Hyderabad-based GradRight Streamlines Higher Education Funding for Students and Lenders
Hyderabad: GradRight, a higher education-focused fintech company born in Hyderabad, is trying to change the way students finance their studies by bringing together students, banks and universities on a single platform, reducing research and research time. approving loans from 2-3 months to only 3-4 days and saving lakhs for each student.
The company aims to disrupt technology, re-innovate the fintech model to facilitate the funding process and maximize returns on investment for students.
Data shows that at least 50 percent of Indian students cannot get admission due to funding issues, and institutions are losing promising students after going through the rigorous and lengthy outreach and selection process. Almost 80 percent of students have loans that cost more than required and incur unnecessary tuition fees.
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Sasidhar Sista, co-founder of GradRight, told Telangana Today, in an exclusive interview: “We have seen major problems with variations in credit policies for student loans and ineffectiveness / automation of the loan process. Finding the money to get the right education is a global problem. To solve this problem, we have developed the world’s first education loan offerings platform (in just 22 days) where finance institutions transparently bid for student loans. This helps students get the best loans possible, on time, from the comfort of their own homes, and never run out of enrollment after gaining admission.
The tendering process aims to put the student at the center of the process. If it works for the student, GradRight believes it will work for the lender and the university. The effort is to secure the cheapest loan to a student by lowering interest rates to allow for financial viability.
The platform defines some main points and makes lenders and students interact. A student creates a profile on the platform, the anonymous file is sent to the lender with all the data points needed to assess the student’s profile. A GradRight member acts as an advisor to streamline the process. The loan is thus approved.
For lenders (banks and NBFC), GradRight has become a scalable platform that offers funding opportunities in the form of high potential prequalified students, saving 50% of the cost of acquiring clients. The company has partnerships with private banks, public sector banks, NBFCs and international lenders, which primarily focus on high rate loans.
Serving the students of Telangana
“So far, more than 1,800 Telangana students have signed up on the GradRight platform to fulfill their graduate dreams. Among them, more than 1,000 students aspire to study in the United States, more than 300 students in the United Kingdom, more than 300 students in Canada and more than 200 in countries such as Australia, France and the rest of the world. ‘Europe,’ Ramya Yarlagadda, International Development, said GradRight.
So far, GradRight Telangana alumni have applied for a loan amount of over Rs 550 crore through its FundRight platform. Over Rs 90 crore has already been approved. Students come from all parts of Telangana, including cities such as Nalgonda, Karimnagar, Warangal, and Bhongir. Hyderabad leads the number of Indian students going abroad, with the United States being their dominant destination.
GradRight’s Telangana alumni are represented at Harvard University, University of Pennsylvania, Carnegie Mellon University, Duke University, New York University, Northeastern University, State University from Arizona, University of Waterloo, University of Toronto, HEC Paris, LSE, University of Manchester and King’s College London, Sista added.
Ramya said: “Pan-India, GradRight has over 9,500 students enrolled. Enrollments are increasing at a rate of 42 percent month-over-month. Cumulative loan applications on the platform exceed Rs 2,900 crore and increase 48% month-on-month.
Loans worth around Rs.400 crore have been approved and are increasing by 41% month over month. GradRight has partnerships with 12 national colleges / universities, 15 international university partnerships, with the potential to reach 50,000 students seeking international higher education opportunities.
GradRight observes that 70 to 75 percent of Indian students take courses in computer science (37 percent), engineering, and STEM. The United States, Canada and the United Kingdom remain the main destinations. The main loan applications are for study abroad, while some students are also looking for some domestic study opportunities.
Sista said, “GradRight plans to launch SelectRight in the coming months, a platform that allows students to find matching universities / colleges that create better returns. Going forward, the company wants the platform to provide each lender with an organized prospect base of student borrowers, unique to their own credit policies, that will help them cut costs and create innovative loan products. for students. There are plans to take GradRight to other developing countries from where students aspire to pursue higher education internationally.
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