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Solutions for every

Education Loan Product

Financial institutions can use education loan software to expedite and simplify the complicated processes involved in granting student loans.

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Challenges Financial institutions face
in
Education loan Industry

From the development to the repayment stage, the process of granting education loans is quite difficult from other loan products. While dealing with these education loan products, Retail and Corporate institutions face the following challenges:

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Lengthy Repayment Period

As the loans are not repaid till a year after completion of the course, managing them and maintaining the records of repayments becomes a difficult task.

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Hard to fetch credit information

Generally it becomes burdensome to fetch the credit information of a specific borrower from a different branch. Thus updating them becomes difficult.

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Scalability is a major issue

If the old systems are only used by institutions as with an increasing no. of borrowers, then it may become difficult to manipulate and scale up the solutions might become expensive.

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Streamlining is time-consuming

Managing the ever-updating database is difficult to handle. Managing the ever-updating database is difficult to handle.

Our Solutions

At Synofin, in addition to supporting student’s higher education objectives, we also assist in the development of India’s educational institutions. These are the standard education loan offerings:

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  • Study Loan

  • Higher Education Loan

  • Study Abroad Loan

  • Executive Education Loan

  • Education Refinance Loan

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  • ​Education Institution Loan

  • Infrastructure Loan

  • Construction  Loan

  • Land Loan

  • Refinance Loan

Synoriq offerigns for Education Loan

Empowering Dreams, Connecting Futures: Unlocking Opportunities

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  • Mobile App for Institute Onboarding

  • Mobile App for the assisted customer journey

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  • Web portal for Lead Management

  • LMS and Accounting

  • Business Rule Engine

  • Mobile App for Credit Assessment

  • CRM for customer and Internal Servicing

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  • Mobile App for Self Onboarding -Secured Loans

Subvention Simplified
Building Bridges to Financial Success

Process flow for subvention in our system is simplified for institutions

Subvention Coverage

Full subvention (0% interest for Customer)

Partial subvention (reduced interest for the Customer)

Subvention Mode

Percentage of disbursed amount for e.g. 10%

Fixed amount per loan for
e.g. Rs 10,000/-

Subvention Treatment

Fee or Interest

GST will be applicable if considered as Fee Income

TDS

IS TDS Applicable on Fee?

Tranche Disbursement

Subvention behaviour
in tranches

Accounting Strategy

Configuration for accounting strategy and chart of accounts for subvention

Subvention Sample of
Repayment Schedule

Customer Repayment Schedule

Sr.no.

Month

Op BAL

Disb

EMI

Prin

Int

CL BAL

01

02

03

04

05

06

07

08

09

10

11

12

13

10-Dec-2022

10-Jan-2023

 ₹ 0

₹ 1,00,000

10-Feb-2023

10-Mar-2023

10-Apr-2023

₹ 91667

₹ 83334

₹ 75001

10-May-2023

10-Jun-2023

₹ 66668

₹ 58335

10-Jul-2023

10-Aug-2023

10-Sep-2023

10-Oct-2023

10-Nov-2023

₹ 50002

₹ 41669

₹ 33336

₹ 25003

₹ 16670

10-Dec-2023

₹8337

₹ 1,00,000

₹ 8333

₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

​₹ 8333

₹8337

₹8337

₹ 100000

​₹ 91667

​₹ 83334

​₹ 75001

​₹ 66668

​₹ 58335

​₹ 50002

​₹ 41669

​₹ 33336

​₹ 25003

​₹ 16670

​₹ 8337

₹ 0

Accounting Repayment Schedule

Sr.no.

Month

Op BAL

Disb

Subvention

EMI

Prin

Int

CL BAL

01

02

03

04

05

06

07

08

09

10

11

12

13

10-Dec-2022

 ₹ 0

₹ 1,00,000

₹ 1,00,000

₹ 8333

₹ 8333

-

₹ 100000

10-Jan-2023

₹ 1,00,000

​₹ 8333

​₹ 8333

₹ 1,493

​₹ 91667

10-Feb-2023

₹ 91667

10-Mar-2023

₹ 83334

10-Apr-2023

₹ 75001

10-May-2023

₹ 66668

10-Jun-2023

₹ 58335

10-Jul-2023

₹ 50002

10-Aug-2023

₹ 41669

10-Sep-2023

₹ 33336

10-Oct-2023

₹ 25003

10-Nov-2023

₹ 16670

10-Dec-2023

₹8337

​₹ 8333

​₹ 8333

​₹ 1,380

​₹ 83334

​₹ 8333

​₹ 8333

​₹ 1,264

​₹ 75001

​₹ 8333

​₹ 8333

​₹ 1,147

​₹ 66668

​₹ 8333

​₹ 8333

​₹ 1,028

​₹ 58335

​₹ 8333

​₹ 8333

​₹ 907

​₹ 50002

​₹ 8333

​₹ 8333

​₹ 784

​₹ 41669

​₹ 8333

​₹ 8333

​₹ 658

​₹ 33336

​₹ 8333

​₹ 8333

​₹ 531

​₹ 25003

​₹ 8333

​₹ 8333

​₹ 401

​₹ 16670

​₹ 8333

​₹ 8333

​₹ 270

​₹ 8337

₹8337

₹8337

​₹ 137

₹ 0

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