Yocket, a Mumbai-based Edu-tech company providing a one-stop solution for students planning to study abroad announced that it has helped with 1000 Cr of financing to more than 2500+ students and working professionals to fulfil their dreams of studying abroad in the US, Canada, UK, Netherlands, Germany, etc.
According to Yocket, the top 5 states in terms of loan applicants include Maharashtra, Telangana, Andhra Pradesh, Karnataka, and Tamil Nadu. Notably, Yocket has tied up with 10 educational loan providers across various categories. The banks include Axis Bank and ICICI Bank. The NBFCs boast HDFC Credila, Avanse, Auxilo, and InCred. The Fintech loan provider category has Leap Finance, Prodigy Finance, and MPower Finance.
The students have shown more interest in moving to the US for higher education. The overall numbers of interest for Australia and New Zealand have significantly dropped but till now, 2022 might be the biggest year for the US. This is due to its successful vaccination programme from which students have gained a lot of confidence and are now opting for education loans in moving there.
Sumeet Jain, Co-founder and Higher Education Expert, Yocket says, “We have witnessed such unparalleled growth that we have accomplished high-end results of one year in just one quarter. We have achieved this by receiving a humongous interest from students willing to study abroad in 2021 if compared with 2020 and 2019. According to our data, more than 75% of students aspiring to study abroad choose to opt for Education Loans as a medium to finance their studies, irrespective of the Fall/Spring admission season.”
“Despite the pandemic, Fall 2021 has been our biggest intake yet, both in terms of student enrollments as well as education loan assistance. It comes as no surprise that almost 80-90% of students choose to avail loans for their education in the USA, Canada & Europe, with an average loan amount sanctioned being 40 lakhs. So undoubtedly, our initiative of facilitating 1000 Cr loans to such students would take them several steps closer in accomplishing their dream of studying in their dream university abroad.”, he further adds.
Today, Yocket is not only providing higher education consultancy but a 360 view right from GRE to shortlisting to VISA applications to a soft landing. It also includes help with Loans, Forex, Accommodation, and counselling from experienced counsellors who thoroughly evaluate the profile of students with an action plan to increase their chances of getting into their dream universities. In 2019, Yocket has launched an end-to-end, personalized counselling service called Yocket Premium to help students every step along the way, from home to university. The startup has achieved premium users from 100+ cities. And in terms of growth, Yocket is doubling in revenue growth year-on-year since 2018.