Empowering women- Fintechs and ed-tech partnership facilitating dream careers and financial independence
时间:2024-06-02 02:46:49 阅读(143)
By Bibhu Prasad Das
During the pandemic, online upskilling courses witnessed a boom among women. India’s progress in gender diversity is evident through Coursera’s Women Skills Report, where India ranked second worldwide for the highest number of women learners. The share of women enrolling in courses increased from 26% in 2019 to 36% in 2021, likely due to the pandemic’s impact and the drive towards upskilling facilitated by online learning.
Breaking down financial barriers with fintechTraditionally, accessing financial resources has been a challenge for women, particularly when it comes to funding their education and professional development. With a lack of assets, negligible formal financial history, and minimum generated digital data if any, loan eligibility algorithms may work against women in India. However, Fintech companies are revolutionising the lending experience, making loans easily accessible and hassle-free for aspiring women. By leveraging cutting-edge technology, Fintechs have streamlined the loan application and approval process, removing barriers that once hindered women’s progress.
The conventional credit underwriting methods primarily focus on the current financial standing of students, often resulting in the exclusion of financially disadvantaged students from loan eligibility. In contrast, fintech financing platforms adopt an alternative approach to assess borrowers’ repayment capacity. They take into consideration not only the student’s academic performance but also their potential career prospects. This approach provides a more comprehensive understanding of the borrowers’ ability to repay the loans.
By incorporating these unconventional risk mitigation strategies, fintech solutions can extend their services to a larger number of women learners with less financial advantages. For example, analysing a student’s academic record along with their institution’s historical performance offers valuable insights into the student’s intentions and commitment to pursuing higher education. These factors aid in evaluating the student’s willingness and capacity to fulfil loan obligations effectively.
With these Fintech and Edtech partnerships, women can now apply for loans with ease, obtaining funds for upskilling, distance learning, or pursuing advanced degrees. This newfound financial freedom empowers women to take charge of their education and career trajectories, enabling them to bridge the skills gap and stay relevant in the rapidly changing job market.
Applying for loans for distance learning or upskillingApplying for loans for distance learning or upskilling has never been easier, thanks to Fintechs’ streamlined processes. Here’s a simple step-by-step guide to help women navigate the loan application process.
a.Research and Compare: Start by researching different Fintech platforms that offer study loans. Compare their interest rates, repayment terms, and eligibility criteria to find the best fit for your needs.
b. Determine Loan Amount: Once you’ve selected a Fintech platform, determine the amount you need for your chosen educational pursuit. Consider tuition fees, study materials, and any other associated expenses.
c. Provide Necessary Documentation: Fintech companies typically require basic documentation such as identity proof, address proof, income details, and educational institution admission documents.
d. Apply Online: Most Fintech platforms allow you to apply for loans online through their user-friendly websites or mobile apps. Fill out the application form with accurate information.
e. Receive Approval and Disbursement: After completing the application, the Fintech company will review your application and provide real-time loan approval. Once approved, the loan amount will be disbursed to your Institute bank account.
The Fintech x Edtech partnership is a force to be reckoned with, propelling women forward in their pursuit of relevance and dream careers. By dismantling financial barriers and offering convenient access to quality education, this alliance is fostering gender diversity and empowering women to carve their paths in the professional world. As women continue to embrace the opportunities provided by Fintechs and Edtech, the workforce will witness a transformation, enriched by a diverse pool of talented, skilled, and ambitious women. The journey towards gender equality in the workplace is well underway, and with the continuous support of Fintechs and Edtech, women are poised to achieve unprecedented success, leaving an indelible mark on industries worldwide.
The author is the CEO and co-founder of Propelld.
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