The gross bank credit growth deployed by banks towards education loans in India declined 3.8 per cent to Rs 51,898 crore as of September 25, 2020, from Rs 53,921 crore as on September 27, 2019, according to the RBI data.
Paying off your loan early keeps your credit score steady. An outstanding balance on your education loan can reduce your chances of getting a bigger loan such as a home loan sanctioned in the future.
Sequoia-backed online education loan provider Eduvanz has acquired the student mentoring app Klarity. The buyout has given Eduvanz access to Klarity’s base of over 200 industry mentors across companies such as Amazon, Google, EY, Jio, HDFC Bank, etc, and more than 300 education institutes. The non-banking financial company Eduvanz offers loans to students to be paid later at zero interest rates in monthly installments instead of upfront annual fees. The four-year-old startup currently present in over 250 cities claimed to have disbursed more than Rs 200 crore in loans.
“The acquisition of Klarity has helped Eduvanz reach out to a network of passionate industry mentors and more than 300 education institutes powered by mentoring that enabled them to choose the most suitable path in their education and career. Through its fantastic platform, Klarity has impacted more than 5000 careers via one-on-one mentoring,” said Varun Chopra, CEO, and Co-Founder, Eduvanz in a statement. The startup has so far raised nearly $6 million from Unitus Ventures and Sequoia
“Joining forces with Eduvanz will help us amplify our reach, and intensify the impact of our work in the careers of students with whom we are working. We are equipped with a mentor network of more than 200 industry experts,” said Manmeet Singh Akali, CEO and Founder Klarity. The online one-on-one mentorship of Klarity runs across a span of two years, and mainly works with post-graduate students. The mentoring program includes analytics-driven assessment, specialization-wise “market realities workshops” that cover job-roles apart from meeting industry professionals.
The gross bank credit growth deployed by banks towards education loans in India declined 3.8 per cent as of September 25, 2020 to Rs 51,898 crore from Rs 53,921 crore as on September 27, 2019, according to the RBI’s November bulletin. The deployment in August 2020 towards education loans by banks was Rs 52,013 crore. In terms of the financial year 2021 till September, there was a marginal decline from Rs 51,906 crore as of March 27, 2020.