Comments
Students may not have to sweat it out to get education loans from banks if the portal that IDBI Intech is currently working on turns into reality.
The IT subsidiary of IDBI Bank is envisaging a portal that will provide students an online interface with banks and professional colleges/institutions so that they could, among others, glean information on the various recognised professional courses available across the country, the fees charged, and the education loan schemes on offer.
The portal will capture information from crucial stakeholders — professional colleges and banks — in the higher education ecosystem, said Mr Sanjay Sharma, MD and CEO, IDBI Intech.
The turnaround time in the case of education loans is crucial as colleges give the students who are short-listed for admission a limited time period within which the fees has to be paid.
Sanction time
There is a lot of anxiety among parents and their wards regarding loan applications being accepted by banks and loans being sanctioned on time.
According to Mr Sharma, the portal could help cut down the turnaround time in getting education loans by providing a seamless interface between students and banks.
“Students and their parents will be able to compare the interest rates charged by various banks, the terms and conditions associated with education loans, and the documentation required.
“Prospective customers could even find details of the nearest bank branch they can contact for the loan. The details of officers who could be contacted by the customers could also be uploaded,” explained Mr Sharma.
The portal will be configured in such a way that the loans sanctioned by banks to students can be directly credited to the accounts of the colleges/institutions via electronic payments. Access to the portal will be free for students. IDBI Intech, which recorded a topline of Rs 140 crore and a bottomline of Rs 7 crore last year, will get its revenues from the banks.
Meanwhile, the IT firm has forayed into Africa. The firm has bagged mandates from banks in Kenya, Nigeria and Ghana for developing products in areas such as anti-money laundering, consulting and customising products and services, and system integration, said Mr Sharma.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.