NEW DELHI: Capital India, a company that offers finance to SME and retail customers, will invest $25 million in education loan start up Credenc. Credenc is a Delhi-based technology led education loans platform set up in 2017 and currently works with around 1,000 colleges across 17 cities. Narvar, promoter of Capital India, said the annual spend on college fees in India is around Rs3.5 lakh crore, of which only 5% is financed by organised lenders. Lending is based on students’ potential and future income instead of the existing financial capability of the family, which is typically the primary factor considered by traditional education lenders. Credenc offers education loans covering K-12 school fees, online up-skilling courses, higher education as well as study-abroad courses and is looking to lend Rs3,000 crore by 2025.

Source: Mint July 19, 2021 07:30 UTC