Latest news with #GyanDhan
NDTV
6 days ago
- Business
- NDTV
New Zealand Raises Working Hour Limits For Foreign students, Check Details
The New Zealand government has announced a series of changes under its newly launched International Education: Going for Growth Plan. Among the most significant updates is the decision to increase in-study work hours for international students from 20 to 25 hours per week during academic terms, effective November 3, 2025. This change will apply to all new student visas issued from that date, regardless of when the application was submitted. Students already holding visas with a 20-hour work limit can apply for a variation of conditions or a new visa-subject to standard immigration fees-to access the additional five hours. In addition to the extended work hours, eligibility for in-study employment is now being expanded to students enrolled in approved exchange or Study Abroad programmes, even if they are pursuing only a one-semester course. The government has also clarified that students who switch education providers or downgrade their level of study will now be required to apply for a new student visa, rather than request a variation of conditions. These changes are part of a broader effort to position New Zealand as a more accessible and appealing destination for international students, especially as traditional education hubs such as the United States and Canada tighten visa regulations. "In 2024, the US international education sector generated nearly USD 44 billion, while Canada brought in CAD 30.3 billion in 2022. As both markets become more restrictive, students are actively seeking alternatives," said Ankit Mehra, CEO of GyanDhan, citing a 47.5% increase in student funding from India to New Zealand between FY 2023 and FY 2024. "We're seeing strong and growing interest in New Zealand as a preferred study destination." New Zealand currently hosts nearly 41,000 student visa holders with in-study work rights. Authorities expect a mixed response to the additional work-hour provision, with some students likely to wait until their next visa cycle to take advantage of the change, especially those nearing graduation.
Mint
10-07-2025
- Business
- Mint
Credit score after loan foreclosure: What really happens to your score?
More formally known as foreclosure (or prepayment) early loan closure has a surprise impact on your credit report and credit score. This article will look specifically at and explain how foreclosure affects your credit score, what you can expect, and how to protect your credit. Terminating any loan by repaying the total outstanding loan amount before the end of the tenure is called loan foreclosure, and this is pertinent with auto loans, personal loans, and home loans. Typically, borrowers do this to reduce interest cost, but it also creates a domino of credit-reporting triggers. Updated loan status: When you foreclose, the lender will report your property to the credit bureaus as "closed". That's accountability and timely payments, which is a good thing. When you foreclose, the lender will report your property to the credit bureaus as "closed". That's accountability and timely payments, which is a good thing. No stem of negative: We don't use terms like "default" and "settled", which may impair credibility, to describe a foreclosure done in a way the lender thinks is appropriate. Although the update is mostly good, there are nuances with scoring models that could result in a momentary hit to your score. It will normally take about 30 - 60 days after the lender sends the update for the foreclosure to appear on your credit report. After that, the credit bureaus have the chance to check your report and change your credit score, if applicable, which could go up or down over the course of the next one to two cycles. So, expect to see the complete update and score response one to three months after the completion date of final payments. Fewer active credit mix: When you close a loan, you have one less active credit account and this may slightly affect your credit mix. Decreased average credit age: Most scoring algorithms will drop your average account age lower if you have closed an account in which you can no longer age. Decreased overall aggregate limits: If you also have balances on credit cards, having one less credit line may cause a decrease in your overall available credit if you have weight with your utilisation ratio. Although you may see a small drop in the short terms with all of these changes, in the medium to long-range, the benefits usually outweigh the costs. Ankit Mehra, CEO of GyanDhan expressed his opinion by quoting, 'The impact on credit scores isn't always immediately favourable. Loan accounts contribute to both the length of credit history and the credit mix. Closing a long-standing loan may temporarily reduce your score by shortening your credit timeline or decreasing credit diversity. To minimise short-term impact, it's critical to ensure all EMIs are paid on time up to the point of foreclosure.' 'Always obtain a No Dues Certificate from the lender and check your credit report within a few weeks to verify the account is accurately marked as 'closed.' Ultimately, foreclosure may cause a modest dip in the short term, but it strengthens your creditworthiness in the long run, especially when supported by other active, well-managed credit lines,' he added. Decreased interest load: You can save a significant amount of money by eliminating your EMIs sooner. You can save a significant amount of money by eliminating your EMIs sooner. Better repayment history: It is an indication of both your decision-making and self-discipline across them. It is an indication of both your decision-making and self-discipline across them. Potential future loan benefits: A number of institutions see clients that pay off loans early as a plus to business. Prevent any additional delinquencies by continuing to organizationally make your credit card and EMI payments on schedule. Maintain a credit utilisation ratio of 30 and 40 percent. If possible, keep previous accounts open (unless there is a charge). Be sure to routinely check your credit report to confirm the "Closed" is properly listed on status. Just like the credit mix, strategically create new credit, by opening a small card or queue. In conclusion, in the short term, closing a loan early may slightly reduce your credit score, but after the foreclosure is properly captured on your file, you can expect a bump of your credit score if you take good financial care of yourself, monitoring your credit report and managing your credit utilisation. For all personal finance updates, visit here. Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
Mint
04-06-2025
- Business
- Mint
Studying abroad? How prepaid forex cards help manage student expenses
Are you going abroad for studies? Then, a prepaid forex card, which is specially designed for students, will be a handy tool for managing your expenses. Prepaid forex cards for students come with a host of benefits including multi-currency features, locked-in exchange rates and lower transaction fee compared to regular debit and credit cards. Here is a guide on the features, benefits and what you should look for while getting prepaid forex cards. A prepaid forex card for students is a convenient and secure way to carry foreign currency abroad. It offers features such as multi-currency support, locked-in exchange rates, and lower transaction fees than regular debit or credit cards. 'Prepaid forex cards provide multi-currency loading options, online tracking, secure chip-and-pin technology, easy reload functionality, and easy blocking in case of loss or theft,' says Ankit Mehra Co-Founder and CEO of GyanDhan, an NBFC (Non-Banking Finance Company) that has a tie-up with edtech firms. 'Additionally, forex cards lock in the loaded amount, protecting against currency fluctuations,' he says. 'These cards can be used for payments and ATM withdrawals globally. Many service providers offer student-friendly perks such as zero issuance fees, discounted rates, free international SIM cards, and travel insurance,' says Pavan Kavad, Managing Director, Prithvi Exchange, an RBI licensed forex dealer. These cards are widely accepted at merchants and ATMs worldwide, making them an ideal choice for students studying abroad. They come with added benefits like expense tracking through mobile apps and instant card blocking in case of loss. Prepaid forex credit cards are a smart choice for students studying abroad. They offer benefits such as global acceptance, online tracking, and easy reloads from India. They ensure safe, convenient payments and help manage foreign currency expenses efficiently. Students should ensure that their forex card comes with ISIC (International Student Identity Card) as an additional benefit. ISIC provides access to thousands of discounts worldwide on travel, food, shopping and educational resources. 'Combining an ISIC with a forex card helps students save money on everyday expenses and enhances their international experience. Many banks and forex providers also offer combo deals that include both cards for extra savings and convenience,' Kavad says. 'Additionally, pairing a forex card with an ISIC card provides verified student status and also unlocks additional global discounts on travel, shopping, and entertainment, making the student's overseas experience more economical,' Mehra says. Mastercard is offering ISIC as a complementary benefit for all prepaid forex cardholders who are on its network in India. Education finance consultants say that students should ideally load a prepaid forex card with enough funds to cover at least 3-6 months of expected expenses, including tuition fee, rent, and living costs. 'A typical initial load ranges from $3000 to $10,000, depending on the destination and the cost of living. Since forex cards are reloadable, students can top up funds as needed,' Kavad says. 'The load comes with a limit of $7500 daily, which is enough. So, students can load sufficient funds for the first couple of months, and then reload based on actual expenditure patterns,' Mehra says. Incidentally, students can transfer up to $250,000 per financial year for their studies abroad under RBI's 'Liberalised Remittance Scheme'. Consultants say that prepaid forex cards can also be used for large payments such as tuition fees. 'Prepaid forex cards should not be limited to managing only routine expenses. While they are ideal for daily needs like groceries, transportation, and dining, they can also be used for larger payments,' Kavad says. 'However, for tuition fees, it's essential to check if the university accepts card payments. Otherwise, a wire transfer from an Indian bank might be required,' he says. 'Forex cards can safeguard the amount from exchange‐rate uncertainty. Thus, loading larger sums when rates are favourable can shield students from future volatility. Beyond daily expenses, preloading tuition fees in advance locks in favourable rates and minimizes exchange costs,' Mehra says. Most banks issue prepaid forex cards to students who are more than 18 years old. There are banks that issue these cards to students above 12 years of age. In any case, the student should have secured admission in a foreign school/college/university to get the card. Here are the documents that you have to furnish to the bank for availing the card. Self-attested copy of valid passport Self-attested copy of PAN card of the Applicant or Guardian (If the applicant is a major, PAN card of the applicant is mandatory. Additionally, if the forex card is funded by the Guardian, the PAN card copyof the Guardian is mandatory). Self-attested copy of Appointment letter/ Admission letter/University Identity Card Cancelled cheque/passbook copy Self-attested copy of international travel ticket or visa (any one) Copy of 'Passbook' or one year 'Account Statement', used for funding the forex card. Self-attested copy of Form I-20 if the student is going to the US for higher studies. Form I-20, officially titled the 'Certificate of Eligibility for Non-Immigrant Student Status', is a crucial document for international students seeking to study in the US. The signature of the 'Guardian' is required on the application form if the applicant is between 12 to 18 years old. The card will be activated only after complete verification of the KYC (Know Your Customer) documents. Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.
Time of India
03-06-2025
- Business
- Time of India
Education financing startup GyanDhan raises Rs 50 crore from edtech firm Classplus, VC fund Pravega Ventures
Synopsis The funds will be used to scale operations, strengthen its consultant partnership network, expand the team, and invest in technology. New Delhi-based GyanDhan has so far extended loans worth over Rs 7,000 crore to Indian students studying in India and abroad.
Entrepreneur
03-06-2025
- Business
- Entrepreneur
GyanDhan Raises INR 50 Cr in Series A from Classplus and Pravega Ventures
The fresh capital will be deployed to bolster GyanDhan's consultant partnership network, enhance its proprietary SaaS platform, and double the number of partnered financial institutions from 15 to 30. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Education financing platform GyanDhan has secured INR 50 crore in Series A funding from edtech leader Classplus and venture capital firm Pravega Ventures. The funding marks a pivotal moment for the company as it aims to democratise access to education by expanding its footprint across Tier II and III cities and scaling its partner ecosystem. The fresh capital will be deployed to bolster GyanDhan's consultant partnership network, enhance its proprietary SaaS platform, and double the number of partnered financial institutions from 15 to 30. The startup also plans to invest in regional expansion, increasing its physical presence from 30 to over 50 cities, and grow its teams in technology, credit, and sales. Additional funds will be channeled into community-building efforts, including seminars, financial literacy sessions, and student workshops. "This fundraise is more than just capital—it's a strong vote of confidence in our mission to democratize access to education," said Ankit Mehra, Co-founder and CEO of GyanDhan. "We're doubling down on building infrastructure and technology that unlock educational opportunities for millions of families across India." Founded in 2016 by IIT alumni Ankit Mehra (IIT Kanpur) and Jainesh Sinha (IIT Delhi), GyanDhan operates a hybrid model that combines a loan marketplace with its own NBFC lending arm. The platform simplifies the student loan journey through partnerships with 15+ financial institutions, including SBI, ICICI, and Credila, and over 100 education consultants using its SaaS tools. To date, it claims to have originated loans worth over INR 7,000 crore (~USD 840 million) and now sets its sights on INR 18,000 crore (~USD 2.1 billion) in loan originations over the next three years. Mukul Rustagi, CEO of Classplus, said, "We love resilient founders, and the GyanDhan team has displayed the DNA of surviving in a tough but massive TAM." A Pravega Ventures spokesperson added, "Their hybrid model and tech-first approach position GyanDhan as the definitive gateway for education financing in India." With this funding, GyanDhan is set to bridge India's education financing gap—one student at a time.
