The same report adds that education loans for overseas studies are a rapidly expanding segment for non-banking financial companies (NBFCs), whose education loan assets under management (AUM) grew by over 80 per cent and 70 per cent in financial year 2023 (FY23) and FY24 respectively. NBFCs' total education loan AUM stood at around ₹43,000 crore on March 31, 2024 and is expected to grow by 40-45 per cent in the current financial year.
Many colleges in popular study destinations for Indian students, such as the US, UK, Europe, Canada and Australia, have hiked tuition fees. "With tuition fees for international students rising, education loans have become critical for bridging the gap between savings, scholarship, and full cost," says Vibha Kagzi, founder and chief executive officer (CEO), ReachIvy.com.
Indian students typically approach banks, NBFCs, and a few international lenders for foreign education loans.
KEY DECISION-MAKING CRITERIA
This story is from the September 10, 2024 edition of Business Standard.
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This story is from the September 10, 2024 edition of Business Standard.
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