DHFL, India’s leading financial institution announces its foray into the education loan business with the launch of Avanse Education Loans (Avanse), thereby marking its entry into a specialized market segment with the aim to fulfill the growing need for education finance at reasonable terms.
Avanse is a new age Non-Banking Finance Company (NBFC) focused towards providing education loans for higher studies. Along with dominant courses like engineering, business and management, Avanse will also provide students the opportunity to explore new age courses like Aquaculture, Photo Journalism, courses in Music & Culture and many more. The company aims to provide education loans to nearly 19.8mn Indian students who at any given time require education finance to pursue higher studies in India and overseas.
In a press note issued in city Kapil Wadhawan, Chairman and Managing Director, DHFL stated, “DHFL has forayed into the educational loan business with the aim of enabling financial access by providing the youth of the country a fair opportunity to fully develop their abilities through higher education.
Education loans business provides a large business opportunity with around 30 lakh students pursuing higher studies annually. The market for student loans has been continuously growing every year at a CAGR of approximately 30% which is expected to continue, driven by the projected growth on the education sector spends.”
The Indian higher education system has emerged as one of the largest in the world, with 16.5mn students enrolled in more than 31,000 institutions. The annual spend on higher education is estimated at INR 800 billion.
Moreover, India has an estimated 150mn people falling in the age group of 18-23 years thus making the higher education sector the most attractive yet highly complex market for the private and foreign players.
Avanse Education Loans covers complete cost of education including living and other expenses. The company offers educational loans with minimum loan value being Rs 50,000/- up to the maximum value required and offers flexible repayment plans with repayment tenure up to 10 years (120 months).
Avanse education loans come with the Avanse Edvantage which aims at making the education loan process delightful by offering customized loan solutions, hassle free and transparent process and doorstep service for customer convenience.
Avanse Education Loans has earmarked its expansion plan and in its initial phase will have dedicated offices across 10 major locations which are Mumbai, Delhi, Chennai, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad, Jaipur and Chandigarh. Deeper market penetration shall be achieved by leveraging on the DHFL’s vast network.
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