About 3.3 lacs students are going to appear for the CAT exam this year and hoping to get into top B-school thinking that this would change their career for the better.
While, I do admit that getting an MBA from IIMs and top B-school does help in fast forwarding their career in a way, but it comes with a price i.e. the hefty education loan. As much as 90% of the students who gets into IIMs and top B-school takes up loan to finance their education.
Hello. My name is Imti and I’m one of the Starters of “InterestSave”. I am a MBA Grad from IIM Raipur of 2021 batch where I met my fellow Starters, and we all are in the same boat i.e. paying our Education Loan.
What we do?
- In one simple line, we negotiate lower interest rates on behalf of a large group of students with the lenders, for FREE
- If we gather large group of students who wants to take loan to finance their MBA education, then we make lenders compete to offer our student members lower rates
than they can get on their own.
- We are on a mission to reduce the financial burden of higher education for students in India
- To be the Colgate of Student Loan in India.
According to a survey we conducted with the present students of different IIMs, About 3/4 of the total students who have taken loan from banks said that, their primary reason to choose their respective lenders was:
a) Lower Interest Rate (2/4)
b) Good Service and Convenience (1/4)
The costs of higher education is increasing in every2-3 years which means the burden of paying back is increasing too. Though, we won’t be able to mitigate the burden completely, but what we can do from our side is to reduce the interest rate which could save them upto Rs.2,50,000 per student, depending on their Institute.
How we save them money?
a) - By Uniting the Strength of our Group Members
Our combined voices carry significant power during negotiations. As a result, when we communicate with lenders, we possess a strong advantage in securing better deals for our community.
b) Lenders wants our Group business
Banks and other financial institutions wants to lend money. They prefer higher loan volumes, even if it means offering lower interest rates, as it benefits them.
In short, this is a rare Win-Win
a) Niche Education Influencers/Channels (online)
b) Installing booth stall near Coaching centers (offline)
c) Our strong Alumni Connections
Opportunities: Market expansion to MBBS Student loan (phase 2)…
What are we looking for?
Mentor: Though we believe that we are on the right track, we are still short sighted in terms of our experience. We need someone who can guide us to make this from a “hypothesis” to a “real business”.
Connections: A referral from a credible person goes a long way. Therefore, any connections with senior executive of lenders will help us onboard our lending partners in a fast pace manner and thereby reduce our time spent on fixing meetings.
Funds: 20% on marketing, 50% on building core team and 30% on the product development. (Though this could change).
PS: What we are mostly in need right now is a advisor who can guide us through our journey and making this real. Someone from a fintech would be great.
I can be easily reached at your convenience by email: [email protected]