Eduvanz- rising Fintech company in India

The Finance industry was one among the firsts to combine technology with managing finances. Adoption of technology by financial industry has made them more efficient and profit making. Fintech startups started to take a firm place in this world, owing to their skillful use of technology and thus making them more efficient than banks and public finance services. India has also seen rise of many Fintech companies. Eduvanz is one of the many Fintech Companies in India. It is a non banking finance startup founded by Varun chopra in 2016. They provide unsecured education loans to students who are aspirants in up skilling courses. They are the acclaimed breaker of stereotypes where they encourage students of creative courses instead of traditional courses.

There are number of other Fintech Companies in India. Eduvanz, which is a Mumbai based Fintech Company is recently known to have raised $ 2 million (which is equivalent to Rs. 13 crore) from Unitus Ventures and the Michael and Susan Dell foundation. This is quite a landmark in the development of the company in making a strong foothold in the financial world.

The satisfied loan applicants have always expressed how easily they can apply for loans at a very affordable rate of interest without any hassle of visiting the main office. The entire process of loan application is online and paperless. The loans are quickly disbursed within few days of application which attracts many customers. . Unlike general banks that provide education loan after overcoming big hassle of procedure and a pyramid of hierarchy, the loans takes a long time to be issued. But at EduVanz, the rate of interest for education loan is low and is issued at the earliest possible without the hassle of providing bunch of documents and as said above, even without actually visiting the concerned office.

What to expect next in the world of Fintech companies in India?

India’s Financial Technology market might be one of the greatest success stories in the recent past. Over the last three years, Fintech Companies in India have grown by leaps and bounds. With digitalization taking over the way of life, and mobiles being more accessible and affordable, the Fintech sector has burst wide open. In today’s India, they are backed by a large user base, promising entrepreneurship, and substation government support.

This sudden growth in the financial technology space is a simple game of supply and demand. After the demonetization of 2016, online payments got their much-deserved attention. Today no business can function without the support of a cashless payment gateway. The emergence of UPI and faster-accessible internet has taken the entire financial market to the digital world.      

Here are a few features we can expect to see next from Top Fintech Companies in India:

1. Personal Financing

After payments and online transfers have become this fast, the next step is convenient personal finance. Many companies today already provide such services. Servies like investment plans, mutual funds, life insurance and much more can now be managed on mobile applications. Although these are available, many individuals in India are still hesitant to trust a phone app with personal finance.

2. P2P lending

Peer-to-peer lending is seen as both a loan service and an investment opportunity. This is a system where multiple aggregators collect investments from individuals at a fixed annual return-on-investment. This amount is then sanctioned out as loans to people who need them.  Fintech Companies in India are yet to make a flourishing business from this sector.

3. Cryptocurrency

Indian has always been slow to adapt to new monetary trends, and this remains the case for cryptocurrency. A digital financial currency like Bitcoin has taken the world by storm in the last few years. However, the Indian market is yet to warm up to the idea. In the near future, there is a huge growth potential for crypto in the Indian Fintech market.

Exposing Indians to new technology has always been a challenge. But in the recent past, we as a country have adapted fast. This is a great sign for the promising future of the Fintech sector in India.  

Fintech Companies in India – The Assistance they Offer

Financial technology together makes up the Fintech companies and they usually aim to develop and improvise the usage of financial assistance. The Fintech companies lend a helping hand to the companies, consumers, and entrepreneurs to make optimum use of their technologies.

Fintech companies in India revolutionize and computerize the financial sectors in many ways and they originate from banking to wealth management, education and money transfer apps etc. The main aim of Fintech Companies is to minimize the productivity of staffs and invent bots who can assist human beings to complete basic tasks in the world of digitalization.

Fintech companies have evolved many new technologies and some of the most famous ones are- cryptocurrency, blockchain technology, digital cash, Robo advisors, cybersecurity, insurance, etc. The innovations have levelled down the presence of fraud in the market and the resulting output is more efficient and accurate.

However, there are some Fintech companies in India who are also providing additional services which focus on the aspect of skill development. Considering the present situation of the education sector in India, there is an immediate need for skill development courses. These course, on the other hand also charge high fees which cannot be afforded by the common people of the nation. This is precisely where the role of the top Fintech companies in India such as Eduvanz comes into play.

With its innumerable resources, such companies are looking to offer low interest loans to aspiring students so that they can fulfil their dream and gain knowledge by enrolling into a formal upskilling course. The sole objective of such Fintech companies is to help the nation to grow on the whole so that everyone in the future can benefit in the long run. Students now should look up to these additional amenities that the top Fintech companies in India provide.

The educational loans – decoded

The cost of quality education has seen a rise in every year. A recent study states that the cost of quality education is rising at a rate of 15 percent each year. To make a better career, the industries require people certified from a reputed institution. The cost of education in these institutions is more, and it can be the primary reason for making you compromise on your education. Thus many tend to go for an educational loan at TopFintech Companies in India to tackle the situation of the shortage of funds. One may say that opting for an educational loan from Fintech companies in India is the best course of action.

What is an educational loan?

 An educational loan is a loan provided to students by banking or a non-banking organization like Top Fintech companies in India for pursuing a degree in engineering, architecture, management, medicine or arts. It can cover the course fee and other expenses like accommodation, exam fee, and the miscellaneous charges of the college.

They are also provided to courses of part-time or full-time vocational training. They generally tend to cover the cost of graduation or post graduation. Most of the applicant tend to apply for a loan to pursue their post-graduation abroad. The loan amount varies with the bank and the course the applicant pursues. The repayment is done after the completion of the course.

How to secure a loan?

The student applying for the loan from Fintech companies in India is the main borrower, and their parent, sibling, or a spouse can be the co-borrower. The person applying must be an Indian citizen who has secured admission at a recognized institution. The applicant must be 18 or above in terms of their age.

They need to submit documents of 10^th, 12^th and graduation certificate and the income tax returns of the co-borrower as a part of the documentation. The bank can fund up to 100 percent of the loan amount. For a loan, around 4 lakhs do not require collateral, but above it, collateral is required. The interest rate of an educational loan in banks varies from 1 to 1.35 percentage. The repayment period is around 5 to 7 years.

Benefits Of Availing The Services Of A Fintech Company

The word ‘Fintech’ is a clipped form of the terms Financial and Technology. Fintech Companies use technology for their financial services in order to provide a better experience to the customers. These companies use financial technologyto help customers overcome the conventional methods of financing. These companies invent new ideas and technologies to offer better services and conquer the current ones.

 So what is Fintech and how does it work?Suppose you are offering a treat to your friends in an expensive restaurant and suddenly you realise that you are cashless. Then what will you do? Most of us will get a panic attack as it would be very embarrassing to be in such a situation. But nowadays there is an instant solution to this problem. You can use mobile apps like PayPal, Google Pay and other online payment applications. These apps are used to transfer money immediately which would save time.

You can also use these payment applications to pay for electricity bills, telephone bills as and when they are due. The main character behind this entire narrative is Fintech. Another classic example to explain the concept of Fintech is the development of credit cards and the Automated Teller Machine (ATM) which have provided comfort to the people to a great extent.

Some of the top Fintech Companies in India which provide these service are PhonePe, Free charge, Mobikwik,Pay Sense, Policy Bazaar, Paisa Bazaar, Paytm and many more. These applications are widely being used by people for services such as online payments, money transactions, mortgage loans, home loans and many other services.

Some of the advantages of Fintech Companies are as follows:

·        Great Comfort: Fintech Companies make efficient use of mobile networks to provide risk free and convenient transactions. As every user has access to their mobile phones and tablets, it becomes easy for them to control and manage their transactions as and when required.

·        Reduced Expenses: Top Fintech Companies in Indiacharge a very minimal fee or sometimes no fee for every transaction. These companies are highly beneficial for users who transfer money to their family in other countries.

·        Move Cashless: There is a decrease in the rate of cash crimes. Users can easily use credit and debit cards to make transactions when they do not have cash in hand. The risk of robbery can also be reduced by going cashless.

Financial technology is the most popular field in today’s modern world. It has a dormant power to fetch great changes in people’s lives. It operates through Internet and is highly profitable to all. The Services offered by these companies are easy to adopt and understand.