Today, financial literacy and money management is one area in which Indian college students significantly lack the required level of know how. This is a pressing concern, especially when the country is making significant steps towards ensuring financial inclusion for its people. If it is important to make financial services accessible to individuals and businesses across the country, it is equally (if not more) important to ensure that everybody knows how to manage and invest their money properly.
This is exactly what financial literacy is all about. Financial literacy is the ability to understand how money works – this includes how much you make and how much you can spend and invest based on your financial goals. It basically means having the knowledge to make your money work for you, instead of the other way around.
You must’ve heard a popular quote which says, “You were not born to just pay bills and die”, yes? Well, that’s exactly what you may end up doing unless you become financially literate. Given the fact that India is a very young country (half of its population is under the age of 25 years), it makes the most sense to inculcate financial literacy at the college level, so that students are aware of basic financial concepts like creating financial goals, the importance of budgeting, investing, etc by the time they begin their first job.
Most college students in India are financially illiterate because they don’t know how to effectively manage their money and make proper decisions around the same. This could be anything, from maintaining and following a weekly/monthly budget to managing credit card debt. Moreover, they don’t tend to think about such things when in college, as the general motto when in college is to have as much fun as is possible.
This is worrying because if college students don’t know how to manage their money, they will be prone to overspend once they land their first job. This will again lead to them having inadequate funds for certain expenses, thereby increasing their chances of taking a credit card. Then paying off credit card bills will become another major expense, which will land them into a debt trap. Students who are financially literate can both avoid such a situation and also save more.
This is good because it will enable them to take care of expenses without relying on credit. But at the same time, how can this become a reality? Indian schools and colleges don’t have special courses in financial literacy, so what now? Worry not, for 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 help Indian college students make the most of their 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. KrazyBee has a variety of products including 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 a variety of expenses at the college level. This helps them in two important ways – it reduces their dependence on their parents, and it also teaches them to be financially responsible. Thanks to their ‘Buy Now, Pay Later’ philosophy, a student can make his/her desired purchase and pay it off in easy EMIs. This can be anything from a pair of jeans, a pair of headphones, or even the latest smartphone or laptop on the market. However, it is not all fun and games.
Before they place an order, KrazyBee makes sure to inform all its student customers about the importance of making timely repayments and also about the repercussions of defaulting on the same. All students are educated about concepts like credit score and credit rating agencies like CIBIL (which they might have not heard about before). They are made aware of the importance of maintaining a good CIBIL score because that will decide their eligibility to avail bigger loans in the future (as and when required).
In the same vein, they are also made to understand the possible legal consequences they may suffer in case they default on their loan. This way, not only does KrazyBee delivers their dreams, but also makes them ready for the real world by helping them become financially smart.
Adding to all of this is the exciting cashback offers and discounts that the company runs from time to time with their e-commerce partner. For instance, KrazyBee is currently running an offer with Amazon where you can shop on Amazon via KrazyBee and enjoy No Cost EMI for the first three months. KrazyBee also hosts a lot of startup fests in various colleges across India where budding entrepreneurs at the college level get a chance to showcase their business ideas to mentors and venture capitalists. The most promising ideas even get an opportunity to raise funds for their startup from investors! One such fest is the upcoming HedNxt Startup Fest, which is happening during 26-27 October 2018. This event is brought to you by Kingsoft(WPS) and Welike, KrazyBee’s technology partner for HedNxt.
Visit Website : http://www.krazybee.com
The post KrazyBee – Promoting Financial Literacy among India’s College Students. appeared first on StartupsIndia.