Visa Crunch

Study Abroad Loan Applications Surge By 98% In 2022

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

Prodigy Finance is a FinTech company established in the United Kingdom. According to the report, applicants from tier-II and tier-III cities, including Vijayawada, accounted for the majority of the total growth. Visakhapatnam, Guntur, Warangal, and Tirupati accounted for 176% of this growth.

According to the research, the top five most popular business schools for Indian candidates in 2021 were INSEAD, London Business School, IESE Business School, Wharton School, and Booth School of Business are some of the top business schools in the world.

According to the survey, the most popular fields for studying abroad include business, engineering, healthcare, law, public policy, and science, with the average loan amount being $42K. Among the candidates traveling abroad, 67% were male, while 33% were female, with both growing at a pace of 58% and 54%, respectively. Mayank Sharma, Country Head, Prodigy Finance, commented on the data report, saying, “The Indian overseas education environment has seen a huge change in the post-COVID-19 period.”

With the expansion of worldwide travel, the relaxing of various barriers, and the increased use of vaccinations, the global education sector has begun to pick up. The percentage of Indian students applying for admission to overseas universities has constantly increased.

Legal Disclaimer: This article is provided for information purposes only.

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