Propelld, education financing platform, 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 percent female and 72 percent male students.
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, it said in a press release.
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 percent 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 percent 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, it said in a press release.