chennai yeswanth kumar muppalla from vijayawada a student at north carolina university usa had approached banks for loans and faced rejection multiple times getting to know of a startup gyandhan that facilitates education loans through a camp conducted in his undergraduate college his loan got processed i would like to mention one point here if you go to the same bank on your own they not even process your application but if you go through gyandhan they will consider our application and negotiate the interest rate too he addedgyan dhan founded by founded by two iit alumni ankit mehra and jainesh sinha operates in the higher education segment for foreign universities the startup partnering with sbi and axis bank facilitates loan disbursal to students who do not even have a collateral over half the close to 100 loans have been processed without collateral said jainesh sinha cofounder the startup takes into consideration the employability quotient of the student sinha added that the startup has also help reduce unnecessary paper work in one case the bank had asked an applicant to furnish the i20 form which states that you are a nonimmigrant student which wasnt required we approached the bank and got the loans sanctioned the startup has processed loans worth 21 crore with an average ticket size of 27 lakh across the countryfacilitating loan disbursal towards of bluecollar workers opentap a peertopeer lending platform does the vetting process before it connects loan borrowers and loan givers the p2p platform says 40 of its loans are for educational purposes for school and collegegoing students at opentap we give loans mostly to bluecollar workers through the employer many of our loan borrowers work in the textile auto chemicals and ancillary industries so we access their credit worthiness through the employer there are nontraditional data sets we look at how long has the person been employed how many children does he have do they go to school says senthil natarajan founder opentapemployers also find it a huge relief as many of these are pressured to give salary advances if they give salary advance for one employee theyll have to followsuit for all their other employees so for them also it helps that we are stepping in and willing to offer credit blue collar workers are traditionally severely underbanked banks are unwilling to give them loans because they dont have a credit score or history says natarajan n selvaraj from hosakottai near bengaluru was able to fund the education of his 6 year old daughters education in shobal matric higher secondary school the borrowers can pay back in monthly instalmentsshiksha a chennaibased startup cofounded by chartered accountants jacob abraham and v l ramakrishnan shiksha also operates in the school education segment for auto drivers small store owners and those without a valid credit score it lends money every year with the collateral being a letter of recommendation from the schools they have tied up with