98% Boost in Study Abroad Loan Applications in 2022


Mrunmayai Bobade
Updated on Mar 28, 2022 11:24 AM IST

Breaking away from the COVID-19 travel and economic blues, a 98% increase has been witnessed in the study abroad loan applications in the first three months of 2022 as compared to the first three months of 2021.

98% Boost in Study Abroad Loan Applications in 2022

After witnessing a 55% dip in the number of students travelling abroad for higher education in 2020 due to the pandemic, according to data from the Ministry of External Affairs (MEA), as reported by Business Wire India, a proof of normalcy has been reported. According to the report,study abroad loan applications increased by 98%in the first three months of 2022, when compared to the first three months of the year 2021.

According to the report by Prodigy Finance, a UK-based FinTech organisation that offers education loans to aspirants of overseas education, applicants from tier-II and tier-III cities such as Vijayawada, Visakhapatnam, Guntur, Warangal, Tirupati and many others contributed 176% of the overall growth witnessed by the company.

The report also highlighted several aspects of a student's study abroad aspirations. Among these, it was reported thatthe top five popular business schools for Indian candidates in 2021, according to the survey, were INSEAD, London Business School, IESE Business School, Wharton School, and Booth School of Business.

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Meanwhile, in 2021, the top five engineering schools for Indian candidates were Northeastern University, Carnegie Mellon University, the University of Texas at Arlington, Arizona State University, and the University at Buffalo.

As per the survey's further analysis, the most popular fields for studying abroad include business, engineering, healthcare, law, public policy, and science, with the average loan amount being USD 42,000.

Among the candidates traveling overseas, 67% were male, while 33% were female, with both rising at a pace of 58% and 54%, respectively.

Mayank Sharma, Country Head, Prodigy Finance, commented on the data study, saying that the Indian overseas education environment has seen a huge transformation in the post-COVID-19 period.

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He also stated that, with the expansion of worldwide travel, the relaxing of different barriers, and the increased use of vaccinations, the global education industry has begun to take up. The number of Indian students applying for admission to overseas universities has progressively been on the hike.

Source: News 18

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