The Covid-19 pandemic not only caused health fears and deaths, but also pushed dozens of people to the poverty line due to loss of livelihood due to prolonged lockdowns and travel restrictions. Apart from hitting the tourism industry hard, the travel restrictions have shattered the dreams of many aspirants abroad.
“The pandemic affected all spheres of life in one way or another. The education sector around the world was no different and was also undergoing significant transformation. Many students have had to reconsider studying abroad in the recent past due to international travel restrictions and university closures around the world. In the post-pandemic era, alternative learning opportunities have emerged with access to a variety of courses that can be taken remotely,” said Prashant A Bhonsle, founder and CEO of Kuhoo, a fintech NBFC student loan platform.
While education loans are provided by banks to cover tuition fees, some non-bank financial companies (NBFCs) are trying to reduce the financial burden of traveling abroad and staying there to continue their higher studies by providing additional loans.
“NBFCs are emerging as promising participants in the Indian banking and financial sector, which is undergoing rapid development. By addressing the needs of the underserved segments of society, NBFCs play a vital role in bridging the gap left by traditional banks and moving a very young population towards financial inclusion,” said Bhonsle.
“Through their loans, NBFCs cover expenses such as tuition and fees, library fees, book purchases, laptop purchases, and study and education related travel expenses, hence these platforms are gaining huge traction from students and their parents,” he added.
“Our focus is on the needs of students and their financial situation. We offer fellows and free loans that cover living expenses and other expenses in addition to tuition fees. We offer a complete digital process for faster and hassle-free loan processing,” said Bhonsle.