Only 10% of the total workforce in the country receives any kind of formal skill training. India will need 700 million skilled workers by 2022. With the aim of preparing Indian youth for ‘jobs for the future’, several companies are working on the training market and offering specialized courses in data analytics, financial planning, coding etc. The high fee for these courses however renders them inaccessible to a large part of India’s masses.
Currently, more than 70% of young unemployed Indians cite lack of financial assistance as the biggest obstacle in enrolling for vocational or skill development courses.
Eduvanz’s technology-led solution enables it to target the mass market in a risk-controlled manner, at low cost, and at scale. Eduvanz provides youth with limited access to credit or new-to-credit with timely financial access at affordable interest rates. With its end-to-end digital platform and a complementary network of institute partners, Eduvanz helps individuals apply for loans from any location in a paperless and seamless manner.
From courses on Big Data and Artificial Intelligence to training for carpentry and welding to spoken English courses, Eduvanz offers financing for a broad range of options by partnering with more than 80 institutes such as Imarticus, K-11, ISBM, SAP etc.
This partnership approach combined with customer insights also enables Eduvanz to enhance its value proposition to go beyond loans and offer placement and scholarship support to students.
To date, Eduvanz has lent approx. INR 12 Cr to 1,000 people. The firm’s long-term vision is to offer loan products that will focus on supporting financial requirements for K-12, online skill development courses and professional courses.