Last 2 years, the entire education sector has struggled a lot against the challenges induced by the Covid Pandemic. Both educational institutions and parents have experienced the stress of fund flow which has disturbed the entire education industry like never before. Slowly all the industries including Education recovering from the pandemic woes, however on the other hand, fee payment is still difficult for patents. Even Educational institutions are also facing problems in collecting the fees in-time from the parents and unable to bear the operational costs.
To address these problems, there are some good fee payment solution providers which have tied up with Education Institutions in India. These providers providing Fee payments to the parents at zero cost interest EMI. Thousands of parents and Institutions were benefited from these platforms.
4 Best School / College Fee Lending Platforms in India:
Financepeer is one of the leading Education focused lending platform in India. Financepeer converts student's fees in ZERO cost EMIs. Financepeer pays fees to the institute on the student's behalf and then the student can pay them back in 3 to 36 EMIs. Also everytime a student pay fees via Financepeer, they get 10% of the fees amount back in their account as cashback which can be redeemed to purchase online courses, exclusive coupons, vouchers, and other benefits. Financepeer also provides education insurance which covers the education of a student in case of an unwanted incident. Applying on Financepeer is very simple. You just need to complete an application on our platform. The process is fully digital and can be completed in under 10 minutes. Once the application is complete, it takes us 24-48 hours to deposit the money in your institutes account. Financepeer will require basic student details, institute details, course details, and basic KYC details (regulatory requirement). It generally takes less than 10 minutes to complete the process.
GreyQuest, which is launched in 2017, is mainly focused on creating value for India's $200B education sector. They have been trusted by most of India’s leading education organizations from K12 Schools to Universities, to enable a convenient and enriching fee payment experience to their customers. GreyQuest has currently implemented their solution in over 2500+ institutions and are adding more each day. They have also created value additions such as GQ+ which is India’s first and largest students and parents’ loyalty program and GQ Education Protect, their complimentary insurance offering safeguarding the education of students paying their fees through GrayQuest to further enhance the experience of their stakeholders.
Eduvanz is a digital Fintech NBFC helping Learners discover and finance their Learning & Career Goals with fast, convenient, and affordable No Cost Financing Solutions. Eduvanz was founded in 2016 with the mission to empower students to make educated and informed decisions by providing free financial resources and unbiased advice. Eduvanz also offers convenient and flexible financial assistance to Students and Leaders who want Quick Results, Attractive Benefits and Transparent Conversations. Depending upon the quantum of the Monthly Fee Payment Plan amount and the strength of the applicant's profile, Eduvanz may or may not insist on collateral or security.
Avanse Financial Services Limited is a new age, education-focused NBFC on a mission to provide seamless and affordable education financing for every deserving Indian student. Established in 2013, Avanse is on a journey to strengthen its leadership position in Education Lending by creating solutions for individuals (Education Loans) and Indian institutions (Education Infrastructure Financing). They have solutions for every segment of Indian education sector covering from School education to University. They are offering a minimum loan of Rs. 50,000/- to study in India and a minimum of Rs. 1,00,000/- to study abroad and maximum education loan amount i.e. 100% of the cost of your education! Be it your tuition fees or your living expenses, they have you covered. They also cover travelling expenses up to Rs 75,000 for students traveling abroad.
All the above 4 are best P2P lending (Peer-to-Peer) platforms available in India. With these platforms, one can get loans even without a CIBIL score and get returns upto 37% per annum. These platforms addresse not only education needs but also financial needs of self-employed, entrepreneurs, and salaried individuals through a highly secure, digital medium.