Financing your higher studies and your test preparations just got easier

Creditap ...
Mar 23, 2023  . 4 min read

Every year millions of students enter the higher education sector and several millions who enter test preparations, but the convenience of financing your Student Fee with a short term loan is the option. It can be disbursed digitally and fast, find out how?

Studying in India is a way to wealth. Its mythology of moving from Saraswathi to Lakshmi is real and hence it prepares parents to give an arm in order to get their kids through to college. They look for several traditional methods of financing and also go to their local bank branches. But, they don’t realize that such short term loans do not need one to visit a bank or wait for 15 to 21 days for the loan to be sanctioned in order to cover the student fee.

Parents also know that as education is just getting expensive and therefore financing higher studies, such as undergraduate, post graduate studies and test preparations, is the only way forward.

Short term loans are provided in India at competitive interest rates and come with zero collateral options up to Rs 7.5 lakhs.  

The number of students in higher education is mind boggling.

There are 3.74 crore (37 million) students across 993 Universities, 39,931 Colleges, and 10,725 stand-alone institutions. There are 12 million students graduating in India. Therefore eligibility to enter higher education is largely dependent on financing too, apart from marks and scores in tests.

Creditap can help you, before we get there here is why traditional financing options cannot serve you at speed.

Indian graduate in a graduation robe with a diploma in university campus copy space.
Indian graduate in a graduation robe with a diploma in university campus copy space.

The bottlenecks

Parents or students have the option of going to the VidyaLakshmi Portal, set up by the Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Education) and Indian Banks Association (IBA) to find a competitive loan. Or they also walk up to a nationalized bank and apply for a short term loan to cover your student fee.

However there are limitations here that may test your patience.

The pain points, of a traditional education loan, are that a bank will not have the empathy to service you at speed because of the number of physical transactions that an individual is capable of handling.

  • Time is of the essence when you are in the current education ecosystem. The moment you get your marks card, after your 12th standard or graduation, there is a rush to book a seat in the college of your choice. The bank will not be able to close your loan in less than two or three weeks. In the process you may lose out on closing financing your student fee, not to mention your test preparation centre may push you to your next cohort of classes.
  • Convenience would be missing in a physical branch bank.
  • Documentation and multiple levels of physical meetings in a bank can be cumbersome.

What you need is a new way of discovering short term loans to cover your student fee.

Digital is the way forward

This is where Creditap can help you. All we need is your KYC details when you upload a couple of documents, such as bank statements, income proof and upon qualifying we will have the loan disbursed to your account or in less than two days. Do remember that digital is the way forward and parents should try this on the smartphone. Do download our app and find the right loan to cover your child’s student fee.

With us, you get the convenience and the time to spend with your child, rather than running around from pillar to post talking to multiple banking agents to finance your child’s future.

Leave the financing headaches to us.