Tag: Avanse Financial Services

Business World

Avanse Financial Services is on a Growth Trajectory with a Sharp Focus on Sustained Profitability & Asset Quality

May 20, 2021 by Neel Achary 0 Comments #Avanse Financial Services, #CEO, #Mr. Amit Gainda

Mumbai, May 20, 2021: Avanse Financial Services Ltd, India’s new age, education-focused NBFC achieved an AUM of ~₹3,103 Cr. during FY21 with 52K+ live customers. The organization witnessed significant growth in its Profit After Tax (PAT) as compared to FY20. PAT for FY21 stands at ~₹38 Cr. The total loan disbursed during this financial year is ~₹976 Cr. contributing towards a net worth of ~₹942 Cr. The digitally agile company focused on fulfilling the educational aspirations of deserving Indian students and performed significantly amidst various challenges posed by the outbreak of the pandemic.

Financial Year 2021 was a challenging phase due to the outbreak and subsequent impact of COVID-19. The global economy, including India, witnessed unprecedented health and economic crisis due to this pandemic which affected the lives and livelihood of people at large. The education sector too experienced significant disruptions; traveling abroad to pursue education was halted, and online education took prominence. In response to these challenging times, Avanse had been committed to helping students continue their education smoothly. It introduced enhanced education financial solutions, an innovative product feature that allowed students to opt for any type of instruction delivery module, be it hybrid or in-person sessions. Hence, students could start their courses online and then smoothly transition to in-person sessions as and when the travel restrictions are suspended.

Commenting on the performance and the year gone by, Mr. Amit Gainda, CEO, Avanse Financial Services said, “The education sector witnessed the significant transformation that accelerated digital interventions at a pace never witnessed before. Amidst the uncertainties, Avanse Financial Services was driven to implement innovative solutions to power sectorial advancements. With our student-centric products, we were able to aid 52K+ live customers with the necessary financial assistance and offered them a hassle-free experience throughout.”

He further added, “The year gone by was an extremely challenging year. It created a volatile, uncertain, complex and ambiguous business environment. Despite all the hindrances, Avanse Financial Services demonstrated “Resilience” in terms of ensuring smooth business continuity even amidst the most difficult phase. Though it was a tough year for most of the sectors, yet education has been one of the initial sectors to get back on track. Education is an important aspect of the Indian culture and thus, education financing is a multi-decade secular growth opportunity in India. This country is a land full of opportunities. With the help of its favorable demographics, India is capable of achieving a sustained growth rate for a prolonged period of time. The primary reasons behind the fast recovery of the economy are: (a) Efforts of the Indian Government to revive the economy by introducing several policy tools, (b) Positive news of the drug to fight the pandemic, and (c) RBI’s stimulus packages. These policies cumulatively gave new hope to build a resilient Indian economy post-COVID crisis.”

A diversified business model enabled the company to deliver its best even at the time of disruption. Avanse raised a total sum of ₹250 Cr. under government initiatives. Of this, ₹100 Cr. was raised through the Targeted Long-Term Repo Operation (TLTRO) window 2.0 by RBI from leading public sector banks and ₹150 Cr. under the Partial Credit Guarantee (PCG) Scheme. In addition to this, Avanse also raised ~$15 million from World Business Capital Inc. and this was backed by a guarantee from US International Development Finance Corporation via External Commercial Borrowing (ECB) route. The funds raised were utilized to help more deserving Indian students fulfill their educational aspirations and towards the development of the overall education ecosystem.

Avanse has fulfilled the educational dreams of ~1.2 lacs academic aspirants across ~12,000 institutes and courses in ~50 countries. Avanse has also provided growth and working capital to ~1K educational institutes catering to over ~5-6 lacs students. For more information, please visit www.avanse.com.

Education

Avanse Financial Services Waives the Last Three EMIs for Women Students & Aspirants Supported by Female Co-Applicants

Mar 10, 2021 by Neel Achary 0 Comments #Avanse Financial Services, #CEO, #Mr. Amit Gainda

Mumbai, March 09, 2021: As a part of its student-centric initiatives, Avanse Financial Services, a new age, education-focused NBFC, has introduced a unique offer to encourage aspirants to pursue their higher education. This initiative waives the last three Equated Monthly Instalments (EMIs) from the entire loan repayment structure for women aspirants and students supported by female co-applicants. This extraordinary offer will be available for education loans sanctioned between 8th March and 8th May 2021. This is applicable on any domestic or international higher education program.

This offer is in line with Avanse’s #BacktoCollege campaign which has been designed to encourage students to pursue their academic aspirations and be prepared to explore the path that leads to a brighter future. This campaign re-iterates the fact that each student should be prepared with all the necessary parameters so that he/she can start the course as soon as educational institutes open up across the world.

During YTD FY21, ~32% of the students funded by Avanse are women educational aspirants. The Government of India has introduced multiple initiatives to encourage women to enrol more in engineering and technology domains as well as in PhD courses. Avanse Financial Services too focuses on introducing measures to encourage more and more female students to come forward to fulfil their academic aspirations.

Commenting on this initiative Mr. Amit Gainda, CEO, Avanse Financial Services said, “We strongly believe that educating women results into empowered families, stronger societies, a knowledgeable economy and ultimately, a prosperous nation. Each member of the Avanse family works towards enhancing gender diversity by encouraging more female participation in higher education. In a country where legends such as Lieutenant Bhawana Kanth, Captain Preeti Choudhary, Mithali Raj, P.V. Sindhu are making history every day, it is our responsibility to create opportunities for more women to take the leap of faith towards fulfilling their aspirations. As we aim to constantly enhance the overall education ecosystem in India with affordable solutions, this offer has been launched with the motive of empowering female students to pursue their educational dreams and women who encourage education in their family.”

The educational ecosystem has witnessed a number of positive disruptions. The new-age digitally agile NBFC is playing its part in providing the necessary solutions and guidance to students so that they can resume their courses in blended learning formats. Being a pioneer in education financing for individuals and institutions, Avanse is innovating its offerings to meet the evolving customer needs. The organization has introduced enhanced education financing solutions to empower students with the necessary financial backing and appropriate assistance so that they can achieve quality education from the colleges and universities of their choice.

Business World

Avanse Financial Services raises ~$15 million via External Commercial Borrowing (ECB) Route

Sep 29, 2020 by Gouri Achary 0 Comments #Amit Gainda, #Avanse Financial Services, #Targeted Long Term Repo Operation (TLTRO), #World Business Capital Inc

Mumbai, September 29, 2020: Avanse Financial Services Ltd, India’s new age, education-focused non-banking financial company has raised ~$15 million from World Business Capital Inc., a US-based financial institution and this money is backed by a guarantee from US International Development Finance Corporation (US DFC) via External Commercial Borrowing (ECB) route. The organization has received this long-tenure social impact funding under US DFC’s women empowerment initiative – ‘2X Women’s Initiative’ as ~30% of the students funded by Avanse are women educational aspirants. The ‘2X Women’s Initiative’ aims to catalyse investment in projects that are owned by, led by, or empower the world’s women and supports the administration of Women’s Global Development & Prosperity Initiative (W-GDP).

This new investment is a formidable step towards enhancing the education ecosystem of India. This funding is well-poised to support the expansion of Avanse Financial Services’ education financing program and thus, strengthen its leadership position in the lending space. Avanse is one of the Indian companies to receive this investment as it is on a mission to make education financing seamless and affordable for every deserving Indian student. Its tailor-made solutions are designed to cater to 10,000+ institutes and courses in ~50 countries.

The organization has always been focused on enhancing gender diversity by encouraging women participation in higher education. It celebrates Women’s Day, Daughters’ Day over an extended period by offering special product programs to all interested women students to fulfil their academic aspirations. Avanse Financial Services ensures equal access for all students to secure affordable education financing solutions.

Amit Gainda, CEO, Avanse Financial Services said, “ECB is a unique way of raising funds from the best of global platforms. Based on this process, we have been able to create a new category of long-tenure social impact funding. The fund will be utilized to help more number of deserving Indian students to fulfil their academic aspirations. We will create strategic deployment plans to support the expansion and fulfilment of education aspirations of deserving students.”

Avanse Financial Services is dedicated to create robust platforms to motivate women student participation in higher education. Mr. Gainda added, “We strongly believe that educating women results into empowered families, stronger societies, a knowledgeable economy and ultimately, a prosperous nation. Hence, we will continue to develop products and services to encourage women to pursue their academic aspirations.”

Recently, Avanse Financial Services secured ₹250 crores under Government and regulatory initiatives. ₹100 crores have been raised through the Targeted Long Term Repo Operation (TLTRO) window 2.0 by RBI from leading public sector banks and ₹150 crores under the Partial Credit Guarantee (PCG) Scheme. The organization is one of the pioneers to have started funding non-conventional courses along with the large conventional ones. The NBFC funds courses such as STEM programs, MBA programs and also, some of the non-conventional courses like photography, music, aviation, animation that students want to pursue both in India and in international markets.

Business World

Avanse Financial Services Introduces an Enhanced Range of Education Financing Solutions

Sep 16, 2020 by Gouri Achary 0 Comments #Amit Gainda, #Avanse Financial Services, #Education Financing Solutions, #non-banking financial company (NBFC)

Mumbai, September 16, 2020: Avanse Financial Services, India’s new age, education-focused non-banking financial company (NBFC) has enhanced its education financing solutions to meet the evolving formats of education instruction delivery modules amidst the current pandemic scenario. With tailor-made financing solutions designed to cater to 12,000+ institutes and courses across ~50 countries, Avanse Financial Services aims to support all deserving students to pursue quality education in India and overseas.

Schools, colleges and universities worldwide had to halt campus activities to curtail the spread of the virus. This majorly paved the way for faster innovations in the ecosystem. Advanced methods of learning are now rapidly increasing to continue to impart knowledge to all students. The two formats of instruction delivery modules which are being discussed by educational institutions are – Hybrid (a mix of online & on-campus sessions) and In-Person Classes. Avanse Financial Services newly designed product will successfully enable the smooth transformation from one learning module to another.

The organization takes a student-centric approach when it comes to evaluating student profiles and designing product solutions.

• Student’s past academics, entrance test scores, the course selection and university/institute ranking are evaluated to analyze their employability potential.
• Under this philosophy and as per the changing market conditions, the organization has enhanced its products and processes to support its customers. For instance, GRE score has always been a vital parameter for evaluating a student. But since many students could not take this examination due to unavoidable circumstances, the organization has eliminated this score parameter and is considering the student’s Higher Secondary and Graduation level scores to analyze the profile.
• Another student-friendly feature has been added to the products designed for the USA market as the government is implementing changes in the non-immigrant visa types and educational institutions are shifting to an online module of teaching.
o The disbursement of the loan amount will be done based on the I-20 provided by the student.
o Initially, a student could only get the loan amount once he/she had the US visa in hand. This change has been incorporated so that the students can start the online course with the help of the disbursed tuition fee and then shift to any module in the future.
• Similarly, products for all other studies abroad destinations (such as Canada, New Zealand, the UK, Australia, Germany, Ireland) and for the domestic market have been modified the support the current structure of instruction delivery module.
• Students can start off with the online module and then smoothly transition to in-person sessions as and when the travel restrictions are suspended.
• Along with these features, the service proposition ‘speed to market’ helps the organization to sanction loan amount within 72 hours of application and its product proposition covers the holistic cost of education. These factors provide the company with an edge over its peers.

Amit Gainda, CEO, Avanse Financial Services said, “Though the outbreak of the pandemic has disrupted the regular livelihoods and has created never-seen-before situations, yet we should treat this as an opportunity to re-imagine our business processes and sharpen the existing ones to achieve newer heights. We have geared up to deliver the highest quality experience to our customers as usual even during these difficult times. If universities and colleges are opting for online and hybrid modules, we are creating appropriate solutions to suit the need of the hour. Countries such as Canada, Australia, and the UK are commencing to grant student visas. However, it may take some time to resume on-campus classes. Till the time the health concerns of this pandemic is brought under control and travel restrictions are suspended, educational institutions will conduct classes with the help of digital platforms. Keeping this scenario in mind, we have incorporated necessary modifications in our product offerings so that students can take timely decisions in terms of their future.”

Recently, Avanse Financial Services secured ₹250 crores under government initiatives. ₹100 crores have been raised through the Targeted Long Term Repo Operation (TLTRO) window 2.0 by RBI from leading public sector banks and ₹150 crores under the Partial Credit Guarantee (PCG) Scheme. The digitally agile NBFC plans to utilize the capital for the growth of the overall education ecosystem. The organization is one of the pioneers to have started funding non-conventional courses along with the large conventional ones. The NBFC funds courses such as STEM programs, MBA programs and some of the non-conventional courses like photography, music, aviation, animation that students want to pursue both in India and in international markets.

Business World

Avanse Financial Services launches an Exclusive Education Loan Offer for the Teaching Fraternity

Sep 4, 2020 by Gouri Achary 0 Comments #Avanse Financial Services, #CEO, #education loan for teaching fraternity, #Mr. Amit Gainda

Mumbai, 04 September 2020: Avanse Financial Services, India’s new age, education-focused non-banking financial company (NBFC), today launched a distinguished ‘Teachers’ Day’ education loan offer for children of the teaching fraternity who plan to pursue their higher education, for students who desire to take up teacher training courses and teachers who aspire to take up up-skilling courses. This offer is designed to support eligible education aspirants with an unsecured loan amount and a fastest sanction Turnaround Time of 72 hours of application. It will be available with a 0.5% reduction on the existing interest rate and 50 bps discount on the processing fee. This offer is valid from 05th – 30th September 2020.

The current global situation has paved the way for faster adoption of the digital lifestyle to maintain continuity. In the midst of such a scenario, even teachers had to unlearn few things to learn the new normal way of life. Teaching students in a physical environment is very different than taking online classes. Teachers had to go through rigorous training sessions to be able to shift to this new module of teaching. While most of the students now attend classes online, a lot of the teachers still physically go to school to conduct these online classes. Hence, it’s time that we appreciate the teachers and salutes their incessant dedication to help the students of today become responsible individuals of tomorrow.

Mr. Amit Gainda, CEO, Avanse Financial Services, said, “We understand the intrinsic value of teachers in shaping the young minds to fuel the success of the nation. We acknowledge their tireless enthusiasm even amidst this pandemic. They had to adapt to the new way of imparting knowledge using the digital platforms to continue supporting the learning curve of students. This offer is a small gesture curated by the Avanse Family to show our heartfelt gratitude and appreciation for their efforts. Through this initiative, we aim to recognize the commitment made by the teachers and support their children as they commence their educational journeys. Additionally, we are delighted to use the platform to motivate more students to pursue teaching courses and to encourage the teacher community to invest in up-skilling programs to be able to continue imparting knowledge in the new normal environment.”

The recently revised National Education Policy has bestowed some positive educational reforms and empowered the teachers, acknowledging their pivotal role in society. This is in anticipation of attracting the best talent and minds to choose teaching as their career option. The initiative is strongly in line with Avanse Financial Services’ holistic outlook towards supporting and sustaining the fundamental stakeholders to strengthen the foundations of the Indian education industry.

To avail the offer, aspirants can log on to www.avanse.com. Our team of experts will evaluate the details and connect with the applicants to offer the most suitable solution. As a customer-centric organization, Avanse Financial Services is geared to provide tailor-made education financing solutions for every need. With an array of products and services to offer with best in class turnaround time in the industry for loan sanctions, the organization continues to provide superior services to its wide range of customers. Avanse Financial Services has fulfilled education dreams of over ~1 lakh academic aspirants across 10,000+ institutes and courses in 45+ countries. It has also provided growth and working capital to 500+ educational institutes catering to over 5.5 lakhs students. The homegrown company has assets under management in excess of ~₹2700 crores.