Students from Maharashtra, Uttar Pradesh & Karnataka applied for maximum education loans this year
New Delhi: India’s fastest-growing education financing platform, Propelld, continues to record strong growth by disbursing education loans for more than 45000 students across 550+ institutions in 2021. The company has marked a 250% YoY growth this year. The company further aims to grow at a similar rate and finance over 150,000 students by the end of 2022.
Propelld witnessed a high demand for education loans in tier 1 and tier 2 cities, with a majority of the student applications coming from Maharashtra, Uttar Pradesh & Karnataka. The overall requirement for education financing comprises around 28% female and 72% male students.
Making strides in the education financing industry, Propelld offers flexible financing products for skill-up, EdTech & job-focused education segments. In the wake of the pandemic, more educational and training institutes shifted online, leading to a surge in demand for online education. This movement further pushed up the adoption of Edtech in India. The company saw a greater financing demand for Data Science and Analytics, Programming, and AI & ML courses in 2021.
Speaking on Propelld’s consistent growth, Mr. Victor Senapaty, Founder, Propelld, said, “This year, we’ve witnessed a rapid expansion in our customer base, especially across tier 1 and tier 2 cities. We are constantly working towards increasing our access to tier 3 and tier 4 cities using credit underwriting based on students’ academic results, the institute’s past performance, and the course outcome in order to serve a larger number of students in these cities. In 95% of the cases, our customer-facing loan rates are lesser than even the banks’ education loans. With our flexible financing products, we aim to democratize access to education for students across the country.”
Propelld makes financing accessible for all verticals in the education sector. The company achieved a massive YoY growth of 800% between the years 2019 and 2020. With this massive demand in education financing, Propelld has marked another milestone this year, by achieving profitability on an EBITDA level.