If you were to ask anybody today about their most cherished memories in life, they would most probably tell you about the time they spent at college. For most college-going students in India, their college experience is life-changing in more ways than one. This is true because it is at the college where a student (who was otherwise used to a rather sheltered and protected environment) discovers who they are as a person, learns about their strengths and weaknesses and hones their skills.
Every college student will tell you that their years at college made them more responsible, taught them to live on their own, and thus helped them become a better-rounded individual. At the same time, they also got amazing friends of their own and whole lot of memories that are sure to get them nostalgic even today. However, having said that, there are still a few areas in which Indian college students are severely lacking, the most important of them being financial literacy and money management.
This is a pressing concern that needs to be addressed quickly, given that India has emerged as the fastest growing major economy in the world. As per the Central Statistics Organization (CSO) and International Monetary Fund (IMF), India, in the next 10-15 years, will be amongst the top three economic powers of the world. Another distinct feature of our country is its unrivaled youth demographic. India is quite literally a very young country, with half of its population under the age of 25.
Thanks to the rising number of entrepreneurs and incubators, the country has already become a leading global startup hub. According to a NASSCOM report, India has 1,400 new start-ups in the pipeline, and has retained its position as the third largest startup base in the world!
The next big wave of innovation and ideas is bound to come from the student community, but what use is that if this very community doesn’t know the first thing about managing student loans, long-term savings, and credit card debt? But worry not – this is where platforms like KrazyBee step in. Formed by Madhusudhan E along with co-founders Karthikeyan K and Wan Hong, KrazyBee is quite literally, a dream come true for college students in India. It is essentially India’s first ever online installment store for college students and aims to bridge the gap between Indian students and an enriching college experience.
The founders know first-hand the struggles faced by Indian students at college due to lack of adequate funds at the required time and aim to alleviate exactly that through their different offerings. This includes Semester Loans, Two-Wheeler Loans, E-Commerce Loans, and also the KrazyBee Student PayCard.
As India’s largest student credit platform, KrazyBee helps students take care of whatever expenses they may have, be it taking care of miscellaneous expenses, paying the tuition fee for a semester, or even getting their own laptops of two-wheelers! Through their ‘Buy Now, Pay Later’ philosophy, a student can make his/her desired purchase and pay it off in easy EMIs. This, apart from giving them purchasing power, also teaches them to be financially responsible. Students learn the importance of making timely repayments and also about the repercussions of defaulting on their loans.
Thanks to KrazyBee, by the time a college student has graduated, they are better-informed about concepts like their credit score and the importance of managing their money wisely. This really holds them in good stead as they enter their first job and become a part of India’s workforce! Also, once a student has availed credit with KrazyBee and made timely payments, it means that he/she has a strong credit score, which means that they can avail bigger loans in the future.
KrazyBee’s numbers are a testament to their success in the college-student segment. As of March 2018, KrazyBee has over 700,000 students registered on its platform, and has helped over 1,50,000 students fulfill their dreams!