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How this fintech startup providing education loans navigated COVID-19 crisis

Coronavirus: When banks were worried about defaults after RBI announced a moratorium on loan repayments in 2020, Propelld saw an opportunity for growth by continuing lending.

February 19, 2022 / 11:29 AM IST
The founders of education-focused fintech startup Propelld saw an opportunity for growth amid the coronavirus crisis. (Images: Propelld website and LinkedIn)

The founders of education-focused fintech startup Propelld saw an opportunity for growth amid the coronavirus crisis. (Images: Propelld website and LinkedIn)

Millions of Indians were hit hard by the coronavirus lockdown in 2020. Jobs were lost as businesses shut down over fears of the fast-spreading disease, and people struggled to pay their debts.

To provide relief to borrowers, the Reserve Bank of India (RBI) announced a moratorium on repayments of loans from April to June. For lenders who would have to deal with defaults, the situation was precarious.


Small lenders would be impacted even more deeply. Among them was Propelld, a fintech startup focusing on education. It was founded by three friends from IIT Madras with the objective of profitably funding the education of those who could not afford it.