TRENDS IN THE EDUCATION LOAN INDUSTRY IN INDIA

 

The Indian Economy has sprung back in action with the recovery from the epidemic in 2021- 22, in spite of being intruded by a harsh third surge. Monetary and credit conditions made way for a sustainable financial policy Stance, still, global outages led to high market Volatility. India is the most prone to similar request disturbances. In lieu of similar drastic profitable conditions, we take a look at the Indian education loan market.

The Indian Economy is gaining momentum as it comes out of the third Covid surge, which is in divergence with the global profitable script, the Reserve Bank of India(RBI) said in its report.

Both manufacturing and services remain in expansion with positivity on-demand parameters and supplement in consumer and business confidence," the central bank said.


Education Loans for Studying Abroad

Studying abroad can be a life-changing decision still this decision and its perpetration do not come readily. Individuals who want to pursue their dreams of studying abroad but find themselves lacking the right direction to chase their dreams now have the option to finance their dreams in a structured manner. With the availability of traditional instruments as well as non-traditional sources of finance that are tailor-made to suit individual requirements.

 

Eligibility to apply for education loan

The first and foremost thing is to check whether one is eligible to apply for a study loan or not. Below are the most commonly known general terms and conditions that are generally followed by any bank in the process of granting an education loan.

The aspiring Student should be a citizen of India.

The aspiring Student must have attained the age of 18 differently his/ her

parents will have to take the loan.

The aspiring Student must have a good academic background.

The aspiring Student must have secured admission to an honored foreign university/ institution/ council.

The said course which the aspirant is going to study must be a specialized or professional one, as banks give preference to job-acquainted courses.


CURRENT MARKET SCENARIO

Bank lending to scholars shrank by nearly 6 percent to Rs63,000 crores in January 2022 from two times before, as compared to previous data from the Reserve Bank of India.

The education loan portfolio of banks fell by 3.7 percent between 2020 and 2021 and by another2.4 percent between 2021 and 2022, the RBI data showed. Education loans were just over Rs67,000 crores in January 2020.

Overall The personal loan portfolio grew during this period – by11.6 percent in January 2022 from a time before compared with 8.7 percent growth in the previous year.


IN CONCLUSION

The compass of education has widened Both in India and abroad covering new courses in diversified areas. Development of Human Capital is public precedence and we should strive to utilize it in such a way that no meritorious pupil is denied the opportunity to pursue advanced education due to a Lack of Fiscal support. Best education loans should be seen as an investment for profitable development. Knowledge and information would be the driving force for profitable growth in the coming times.

ORIGINAL CONTENT:- TRENDS IN THE EDUCATION LOAN INDUSTRY IN INDIA


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