Mumbai/Bangalore March 19th, 2024: Buoyed by their success in the domestic market education lending fintech startup Propelld announced their Study Abroad Loans to fund significant demand for education loans from students living in metros and also in Tier 2 and Tier 3 cities in India.
Loans up to 50 lakhs will be available for deserving students travelling to abroad countries for a maximum tenure of 10 years through a unique underwriting approach tailored to the students’/parents’ creditworthiness. This initiative will also help employed individuals seeking a faster and more seamless financing process, as well as self-employed individuals.
“At Propelld, we are committed to our vision of democratizing access to education. A comprehensive approach to catering to a large segment of the underbanked population will train and hone the skills of future leaders who will cater to India’s ambition of becoming a $7 trillion economy by 2030. For this, it is important that Indian students train with the best in the world. We are looking at a 100 Crore disbursement this year to equip deserving students,” said Brijesh Samantaray, co-founder, Propelld.
Propelld’s product offerings cater to meritorious students seeking admissions to all institutions – even non-premier ones; employed individuals seeking faster and seamless financing processes; and SME and MSME owners and self-employed individuals who benefit from the unique underwriting approach tailored to their creditworthiness in cases where formal documentation may be lacking.
Propelld will offer collateral-free loans, ensuring quick approvals, and cutting through cumbersome processes by asking for minimal documents.
Propelld is strategically partnering with Educational Direct Selling Agents (DSA) and Education Loan DSAs to broaden the reach of abroad education financing. These alliances benefit both Propelld and DSAs by extending financing options to a wider audience – particularly individuals often rejected by traditional lenders due to stringent underwriting or lengthy approval processes – and enhancing customer satisfaction and loyalty.
“Propelld is also helping DSAs broaden their customer base to reach even Tier 3 cities due to the faster approval process, minimum documentation and unique underwriting involved. The lower turnaround time and broad scope also helps them to cater to broader profiles of employed and self-employed people,” said Ravi Goyal, VP – Strategy, Propelld.