Ecommerce firm Snapdeal has partnered with educational loans provider HDFC Credila to offer customised educational loans to students at the click of a mouse for the first time in the country. The partnership will offer students up to 100% finance for education with no upper cap on loan amount and easy EMI repayment options at attractive interest rates, Snapdeal said in a release on Tuesday. Credila, an HDFC Group firm specialising in educational loans, has a simplified online application process, and offers doorstep document collection and delivery services in multiple cities across the country.
"From a student population of 30 million in the country, less than 10% avail education loans," said Chandini Sehgal, marketing and channels head at Credila. "Factoring in specific consumer requirements, HDFC Credila has developed customised loan plans," she said. The firm has funded thousands of students studying in over 35 countries across the globe.
Education loan is the latest addition to Snapdeal’s expanding portfolio of financial services that includes personal loans, home loans and a co-branded Snapdeal HDFC credit card. "Our aim is to create a digital commerce platform that caters to diverse consumption needs of our consumers," said Tony Navin, senior VP, partnerships and strategic initiatives, at Snapdeal. Ecommerce companies have been tying up with non-banking finance companies to provide funding — mainly working capital — to sellers on their platforms. Bajaj Finance, for example, has rolled out a scheme to provide loans of up to .Rs2 crore for sellers of Flipkart while Tata Capital has entered into a tie-up with Snapdeal for financing its sellers and online merchants through unsecured loans in the range of Rs5 lakh-Rs2 crore.