How has the Student Loan Landscape changed post pandemic
Pandemic adversely affected economic growth of most of the countries across the world. Middle class and lower income families faced the biggest brunt of this – once in 100 years health & economy crisis. As the demand of product and services went down because of lockdowns, small businesses in tier 2, 3 and 4 towns got the worst affected. The gap between income and expenditures increased drastically, people cut their discretionary expenses.
It is difficult to say how much was the impact of the unprecedented economic and financial volatility faced by many, but it definitely contributed to a mindset of greater awareness and need to equip oneself not only with the right education but also developing some ancillary/ cross- functional skills in order to develop diverse abilities to fall back on in times of crisis. But, the requirement of loans for education has gone up copiously, post pandemic.
In many ways, pandemic has changed the education world too:
- People have adopted to technology and developed their comfort and ease with studying online
- There is a dramatic change in perception where distance learning or virtual courses stood second to in-person education earlier, it has become acceptable for mainstream learning
- The pandemic made the uncertainties of the world more real and made people think of fortifying themselves by upskilling or diversifying their skills
- Governments and companies have spent heavily to erect a robust and secure technology infrastructure. People have developed better familiarity with undertaking financial activities online
Over the last two years, there’s an increasing appreciation that an education loan can be a powerful tool to help realise a student’s dreams. One needs to consider some important factors of student loans before choosing the finance partner.
Notwithstanding the rising cost of education, the number of students opting to go abroad to study has more than doubled in the past one year. A marked increase in the number of student loan options, more scholarships and financial grants becoming available, a larger number of Indian students from tierII and tier III students aspiring to get quality education and more private lending institutions jumping into the foray to provide flexible student loans are some other contributing factors.
Online student loan platforms like Kuhoo planning to make loans accessible to students faster through business processes and technology
Kuhoo’s ideological inclination and targeted focus towards using technology for suiting customer needs and requirements makes it an ideal financing partner for students.
Kuhoo is using their expertise to analyze hundreds of courses, their respective job demands, probable salary benchmarks and the consequent earning potential etc. Using this empirical data, Kuhoo has developed advanced underwriting models to offer futuristic and inclusive loan products fashioned to ease the burden of aspiring students.
Kuhoo has created technology applications that ensure quick processing of loan applications, seamless customer experience, reduced lag time and efficient loan servicing.
Some of the key parameters that make Kuhoo a great student loan provider
You can read more about some of the important features Kuhoo has incorporated to make a student loan journey as easy as hassle-free for a student as possible including:
- Real time status of your application
- Flexible repayment options
- No requirement of parents as co-applicants for some products
- Better after-disbursement services
- Up to 100% funding
- No requirement of collateral security against loan for good students
- Good deals on other products like insurance and forex
Keeping the students’ needs and conveniences at forefront, Kuhoo is providing easy loans through a start-to-finish online application journey with quick disbursals in less than a month . It is developing curated products for different segments and requirements. By utilizing its data driven insights and intelligence, Kuhoo offers loans without collaterals or co-borrowers which is a significant step towards helping students become Atmanirbhar – self reliant.
When a student manages to get a loan approved on their own academic prowess and future earning potential, it gives a big boost to their self confidence. It helps them recognise and own their responsibility to persevere and work harder towards achieving their goals.