Quiklo, a Financial Technical startup that provides loans to students for buying gadgets such as mobles, laptops, camera, watches and more. The company made an announcement about the education finance service on Tuesday.
With this new service, students can avail loans to pay course fees or even test preparation fees.
“The education loan sector has a very low penetration in the country with only 5% getting loans for education and about 10% getting personal loan for education fees. While the selection criteria for banks are already strict, they give loans for a fixed set of top 100 colleges, beyond which the coverage is very minimal. Quiklo, through our education finance platform aims to empower those who have been declined loans in the past,” Mrigank Shekhar, co-founder at Quiklo, said in a statement.
If the student is eligible for a loan, the partner financial institution directly disburses the money to the payee instead of giving to the borrower. For this new implementation, Quiklo partners with banks and non banking financial institutions.
“We really liked the Quiklo team and decided to incubate them in our office. Education is an exciting space to be in. The founders spent a number of months on ideation, market research and product design—our investing team members supported them through this process. And we have been part of Quiklo journey since inception,” Prayank Swaroop, principal at Accel Partners, said in a statement.
Quiklo was started by three IITians Shekhar, Kush Srivastava and Rahul Saxena with the aim to make e-commerce affordable for college students. It is completely focused on college students with the aim of fulfil their dreams and aspirations.