Eduvanz Financing - a skill development loan provider, announced that it has been granted the non-banking financial company (NBFC) licence by the Reserve Bank of India (RBI) to start providing loans in the multi-billion skill development sector.
Furthermore, the firm raised USD 500,000 investment led by Blinc Advisors, to be utilised for strengthening its AI-based lending technology for loan appraisal, and to expands its operation across India.
Eduvanz uses proprietary AI-based algorithms and complex predictive analytics to collate financial and socio-economic data from conventional and non-conventional sources to make lending easier for skill development.
With the NBFC status approval from the RBI, Eduvanz aims to bring much-needed financial support in the skill development ecosystem using analytical tools and advanced risk management capabilities to extend loans without any paperwork in a matter of minutes.
"We are solving problems that are directly linked with nation building and growth of Indian Industry. Over the next four years, more than 200 million Indians will undergo some form of skill training before they enter the work force. At Eduvanz, our mission is to financially empower every individual to chose the vocation, skills and career of their choice," said Varun Chopra, co-founder, Eduvanz Financing Pvt Ltd.
Eduvanz works with training partners, top corporates and certification providers spanning more than 16 industry sectors to increase their enrollments by providing innovative financial solutions to students and skill-seekers looking to skill up for their careers.
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