Physics Wallah launched its first education-focused fund – Physics Wallah Fund in partnership with a peer-to-peer lending platform, Rang De.
The fund gives a return of 6 percent per annum for 36 months after which the principal will be returned to the investor.
The alliance was established to address the demand for easily accessible and reasonably priced student loans so that students could obtain top-notch, industry-relevant education.
As a result of this collaboration, students from low-income families will have access to low-interest, collateral-free education loans created especially for Physics Wallah’s Institute of Innovation, a four-year residential program in computer science and artificial intelligence.
The financial constraints that have historically prevented these children from accessing a high-quality education are being eliminated as a result of this collaboration.
Rang De and Physics Wallah will be able to increase educational opportunities and serve as a catalyst for promoting educational equality thanks to this relationship. The shared commitment intends to alter the landscape of educational accessibility in order to make a long-lasting difference.
The collaboration will enable each student to access an average of 3-4 lakhs worth of collateral-free loans through funds invested by social investors (lenders on Rang De’s platform), which can be repaid upon the completion of the course.
“This partnership is a pivotal step towards realising our mission of democratising education at scale in India. Our aim has always been to ensure that every child, regardless of their background, can access quality education affordably. We believe it will be a game changer in reshaping the landscape of education accessibility in India”, speaking on the association, Prateek Maheshwari, Co-Founder of Physics Wallah, said.
With the help of 8500+ social investors (regular people who lend via Rang De’s platform), Rang De has distributed over 60 crores in loans and completed more than 18k loans to rural entrepreneurs and students since 2019. The goal of this collaboration between Rang De and PW Institute of Innovation is to make quality education, training for industry-ready skills, and employment opportunities available to everybody.
“Quality education is a fundamental right for every individual, regardless of their financial situation. Since its inception, we have been unwaveringly committed to democratising access to credit and empowering people to improve their lives”, Commenting on the announcement, Smita Ram, CEO of Rang De, said.