Study Abroad: Propelld announces education loans up to Rs 50 lakh

NEW DELHI: FinTech startup Propelld has announced study abroad loans for students living in metros, Tier 2 and Tier 3 cities in India. As a part of the initiative, deserving students travelling to study abroad will get loans up to 50 lakh for a maximum of 10 years.

The loans will be provided through an underwriting approach customised according to the creditworthiness of students or parents. “This initiative will also help employed individuals seeking a faster and more seamless financing process, as well as self-employed individuals,” the startup said in an official statement.

Propelld will offer financial assistance to meritorious students seeking admissions to all institutions including non-premier ones; employed individuals seeking faster and seamless financing processes; and SME and MSME owners and self-employed individuals who benefit from the underwriting approach in cases where formal documentation may be lacking.

The startup said that it will offer collateral-free loans while ensuring quick approvals, and getting over slow and complicated processes by seeking minimal documents from students and individuals.

Propelld is partnering with Educational Direct Selling Agents (DSA) and education loan DSAs to extend financing for education abroad to a wider audience - particularly individuals often rejected by traditional loan lenders due to stringent underwriting or lengthy approval processes.

“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.