The fintech startup reports an increase in student loan applications, especially from study abroad aspirants
GyanDhan, a Delhi-based fintech startup sanctioned education loans worth Rs 1400 crore in FY23. The education financing platform, announced that this is the highest amount ever since the platform’s inception. The company has witnessed 100 per cent growth year-on-year.
Over the past two years, the number of student loan applications has increased significantly. In 2022 alone, the number of loan applications at GyanDhan has increased by 76 per cent, from 40,000 to 71,000.
GyanDhan Founder and CEO, Ankit Mehra, said: We continued to see strong demand in study abroad applications, driven by a post-covid rebound and increased participation from applicants from non-metro areas. Lenders are also increasingly looking at growing their education loan portfolio, and we believe that our tech-driven solutions can create a win-win for both the lenders and the students. The education loan market is still at a nascent phase, and there is a lot of opportunity in the coming years.
The company also continues to see strong demand from domestic institutes looking to offer financing solutions to prospective students