EarlySalary and Avanse launch India’s First Digital School Fee Financing Solution
Mumbai, April 21, 2018: EarlySalary, India’s largest digital-lending Fintech startup partners with Avanse Financial Services, India’s fastest growing education finance company to introduce a first-of-its-kind digital, school fee financing solution called ‘FeES’. This solution is being offered through the EarlySalary App. This unique solution has been planned with a socio-economic objective of helping parents afford good quality school education for their children by simplifying the fee payment process through instant credit facility and convenient EMIs. ‘FeES’ provides instant education loans ranging from Rs. 50,000 to Rs. 3,00,000 and offers flexible repayment options of 3 and 6 months.
The schooleducation sector in India is evolving owing to increased investments andmushrooming of international schools all over the country. At the sametime, the cost of school education is increasing rapidly due to the growingdemand for an advanced curriculum of international standards and technologydriven teaching methodology. As per ASSOCHAM, the school fee of a single childper annum has risen from Rs. 55,000 in 2005 to Rs. 1,25,000 in 2015. Sharpincrease in school education costs in metros has made bulk fee payments verydifficult for parents. On the other hand, schools find it difficult to offermonthly payment options to parents due to administrative and operationalexpenses. To tackle concerns around effective management of rising school feesin today’s date and time, Avanse and EarlySalary conceptualized, developed andlaunched the ‘FeES’ solution to provide the much needed funding toparents and solve the problem of cash flows for schools. Avanse and EarlySalary will be working towards tying-up with over 500 schools in one year.
Commentingon the announcement Akshay Mehrotra, Co-Founder & CEO of EarlySalary said, “Finest education should be themost important prerogative for a parent. Hence, with a little assistance fromour new offering ‘FeES’ we believe we can give the much needed helping hand toevery parent. Customer’s convenience has always been the basis of any productdevelopment taking place at EarlySalary. In the last two years, EarlySalary hasgrown manifold and thus has emerged as an innovator and market leader in thereal-time, short-term loans business. Our partnership with Avanse isanother step towards building the category of quick loans. We are introducing anew segment of loans for a different set of customers through thisinitiative. Today the cost of education has increased several times morethan what it was years before. We understand that every parent woulddefinitely want to give the best opportunities for studies to their kids. Hence, thistie-up is in sync with our vision of solving parent’s common problem ofmanaging their kid’s school fees. We are really optimistic about thispartnership and are aiming to reach out to 100,000 fathers and mothers withinthe next 18 months”.
Commentingon the partnership, Amit Gainda, CEO, Avanse Financial Services Ltd. said, “Avanse is glad to partner withEarlySalary to launch ‘FeES’, a unique school fee management solution thatmakes it extremely convenient for parents to digitally secure instant educationloans for school fees and repay through effective EMI options. This partnershipis an outcome of Avanse’s strong belief in investing in innovative digitalsolutions to enhance education finance access. All school expenses includingtuition fees, books & study materials, etc. are covered under this feature.Through this partnership, Avanse reinforces its commitment towards providingcustomer centric education financing solutions, hence enabling education dreamsof Indian students.” Further commenting on the growth in the sector, Amitadded, “As of today, India has more than 1.5 million schools with over 260million students enrolled. The existing school education segment in Indiavalued at US$ 52 billion provides immense growth opportunity, withapproximately 28.1 per cent of India’s population in the age group of 0-14years, as of 2015. Through the ‘FeES’ feature, we aim to reach out to millionsof parents and students to fulfil school education dreams.”
How touse the ‘FeES’ feature:
Download theEarlySalary App from Google Play store or iOS App store. Once you verifythe basic information and bank details, the requested school fee amount will bedirectly credited to the school account instantly without any humanintervention.
USPs ofthe ‘FeES’ Feature:
1. InstantSchool Fee Payment within minutes
2. Conveniencefor parents to pay back with upto 6 months EMI option
3. ZeroDown Payment
4. Processingfee of Rs. 999 only
5. ‘Newto Credit’ borrower can also avail benefits