Hotline: 1800 102 2007
X
Search Business Opportunities
Jun, 07 2017

Fintech startup Quiklo offers loan to students to pay course fee

As part of the new service, consumers, essentially students, can avail loans to pay course fees or even test preparation fees

Financial technology start-up, Quiklo (Olmec Technologies Pvt. Ltd), which provides loans to students for buying consumer durables such as phones and laptops, has launched an education finance service.

As part of the new service, consumers, essentially students, can avail loans to pay course fees or even test preparation fees.

Mrigank Shekhar, Co-Founder, Quiklo, said, "The education loan sector has a very low penetration in the country with only 5% getting loans for education and about 10% getting personal loan for education fees. While the selection criteria for banks are already strict, they give loans for a fixed set of top 100 colleges, beyond which the coverage is very minimal. Quiklo, through our education finance platform aims to empower those who have been declined loans in the past."

Quiklo partners with banks and non-banking financial institutions to disburse the loans. Once a student is deemed eligible for a loan, a partner financial institution disburses the money directly to the payee instead of giving the money to the borrower.

The company has so far raised about $2.3 million from venture capital firm Accel Partners and TracxnLabs.

Prayank Swaroop, Principal, Accel Partners, said, "We really liked the Quiklo team and decided to incubate them in our office. Education is an exciting space to be in. The founders spent a number of months on ideation, market research and product design—our investing team members supported them through this process. And we have been part of Quiklo journey since inception."

Quiklo currently claims to process loans of about Rs 5 crore every month, while non-performing assets are about 1.5% of the total disbursements.

Comment
image
Related opportunities
  • Juices / Smoothies / Dairy parlors
    About Us: Crazy Crush is the fastest growing Juice Bar Brand..
    Locations looking for expansion Delhi
    Establishment year 2016
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 50
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Aviation & Hospitality Training Institute
    About Us:  Young chef India schools is a concept floated by..
    Locations looking for expansion West Bengal
    Establishment year 1994
    Franchising Launch Date 2018
    Investment size Rs. 20lac - 30lac
    Space required 1100
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Kolkata West Bengal
  • About Us: Dashmesh Pagrian introduces itself as the most trusted name..
    Locations looking for expansion Delhi
    Establishment year 1970
    Franchising Launch Date 2019
    Investment size Rs. 10lac - 20lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Others Dealers And Distributors
    About us: JD Shopping Network was incepted in the year 2015 in..
    Locations looking for expansion Madhya pradesh
    Establishment year 2015
    Franchising Launch Date 2015
    Investment size
    Space required 200
    Franchise Outlets -NA-
    Franchise Type MultiUnit
    Headquater Indore Madhya pradesh
Insta-Subscribe to
Entrepreneur
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities