Education financing platform Propelld partners with top Pune institutions after gaining NBFC status

Pune, 22 June 2023: Financial relief for Pune students is now a click away!

Having assisted over 200,000 students in fulfilling their educational aspirations since being founded in early 2017, the fintech platform Propelld has now turned its focus on Pune by announcing new partnerships with top colleges and institutes. 

Known for introducing innovative financing solutions that make education accessible to all, Bengaluru-based Propelld has already partnered with leading institutes like Balaji Group of Institutions, Lexicon Management Institute of Leadership and Excellence, MITCON Institute of Management and DY Patil University in Pune to offer its customized loan products. Moreover, with the company obtaining a non-banking financial company (NBFC) license for its subsidiary from the Reserve Bank of India (RBI) in the first week of July, Propelld will be able to lend directly and facilitate increased diversity in borrower profiles across largely untapped Tier II & III cities.

Elaborating on the company’s prospects, Bibhu Prasad Das, CEO & Co-Founder of Propelld, said, “We are extremely delighted to have forged partnerships with a few of Pune’s most prestigious educational institutions and are committed to further expanding our partner network in Pune. It remains our mission to support students by alleviating their financial burden, allowing them to focus on their education rather than worry about debilitating repayment schedules.” 

Apart from the obvious benefits for students, Propelld is leveraging data-driven insights to help its partner colleges and universities fast-track student onboarding and attract more students with easy financing options. Moreover, by converting tuition fees into loans and eliminating the collection burden that educational institutes otherwise contend with, Propelld is revolutionizing the face of financing for the entire education ecosystem. 

Commenting on the benefits of partnering with Propelld, Hemant Solanki-Head of Admissions, MITCON Pune elaborated, “By offering study loans through Propelld, we have been able to attract a more diverse and talented pool of students who previously faced financial barriers. This has resulted in increased enrolment and improved student retention rates. Moreover, Propelld's efficient loan disbursement process has alleviated the administrative burden on our institute, allowing us to focus more on providing quality education." 

Pioneering financing solutions such as Income Sharing Agreements and Study Now and Pay Later options, Propelld has been democratizing access to education by empowering students with progressive repayment schedules that are helping them manage their loan obligations without any undue stress. Additionally, with the company relying on students’ learning capabilities and employability potential to assess their loan eligibility, Propelld has been at the forefront of ushering in a new era of collateral-free education financing in the country. With the NBFC license substantially bolstering Propelld’s direct lending proposition, the company is aiming to introduce tailored & longer-term loan products across its 2,000+ partner network and shore up its total loan book to ₹ 2,000 crores by FY24. 

Driven by an agile tech infrastructure and peerless technology support, Propelld is transcending traditional financial boundaries to deliver quick approvals and disbursements through a fully digital loan process. The Series-B funded firm is backed by elite investors including Indian Angel Network, Stellaris Venture Partners, WestBridge Capital Management and India Quotient, raising funding of $35 million in the last round.

About Propelld:

Propelld is a Bangalore-based FinTech startup specializing in education lending. The brand’s main vision is to democratize access to education and drive-up India’s gross enrolment ratio (GER) by removing financial barriers to the right education with customized financial products. Supporting the overarching education infrastructure, the company provides personalized loan products based on the course’s end-use and borrower’s profile. Their 100% digital hassle-free process is aimed towards realizing the educational dreams of tier 2 and tier 3 students and their families Unlike traditional lenders, Propelld has a unique underwriting system that looks beyond the credit score and focuses also on the future potential of the student.