SlicePay, a newly launched digital platform provides online loans for college going students. The startup provides loans for those scholars who are not employed and also lack a good credit score. The loan once disbursed can be used to purchase e-commerce and physical products. The company has for the first time in India enabled graduates access to expensive products and services without the need for a credit card.
Earlier students had to depend on their savings or nag their relatives to purchase the latest electronic gadgets like laptops and mobile phones. With SlicePay they can make independent purchase decisions and repay the principal amount in flexible monthly payments (EMI’s) spread over a year. Since it’s launch, the service has grown rapidly and is now available in 120+ colleges. The platform has seen more than 10,000 transactions taking place which is an indication of it’s growing popularity with the millennial generation in Bangalore.
India is home to more than 35 Million college going students. Income disparity is very high in the country with those studying in private colleges being better off financially than students in government funded colleges. There is currently no online provider of short term loans for teenagers. However, If you have income proof and have filed regular tax returns you can apply for quick loans. There are also many peer to peer lending websites that offer low interest rates. If you need advice on choosing the right financial product do refer to our guide.
Millennials view the world through different lenses. When they first stumble on the banking system in India they are left gasping “Yeh Dil Maange More”. That’s what SlicePay is striving to provide, a superior platform to serve all unmet financial requirements of the millennial generation. Rajan Bajaj, Co-founder & CEO, SlicePay believes that credit options for college students are very limited. They are now underwriting the risk which no bank or NBFC takes on it’s account books in India. All this is possible because of their advanced risk mitigation processes.
Once you click on the Sign Up button, you will be asked for your login information which consists of email id, contact number. Later on you will be required to verify your college id proof after which you will be provided with a credit limit of Rs 7000. As you go on completing your profile and filling in more sections, you could become eligible to get a loan of up to Rs 50,000.
Education Loans For Online Courses
In India, the market for online professional courses grew at a rate of more than 20%. While many of these courses are free, some charge a nominal fee which could range from Rs 5,000 to Rs 50,000. The course fee is dependent on the length of the course and the curriculum taught. Courses from reputed institutes like MIT, Stanford have become extremely popular among Indian students who constitute 10% of the online student population. Students can avail loans from SlicePay to pay fees at all leading MOOC providers like Manipal, NIIT, Udacity, Coursera, Edx and Alison.
Many students also use this facility as a hassle free way to make payments at their college canteens and local grocery stores. You also get credit for purchasing products like stationary at your college store through their mobile app. Some of the other popular products that students purchase using credit are mobile currency recharge, fashion apparel, gaming consoles, DSLR camera’s and personal hygiene products.
You can use their mobile application to pay for your GRE, TOEFL, GMAT coaching online. They also recently announced a tie up with BYJU’s, India’s leading provider of digital coaching. The company has also plans to launch some new payment options where it could be used to book movie tickets and also for bike rentals.
Fin Tech Startup Boom In India
The Fin-Tech ecosystem in India is poised to grow by leaps to touch a mammoth US$ 10 billion size by 2020. One can expect more companies and NBFC’s to launch products for the millennial generation in the coming months. SlicePay with it’s first mover advantage is all set to capitalize on it’s gains over the past year and charge into 2017 with it’s eye on the elusive Unicorn club. It already has competitors in the form of Quicklo and Krazybee. So watch this space for more exclusive updates!
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