The claim that an increasing number of Indian students over the past 10 years have been choosing to study abroad is now also backed by data on education loans availed for the same. According to a report by the Public Sector Banks, a total of 4,61,017 Indian students have availed of education loans to study abroad.
Revealing this data in the Lok Sabha, the Ministry of Finance also highlighted that 42,364 students availed of loans to study medicine abroad. The data also revealed that a steady rise in the number of students applying for education loans has been witnessed over the past 10 years.
Starting from 2012-13, there were a total of 22,200 students who had availed of education loans to study abroad, which had been on the rise until the pandemic years. In 2019, 69.183 students had applied for education loans, however, a drop to 56,930 students availing of loans had been witnessed in 2020 as a result of the pandemic. The subsequent year again saw a spike in the numbers, with 69,898 students applying for study-abroad education loans.
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Here’s a chart outlining the total number of Indian students availing of education loans to study abroad spanning over the past 10 years.
Source: News18
The increase in the number of students availing of loans will also impact the total loan amount that has been disbursed over the years for the purpose. As per the data shared in the parliament, more than INR 39 crores had been disbursed during the 10 years, nearly amounting to the total 2023-24 education budget of the country.
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As per data shared, in 2012-13, the country disbursed around a total of INR 1,180 crores in education loans, which steadily increased over the following years. In the year following up to the beginning of the pandemic, i.e. 2019-20, a total of INR 5,885.7 crores was disbursed as study-abroad education loans. This number dropped in 2020-21, where INR 4,503.41 crores had been disbursed, which spiked up again in 2021-22, where a significantly high INR 7,576.02 had been disbursed as education loans to Indian students.
The data as represented by the Ministry of Finance in the Lok Sabha is proof of how and why studying abroad has become one of the better options for thousands of students across the country. With flexible payment methods and better career prospects waiting for students, studying abroad with the help of education loans could be the option for you!
Source: The Indian Express
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