Non-Banking Financial Companies are those that actively engaged in the business of loans and advances, stock acquisition, equities debt etc. issued by the government. The main agenda is to accept deposits under any scheme, unlike traditional banking methods. These company regulations are run by the ministry of corporate affairs and RBI.
These institutions provide loans for both-short term and long-term finances and involve different processes. They offer loans ranging from demand loan, term loan, secured loan, unsecured loan, and industrial, commercial and agricultural.
Eduvanz is one such company that falls under the category of non-banking financial companies. Their primary agenda is to provide loans for higher education for vocational courses, and for functioning as a micro-finance company. This company is known majorly for providing financial assistance for upgradation courses chosen by students to enhance their career. These types of companies are small partnership firmsthat accept deposits from the public at high-interest rates and give a loan to people who are in need.
The education loan provided by them covers up to 100% of the course fee only depending on the credibility and financial standpoint of the candidate,the creditworthiness of the principal borrower. The loan amount is disbursed in full or appropriate amounts on the day of application and is completed on the commencement of the course. The loans they provide may or may not require any collateral security. This also again depends on the credibility of the principal applicant.
The main agenda of this company is not only to provide loans to vocational courses, but also to give complete financial assistance. Their main role is providing financial service in form of loans.
Eduvanz has a target audience of 18-60 years of age who are at the peak or retirement for their career respectively. Hence, an Nbfc Loan Company as Eduvanz helps people who are looking to avail career development courses.
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