According to the Ministry of Finance, the number of study abroad loans in India has increased by 215% from 2012-13 to 2021-22. Additionally, the Finance Ministry reports that 4.61 lakh Indian students availed of education loans from 2012 to 2022. Furthermore, the Ministry states that 22,200 students and 69,898 students got abroad studies education loans during 2012-2013 and 2021-2022, respectively.
Moreover, the Ministry of Finance also stated that the Government of India disbursed INR 39,268.82 cr student loans during 2012-2022. In addition, the concerned ministers also state that study abroad medical education loans grew from INR 51.86 cr in 2012-2013 to INR 2,89,82 cr in 2012 to 2022. It amounts to a 459% surge in medical education loans in the concerned decade.
The aforementioned spike in international student loans can be somewhere attributed to the streamlining of these loans. In 2015, the central government streamlined the loan application process through Vidya Lakshmi Portal.
Vidya Lakshmi Portal
Now, let us know about the basic features of the Vidya Lakshmi Portal for study abroad students:
- It is an online portal for students seeking educational loans in India.
- It provides a single platform to apply for various loan schemes offered by different banks.
- It streamlines the Vidya Lakshmi Portal loan application process and reduces student loan paperwork.
- It enables students to compare and choose loan options based on interest rates, repayment terms, etc.
- It offers a transparent and efficient system for loan disbursement and tracking.
- It facilitates direct communication between students, banks, and top universities of the world.
- It provides information about scholarships and other financial aid opportunities.
- It offers resources and tools to help students make informed decisions about educational loans.
- It simplifies the process of loan repayment with online payment options.
- It aims to promote financial inclusion and access to higher education in India and abroad.
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