With the onset of the novel coronavirus pandemic, education became expensive, while job losses and pay cuts rose to never-seen-before levels. New-age fintech firms, however, are working towards making education financing accessible to those in need.
Sunit Gajbhiye, Co-Founder, Financepeer, tells how fintech companies are bringing change and renovating the education reform in the country by developing economic models for social impact.
In fintech firms, the interest rates for education loans range between 6-13% depending on the tenure and different banks. Besides, there are many documents to be submitted to the bank to get an education loan. In the case of fintech companies, though, parents have the advantage of paying the education fee with monthly instalments.
According to Sunit Gajbhiye, the fee payment process is also easier in fintech companies. To get the education loan, the person needs to go through the Financepeer website, apply for the loan, fill in the details related to the education institute, city, etc, submit the required documents and get the loan without any inconvenience.
Moreover, in case of any adversity, the students get free insurance cover for their education fee. The company has collaborated with more than 8,500 educational institutions around the country. And the Financepeer pays the full year fee in advance to colleges. So, schools will not have to deal with reminding students to submit the fee.
Bollywood actor Vivek Oberoi, a strategic advisor of Gajbhiye’s startup, believes in the importance of providing quality education to the underprivileged and how such models can contribute to developing major reform in the education sector of the country. Cricketer Rohit Sharma is the brand ambassador of the startup, which is contributing to transforming different segments of the education sector.
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