This is because students are likely to seek alternative destinations for their education instead of postponing their academic pursuits.
The assets under management of retail education loan NBFCs for the students pursuing education in Canada increased to ₹5,183 crore as of June 30 from ₹1,426 crore as of March 31, 2021. This constituted nearly 20% of the total assets under management.
NBFCs have experienced consistent growth in the overseas education segment, driven by a strong and sustained demand for international education among Indian students.
Going forward, the demand for international education will persist due to the robust volume of loan applications witnessed during April-September and the continued high number of student visa issuances for Indian students. While the incremental volume of applications to Canada may be impacted in the short-term due to ongoing bilateral tensions between the two countries, analysts believe that these issues will be resolved.
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