Breaking free from Covid-19 travel and economic blues, there has been a 98 per cent growth in study abroad loan applications in the first three months of 2022 vs the first three months of 2021, observed Prodigy Finance, a UK-based FinTech company.
As per the data, of the total growth, candidates from tier-II and tier-III cities including Vijayawada, Visakhapatnam, Guntur, Warangal and Tirupati have contributed 176 per cent of this growth.
The report also shares that the top five popular business schools for Indian applicants in 2021 were INSEAD, London Business School, IESE Business School, Wharton School, Booth School of Business. Meanwhile, the top five popular engineering schools for Indian applicants in 2021 were Northeastern University, Carnegie Mellon University, University of Texas at Arlington, Arizona State University, University at Buffalo.
Further the report said that the most preferred streams for studying abroad are Business, Engineering, Healthcare, Law, Public Policy and Science and the average loan amount for the study abroad applications was $42K. Among the candidates going to abroad, 67 per cent of applicants were male while 33 per cent of applications were female growing at a rate of 58 per cent and 54 per cent respectively.
Commenting on the data report, Mayank Sharma, Country Head, Prodigy Finance said; “The Indian foreign education landscape has undergone a massive change in the post-COVID-19 era. With the opening up of international travel, easing of various restrictions and vaccinations being ramped up, the global education sector has started to pick up. The number of applications of Indian students for admission to foreign universities has gradually been on a rise.”
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