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Here are top 5 NBFCs that are bridging the gap for education loans with minimal documentation

Are you trying to send your kid to prestigious schools, colleges, and universities but getting short on budget? Gone are those days when students flocked to the neighboring colleges to seek admission. Today, the quality of education rules the roost in the job market. However, a good quality of education comes at a high financial cost for students. Then how should one fulfill his educational dreams? The answer lies in education loans.

Though availing scholarships and other financial aid is also a viable option, it caters to only a few students based on their eligibility. Education loans thus can be crucial in molding the career plans of a student. It can make or break students’ dreams. Fortunately, almost every bank of India provides education loans, but getting the loans from the Banks can be a task itself. That’s where certain NBFCs can assist you in availing education loans. Hence, we have curated the list of Top  5 NBFCs that offers an alternative for speedy disbursal of loans and social lending norms for education loans.

  1. Indian School Finance Company – is a NBFC- funding education segment exclusively by providing loans to Private Schools, loans to Affordable Schools, loans to Vocational Colleges & Institutes, loans to coaching centers, Loans to Teachers and education Eco space. ISFC believes that the cost of your child’s education should not be a burden on your finances. ISFC has launched the “Shishya Finance” scheme, a convenient and easy EMI mode of payment for your child’s education expenses. Their low rates and easy documentation process ensures that good quality education is now made accessible to everyone. It’s customised loans also help edupreneurs and institutions to build their infrastructure which helps them grow in size and enable them to impart quality education to students.

  1. Varthana – Thirumeni Finance Pvt. Ltd.- Operated by Bengaluru based Thirumeni Finance Pvt Ltd.- Varthana Finance offers student loans for higher education for PUC, Degree, Vocational and Training Courses in India. They help you finance your studies in a course and college of your choice  as they understand the education and admission process in colleges of India and hence provide tailor-made solutions to meet your needs.

  1. Eduvanz Financing Private Limited- Eduvanz provides loans to individuals to pursue any vocational degree or skill development course at any institute either recognised or in partnership with the company. It has tie-ups with more than 80 institutes. Eduvanz also aims to offer loan products that will focus on supporting financial requirements for K-12 (kindergarten to 12th grade) programmes, online skill development courses and professional courses. Eduvanz’s mission is to make education universally accessible by providing easy, transparent and speedy financial assistance using innovative technology solutions.

  1. InCred Financial Services Pvt Ltd. – InCred is a new-age financial services group that leverages technology and data-science to make lending quick and easy. They use technology and data-science to make lending quick, simple and hassle-free. They also believe traditional ways of lending can exclude those most in need because of outdated, rigid and often inefficient processes. InCred aims to support the India growth story and to aid current and future generations of Indians embark on their personal nation-building journeys – by removing the biggest hurdle our students face when dreaming of higher education – financing.

  1. Shiksha Finance- Shiksha Finance, a non-banking financial company (NBFC) focusing on school and student loans, provides loans to middle and lower-income families to finance school fees of their children. The loans, secured through social collateral, can be paid back through a repayment schedule. At Shiksha Finance, Student loans can be availed by parents to finance tuition fees, books, uniforms, shoes, bags etc.

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