Bangalore: Propelld, a leading fintech startup specializing in education lending, has announced the launch of Study Abroad Loans to meet the growing demand from students across India aspiring to pursue higher education overseas. This move comes on the heels of Propelld’s success in the domestic market and aims to cater to the needs of students residing in metros as well as Tier 2 and Tier 3 cities.
The Study Abroad Loans offered by Propelld will provide financing of up to 50 lakhs for deserving students embarking on educational journeys abroad, with a maximum tenure of 10 years. Leveraging a unique underwriting approach tailored to the creditworthiness of students or their parents, Propelld aims to streamline the financing process for both employed and self-employed individuals.
Brijesh Samantaray, co-founder of Propelld, emphasized the company’s commitment to democratizing access to education and supporting India’s ambition of becoming a $7 trillion economy by 2030. “We are looking at a 100 Crore disbursement this year to equip deserving students,” Samantaray stated, highlighting Propelld’s ambitious goals to empower future leaders through education.
Propelld’s Study Abroad Loans cater to a diverse range of individuals, including meritorious students seeking admission to all types of institutions, employed individuals seeking expedited financing processes, and SME and MSME owners as well as self-employed individuals. The company’s collateral-free loan offerings ensure quick approvals and minimal documentation requirements, facilitating a hassle-free experience for borrowers.
In a strategic move to expand its reach, Propelld has partnered with Educational Direct Selling Agents (DSA) and Education Loan DSAs, aiming to extend financing options to a wider audience. Ravi Goyal, VP – Strategy at Propelld, highlighted the mutual benefits of these alliances, stating, “The lower turnaround time and broad scope also helps them to cater to broader profiles of employed and self-employed people.”
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