing in major cities as well as Tier 2 and Tier 3 urban areas in India.
Deserving students planning to pursue education in foreign countries can now access loans of up to 50 lakhs for a maximum period of 10 years. This offering is made possible through a distinctive underwriting methodology customized to evaluate the creditworthiness of students or their parents.
The initiative aims to streamline the financing process for employed individuals and self-employed professionals, facilitating quicker access to funds.
Brijesh Samantaray, one of the co-founders of Propelld, emphasized the company’s dedication to democratizing education access. By targeting a significant portion of the underbanked population, Propelld aims to nurture the skills of future leaders who will contribute to India’s goal of achieving a $7 trillion economy by 2030. Samantaray envisions disbursing 100 Crores this year to support deserving students in their educational pursuits.
Propelld’s range of financial products caters not only to academically outstanding students seeking admission to various institutions, including non-premier ones but also to employed individuals and small business owners. The unique underwriting process considers the creditworthiness of applicants, even in cases where formal documentation may be limited.
The startup offers collateral-free loans, ensuring swift approvals with minimal paperwork requirements, simplifying the borrowing experience.
To expand the reach of their study abroad financing solutions, Propelld has strategically partnered with Educational Direct Selling Agents (DSA) and Education Loan DSAs. These collaborations benefit both Propelld and the DSAs by providing financing options to a broader audience, including individuals often overlooked by traditional lenders due to strict underwriting criteria or lengthy approval procedures. This initiative aims to enhance customer satisfaction and loyalty.
Ravi Goyal, the Vice President of Strategy at Propelld, highlighted how the company is assisting DSAs in diversifying their customer base by extending services to Tier 3 cities. The accelerated approval process, minimal documentation requirements, and unique underwriting approach enable DSAs to serve a wider range of employed and self-employed individuals efficiently.