“Many times, after the admission process is done and dusted, students may not be eligible for an education loan for their admitted university. So to make admission consultation even more efficient, we introduced the Loan Based University Selector tool in our partner’s dashboard,” Ankit Mehra, CEO and co-founder, GyanDhan, told The PIE News.
“The tool helps consultants omit those universities at the start of an admission consultation where the loan is not possible for universities based on the aspirant’s profile.”
For instance, if a consultant plans to help a student gain admission to a certain university, they can use the tool to determine whether the student can obtain an education loan for that institution in the future or not.
The tool will be available to the organisation’s 500+ partners, including Fateh Education, Manya, Global Degree, Upgrad Abroad, Texas A&M, Azent Overseas, and Jamboree.
The organisation has also developed a backend platform, which includes credit policies of its lenders in the Indian and international markets.
For each student, there are more than 50 factors that are evaluated before making a decision
Ankit Mehra, GyanDhan
“For each student, there are more than 50 factors that are evaluated before making a decision. To name a few – target country, target course, exam results, past academics, co-applicant details, collateral details, credit score, etc. To give the most relevant output, real-time tech integrations are set up with lenders,” stated Mehra.
Addressing concerns that some lender partners would not approve an education loan despite a student taking admission into a university based on the tool’s advice, Mehra said that partners will be compensated regardless of the outcome.
“After the student has got their admission via advice from this tool, we’ve committed that a loan is possible. And if in any situation, none of our lender partners gives a loan approval, then we compensate the partner,” said Mehra.
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