Study abroad loan queries see a jump

Write By: vanshika Published In: Scholarship Programs Created Date: 2021-09-14 Hits: 286 Comment: 0

It is known to everyone that a large number of Indian students go abroad for their higher education. As per the data from the RBI it is found that every year the number of students going abroad to study is increasing at a rapid pace and they are applying for study abroad loans.

It is known to everyone that a large number of Indian students go abroad for their higher education. As per the data from the RBI, it is found that every year the number of students going abroad to study is increasing at a rapid pace and they are applying for study abroad loans. One of the major indications is the queries related to foreign education loans. As per data after covid-19 there is a surge seen in the queries related to foreign education loans. Abroad universities are slowly opening up and the admission phase has begun to take place. Students from India are trying to get into foreign universities as quickly as possible before any other outbreak or pandemic takes place. 

Travel restrictions across the world are easing up slowly. Easing up global travel restrictions has created a perfect situation for international students to study abroad. This has majorly increased the queries for study abroad loans. It can be seen that after the pandemic more numbers of students are willing to travel abroad for their education. A major contribution to this number can be the declaration of the Canadian Government of accepting more than 1 million immigrants into their country. 

One of the largest banks in India HDFC has also seen a rise in queries for overseas education loans. HDFC Credila MD & CEO Arijit Sanyal said to TOI that there is a 209% growth in overseas education loan applications in Q1FY22 over the first quarter of the previous year.  

As per the interview, it is understood that the students majorly preferred western countries like the UK, Canada, and other European countries as study abroad destinations.

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Approximately more than 50,000 students went to the United States from India and the United Kingdom saw a record number of students from India which is 3200. UK universities saw around a 19% increase in Indian students than last year.  As per the industry experts, the Ticket size of these loans has increased to 50% where in 2019/2020 the loan size was 30 lakh, now the loan size is approximately 35-40 lakhs. That is more than 60,000 students went to study abroad. 

Mayank Batheja who owns a fintech company called Credenc has stated that demand for the loans has doubled on their platform. Currently, the book size of the organization is Rs. 150 crores. In 2021 there are more Indian students who want to go abroad for education than ever. The company has also confirmed that a large number of Indian students are going to countries like Singapore and China. There is a growing demand for universities in New Zealand and Russia as well. Although Education loan eligibility was not discussed here neither how many students received the loan was discussed. 

If you are planning to go abroad for studies then there are multiple universities or colleges that provide internship opportunities along with the courses they offer. Please contact us for more information, we have helped thousands of students to achieve their goal of going abroad to university. Study in the UK, New Zealand, Ireland, Scotland, a study in Australia. We can help you with any scenario. Our expert Education consultants can

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