In a dynamic shift within the financial landscape, education-focused NBFC Propelld is witnessing a significant uptick in women borrowers. Women currently represent 29% of their clientele, contributing to a robust 28.59% of the company’s overall business. Remarkably, 40.18% of these women borrowers are New to Credit (NTC), highlighting a transformative trend driven by education, financial literacy, and customized credit provision.
A New Wave of Financial Access
The rise of women borrowers is not just a statistic for Propelld. As stated in Banking Frontiers, this rise is testament to an increasing number of women entering the formal credit ecosystem for the first time, reflecting an evolution in financial awareness and independence.
Over the past six years, women borrowers have increased by 35%, a phenomenon linked to enhanced financial literacy, greater access to credit, and a growing desire for professional education. Propelld has been at the forefront of this movement, offering financial solutions that specifically cater to women’s educational and career ambitions.
Changing Demands: An Evolving Landscape
In the last two years, there has been a notable increase in demand for education loans among women, particularly for professional and skills development courses. This is fuelled by the growing entry of women into professions traditionally dominated by men, such as STEM fields, management, and healthcare.
Looking ahead, Propelld expects this trend to continue, with an emphasis on flexibility and tailored financial products to meet the burgeoning demand for education financing.
Tailored Financial Products for Women
Women borrowers lean towards structured degree programs and professional courses, with a strong emphasis on career stability and long-term growth. Unlike their male counterparts, women show a preference for financial products that provide flexible repayment options and reduced initial financial strain.
A Unique Credit Evaluation Approach
Propelld’s credit evaluation system recognizes the unique profiles of women borrowers. Given the high percentage of NTC women, the company employs alternative assessments like academic performance, employability potential, and projected earnings, rather than just traditional credit scores.
This inclusive and data-driven approach ensures that women, with their aspirations and academic prowess, secure the financial support necessary for their educational pursuits.
Empowering women through education and financial access remains at the heart of Propelld’s mission, marking a significant stride towards gender parity in the credit market.
