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.
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:
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.
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.
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.
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:
-
Study Loan
-
Higher Education Loan
-
Study Abroad Loan
-
Executive Education Loan
-
Education Refinance Loan
-
​Education Institution Loan
-
Infrastructure Loan
-
Construction Loan
-
Land Loan
-
Refinance Loan
Synoriq offerigns for Education Loan
​Empowering Dreams, Connecting Futures: Unlocking Opportunities
-
Mobile App for Institute Onboarding
-
Mobile App for the assisted customer journey
-
Web portal for Lead Management
-
LMS and Accounting
-
Business Rule Engine
-
Mobile App for Credit Assessment
-
CRM for customer and Internal Servicing
-
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