While one often talks about how the educational system in India needs an overhaul, what a lot of people fail to realize is that just like in any other area, to bring a significant change in this space, one needs to invest a lot of money too. This is what Rohit Gajbhiye, founder and CEO of Financepeer, and his team brought to the table. Their company Financepeer is a money lending institution with a difference – they work in close association with schools and colleges and apart from lending them a loan, partake in the overall well-being of the institutions and looks into their security-based needs too.
A lot of educational institutions are in shambles as they do not have the necessary funds to carry out various activities like renovation, buying new equipments etc. What Finance Peer does is it gives them a lump sum amount (say, the sum total of school fees for the students for an entire year) and then, the school fees paid by the parents’ every month is received by Financepeer at zero interest and zero cost EMI. But, things don’t end here. Financepeer keenly looks into the various other needs of the school and consults them on the same.
Financepeer helps to pay the entire year fees upfront to the Schools (Rs 1cr,10cr, 100cr etc. at one shot) and it collects monthly installments from students/parents that too at Zero Interest and Zero Cost. It is a completely unsecured and collateral-free facility.
Talking about the company and the unique initiatives it undertakes, CEO Rohit Gajbhiye states, “I always wanted to invest in the kind of business that would not only scale well but would also create a positive impact on the society. We have a highly motivated team working which works diligently towards creating an algorithm that foresees the risk arising from credit and non-bureau channels and makes sure that every step we take is in the right direction. We hope we can bring about a change, for the better, in the educational setup in India through our efforts.”
Apart from education, Financepeer has invested in a couple of other areas as well and are constantly expanding their branches to ensure that their support facilities spread far and wide.
