Making Education Accessible, Fintech Startup ‘Eduvanz’ Provides Fast, Cheap, And Flexible Education Loans
India is not just a land of 1.36 billion people, but a land of many such dreams.
The path of fulfilment of these dreams goes through right education.
Only education can reduce poverty, enhance equality, improve health, reduce crime, and promote rights, etc.
In this digital age, there is no lack of learning tools but what often constricts students, learners, and parents is the lack of easy, fast, and affordable financial assistance.
To solve this issue, a team of innovators created a fintech form, helping learners to get fast, cheap, and flexible educational loans.
Today’s story is about a Mumbai-based fintech startup Eduvanz that offers fast, cheap, and flexible educational loans, allowing students to study now and pay later in pocket-friendly monthly instalments at zero percent rates.
Startup Story: Eduvanz | Low-Interest Education Loan Provider
Eduvanz is a Mumbai-based new-age digital finance startup, co-founded by Varun Chopra and Raheel Shah in 2016. The fintech startup provides education loans, starting from zero interest, for students and skill seekers.
Varun and Raheel have more than 15 years of experience across functions and roles, including consulting, investment banking, and outsourcing industries.
The fintech startup is on a mission to make education universally accessible by providing- easy, transparent and speedy financial assistance using innovative technology solutions.
How Eduvanz Started?
Before starting Eduvanz, Varun and Raheel had together co-founded their first startup, CurrEQlum.
But soon, they found out an issue in the system. A majority of parents get deluged with pending school and tuition fees, leading to delay of payments due to unavailability of easy, fast, and accessible financial assistance.
Banks are focused on larger ticket loans associated with higher education and their standardized lending criteria tend to marginalize first-time borrowers.
‘Their standardized lending criteria tend to marginalize first-time borrowers and cash-earning families and do not recognize the thousands of training institutes and new-age online institutes across India. The problem is magnified across Tier I-III cities.”
In these cases, banks either decline the loan applications or charge very high-interest rates.
This results in discontinued education, underutilized infrastructure, and lost opportunities.
After researching, they realized the need to build a completely new lending entity that gets all stakeholders (parents, students, institutes, etc.) on the same platform.
So, to provide learners with fast, cheap, and flexible financial loans, Varun and Raheel started Eduvanz.
USP Of Eduvanz
Eduvanz offers fast, cheap, and flexible education loans, allowing students to study now and pay later in pocket-friendly monthly instalments at zero percent rates.
“For loan tenures of up to 24 months, we offer zero-cost loan solutions, which are very popular with parents and learners because it enables them to repay in easy and affordable EMIs (equated monthly instalments) without hurting their liquidity.”
Also, to offer a seamless loan journey for learners, Eduvanz integrates with an institute’s technology platform. The fintech platform offers loans customised to the requirements of the institute learners’ ecosystem and, depending upon the agreed loan product, makes upfront fee payments to the institute.
To know about their offerings in detail, visit their website.
Present Situation Of Eduvanz
Since its inception, Eduvanz has witnessed 15X growth in monthly user numbers, says Varun.
The startup has 150 employees spread across India and claims to have financially empowered more than 15,000 learners across 20 states, 240+ cities and covered over 25 skill industries.
Eduvanz has partnered with more than 350 organisations so far, including renowned organisations like Godrej, ICICI Direct, McKinsey Social Initiative, Dr Reddy’s Foundation, and SAP. The platform also has edtech tie-ups with the likes of upGrad, Unacademy and Great Learning.
In November 2020, Eduvanz acquired edtech startup Klarity.
Future Plans Of Eduvanz
Eduvanz is in the process of launching its first credit card for learners and students and aims to become the go-to financing solution for learners in all categories (K-12, upskilling/skilling, undergraduate and postgraduate courses, as well as test preparation).
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