Get collateral-free education loan with smaller ticket size online
Mrigank Shekhar, Rahul Saxena and Kush Shrivastav were studying in IIT-Delhi during the time when there were many students who did not have access to computers so other students would pool in money and buy such students a desktop to help them keep up with the coursework.There is still a large chunk of population in India, for whom affordability of quality education is a huge challenge. With rising competition for various courses and colleges, expensive coaching classes and laptops have become mandatory for students for attending these colleges.
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In 2015, Mrigank, Rahul and Kush, now IIT graduates founded Quiklo with the idea of giving loans to students for mobiles and laptops. After garnering a decent customer base, a lot of customers came back to Quiklo with the need of financing semester fees of colleges. And when the founders looked deeper into the market, they realized that it was huge. In the past couple of years, a number of startups have emerged that are helping people with personal loans, peer-to-peer lending, education loans, travel loans etc. In the education space, the challenge with commercial banks is that the average ticket size is usually at least Rs 5 lakh. Moreover, they only disburse loans for the top 100 institutions in India. But Quiklo offers collateral-free loans to students with relatively smaller ticket size. Its biggest USP is that the loan is approved in a day and the amount is disbursed in the next few days. It runs on both a B2B and B2C model.
Under the B2C model, parents can go to its website or download the app, enter necessary details and then apply.The case is forwarded to the non-banking financial company (NBFC) partner. Once approved, the loan amount is transferred directly to the college. The loan can then be paid back in easy EMIs. Under the B2B model, Quiklo ties up with colleges and test preparation companies. When a student goes there for admission, the college pitches Quiklo to them.In the case of loans for mobiles, tablets or laptop, the loan is given in the name of the student and a background check is run on them before lending.
The average ticket size of a loan is one lakh rupees. The interest rate on each loan varies between 10% and 14%, and can even go as low as 8%.On the B2B front, it has tied up with 10+ offline and online test prep centres and 15 colleges across Bengaluru, Hyderabad and Chennai. Quiklo is currently disbursing loans worth Rs 1.25 crore every month and is growing at 30% month-on-month.Going forward, Quiklo wants to work on making the entire process seamless and eventually make it completely paperless.