Prodigy Finance, a UK-based fintech company providing loans to students globally without any collateral or cosigner, says it witnessed a 98% growth in study-abroad loan applications from India in the first three months of 2022, compared to 2021 figures.
There has been a surge in the number of students going abroad in general. V Muraleedharan, minister of state for external affairs, told Rajya Sabha that over 1.33 lakh students had left the country for education in foreign universities till March 2022. The Open Doors report stated that the number of Indian students in the US rose 18% in 2021-22; in 2022, the US Mission in India issued a record 82,000 student visas till September. Also for the first time, there are more Indian students than Chinese in the United Kingdom, with their number growing 273% from 2019 to 2022. Overall, the number of students going abroad is roughly increasing by 8-10% year-on-year, with the Indian student loan market currently at $10 billion or more, according to Unitus Ventures. With only 5% of this market being serviced by the organised sector, the opportunity is huge, said Mayank Sharma, head of global partnerships and country head, India, Prodigy Finance. Tapping into it are private financial companies global firms like Prodigy Financing and MPower, and Indian companies such Avanse Financial and Gyan Dhan. They offer a host of collateral-free loans through risk and data analysis.
However, despite the sharp spike in numbers, there's fear of trouble ahead. Inflation, recent layoffs in the technology sector, war have made both students and lenders cautious.
Independent loans, interest rates
The Indian student loan market still works on collateral for most loans.
Bu hikaye Careers 360 dergisinin December 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Careers 360 dergisinin December 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
The 50 colleges in 5 countries where most Indians go for MBBS abroad
Data on countries and colleges from the Foreign Medical Graduates Examination (FMGE) 2022 - the latest available - shows that most Indians who completed medical degrees abroad and wrote the FMGE went to five countries.
Foreign medical colleges: Look before you leap
A close look at foreign medical colleges that thousands of Indians have graduated from shows that many are unaccredited, don’t have hospitals or even their own websites
'Either I clear FMGE or leave the country'
After spending lakhs on MBBS degrees abroad, thousands spend years trying to clear the FMGE. That is the only option for Indian graduates of foreign medical colleges to build a career in India
Why hundreds of nursing graduates leave India each year
There has been an increase in nursing institutes over the past two decades but policy gaps, lax regulations, poor pay and opportunities are pushing a large number of nursing staff to seek opportunities abroad
In Kashmir, why NEET and JEE candidates flock to private reading halls to prepare for exams
These are accessible round-the-clock, even on public holidays, have private cabins and booths, kitchen, discussion area and some, even places for napping
Battling despair and depression in medical school
Long hours, bullying, lack of support make a difficult programme tougher for medical students. They hope for clear guidelines from the NMC
This father-daughter duo uncovered a scam in NEET admissions in West Bengal
Several generalcategory students had secured admission in medical colleges with forged ST certificates. Ishita Soren spotted the names, and her father followed up
'Forced to take up bonded labour
There's massive resistance to a state policy in Karnataka that requires even private medical college graduates to do one year's mandatory rural service
‘A routine circus': PG medical students lobby, move court to get stipends
Despite NMC orders, many medical colleges still seriously underpay resident doctors and threaten them into silence. In government colleges, stipends can be delayed for months
Why Mizoram wants centre to take over its only medical college
Mizoram got its first state medical college in 2018. In 2023, it asked the union government to take over. Mixed up in this are questions of funding, MBBS seat distribution