Indian students are steadily becoming a huge source of boost in foreign economies. UniCreds reported an 18% increase in student loan disbursement between 2021 to 2022. A total of 69,898 students are supported with an education loan in 2020. In 2012- 2013 there were only 22,200 students who received an education loan. Currently, the UK is having the highest number of Indian students. Australia is also having a huge surge of Indian students which increased the requirement for education loans to a huge extent.
Growth in Disbursement of Education Loan
Bhagwad Karad, Minister of State for Finance with the Lok Sabha, declared a huge number of loan disbursements. Over the past 10 years, India has seen a 215% increase in loan disbursement for study purposes. From 2012 to 2022, nearly 4.6 lakh students availed of an education loan. The exciting part is that 9.18% of these students availed of a loan to study medicine abroad. The growth that trebled down in 2021 successfully took back to 69,898 students in 2022.
Study Abroad Disbursed Loan Amounts
In the past ten years, India has disbursed 2022-2023 higher education budget worth of education loans to students. This amounts to INR 39,268.82 crore. Out of this budget, INR 1,790.16 crore disbursed to students taking up medical courses abroad. Steady growth observed in the medicine stream as well. Students looking for studying abroad with medical courses took INR 289,82 crore worth of study loans. This was a 459% hike within a decade. The hike is noticed in the latest years post covid and the Ukraine-Russian war. These events made medicine come to the forefront saving other industries worldwide.
The Indian Government has streamlined the education loan application process with the Vidya Lakshmi portal. This portal contains all relevant information and updates regarding education loans for studying abroad. You can read more about study abroad loans here.
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