Kuhoo Finance Secures NBFC License to Transform Student Loan Landscape in India
Kuhoo Finance, a pioneering fintech platform dedicated to student loans, has received official clearance from the Reserve Bank of India (RBI) to operate as a non-banking financial company (NBFC). This significant step is set to enhance the availability of educational loans for students pursuing higher education in India.
Broadening Access to Educational Loans
The newly acquired license enables Kuhoo Finance to offer educational loans of up to ₹2 crores for a diverse range of studies including management, engineering, medical programs, and various training initiatives. This initiative aims to address the financial challenges faced by students and their families, streamlining access to essential funding for higher education.
Meeting the Needs of Indian Students
With the NBFC license in hand, Kuhoo Finance is strategically positioned to cater to the growing needs of Indian students who often struggle to secure timely funding for their educational pursuits. The company focuses on alleviating the financial pressures on middle-class families by providing tailored loans that consider parental financial history, a student’s academic performance, and the prestige of the selected institutions.
Leadership Vision for Empowering Students
Prashant A. Bhonsle, founder and CEO of Kuhoo Finance, hailed the NBFC license as a “game changer” for student financing. He remarked, “A well-timed student loan can not only change an individual’s trajectory but also impact generations to come. Our NBFC status positions us to play a crucial role in India’s educational landscape, empowering students to realize their dreams and contribute to the nation’s growth.” Bhonsle brings over 30 years of experience in banking and loans, with a notable background at institutions such as ICICI Bank and HDFC Credila.
Innovative Technology and Data-Driven Solutions
Kuhoo Finance leverages cutting-edge technology and advanced data science tools, including AI, to evaluate student employability and future earning potential. This approach enables rapid assessments of loan eligibility and expedites digital loan disbursements, making the process seamless and efficient for applicants.
A Track Record of Success
Prior to obtaining its NBFC license, Kuhoo Finance primarily operated as a loan facilitator in collaboration with banks and other NBFCs to create and process educational loans. Over the past two and a half years, the company has successfully processed over 100,000 loan applications and facilitated loans totaling more than ₹300 crores for approximately 15,000 borrowers, demonstrating a solid performance in the education financing sector.
Future Growth and Strategic Partnerships
Looking ahead, Kuhoo Finance aims to strengthen collaborations with educational institutions, banks, and financial entities to provide faster and more accessible loan solutions. The company is also exploring opportunities to expand its product offerings, catering to students seeking executive training and specialized academic programs. As part of its growth strategy, Kuhoo Finance is preparing to secure additional capital, following a successful funding round in March 2022, where it raised $20 million from Westbridge Capital.