EarlySalary, Avanse tie up to offer digital school fee financing

Fintech start-up EarlySalary.com has partnered education-focused non-banking financial company Avanse Financial Services for an instant credit facility that eases the burden of school fees that have started shooting through the roof. Christened FeES and offered through the EarlySalary mobile application, the digital school fee financing solution is aimed at households seeking quality education for their children but are unable to do so owing to high costs.

According to Akshay Mehrotra, co-founder and chief executive officer, EarlySalary, the FeES solution simplifies the fee payment process through instant credit facility and convenient equated monthly installment (EMI) payback options.

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“This partnership will address the problem faced by parents looking to manage their kid’s school fees. The plan is to digitally offer instant education loans ranging from Rs 50,000 to Rs 3,00,000 with repayment options of three and six months. We are aiming to reach 100,000 fathers and mothers over the next 18 months. We have already got 100 schools across the country to offer this facility and plan to onboard another 500 over the next 12 months,” said Mehrotra, adding that Avanse has been offering loans for higher education in India and abroad and the NBFC is also a lender to schools.

Source: DNA Money