News & Events
Remarkable Increase in Loans for Indian Students to Study Abroad
The craze of studying abroad has continuously increased among Indian students in the last three years. It has shown a huge fivefold increase in education loans offered by Indian Non-Banking Financial Companies (NBFCs). In the current fiscal year, the NBFCs are expected to see significant growth, with education loan assets under management projected to enhance by 35-40% to ₹35,000 crore. This continuous growth is driven by some special business models.
After the effects of the pandemic, a rapid increase in the number of students traveling abroad increased to 4,50,000 in FY22 and 7,50,000 in FY23. In the past few decades, approximately 5 lakh students availed the chance to get educational loans for their overseas education.
A huge number of Indian students choose to study in Canada. Approximately 40% of all international students who are studying in Canada are from India. The recent diplomatic tensions between Canada and India have not uninterrupted the visa services for Indian students.
There is a huge increase in the number of Indian students, along with the percentage of visas granted to students increasing from 14.6% in 2015 to 40% in 2023. The main factors that are contributing to the trend include better career prospects and recently introduced Post-Graduation Work Permit Extension courses that study in Canada offered to international students.
With the loan services, you can pursue your dream course from abroad at affordable prices. Get proper guidance and support from Career Clinic and create a successful career abroad.
