Education loan | Disbursals surge by 33.8% in Gujarat!

Education Loan in Gujarat

In a clear indication of the burgeoning dreams of studying abroad among the youth in Gujarat, education loan disbursals have experienced a significant upswing, witnessing a remarkable 33.8% rise during the second quarter of the fiscal year 2023-24.

According to the State Level Bankers Committee (SLBC) Gujarat, banks disbursed a noteworthy Rs 511 crore for education loan in this quarter, as compared to Rs 383 crore in the corresponding period of the previous fiscal year 2022-23. This substantial increase is attributed by bank officials to the growing number of students aspiring to pursue both undergraduate and postgraduate courses abroad.

Diversification in fields of study

Unlike in the past, students are not limited to pursuing engineering and management courses abroad. They are now exploring diverse fields like psychology, humanities, mass communications, and public policy, reflecting a broader spectrum of academic interests among the aspiring youth.

Changing trends in study abroad choices

Foreign education consultants highlight that the easing of bank norms for education loans and increased awareness have played pivotal roles in this growth. Students are increasingly pursuing education in countries like the US, Canada, the UK, New Zealand, Singapore, Germany, Netherlands, and Australia. Earlier, students went abroad primarily for postgraduate courses. However, this trend has changed a lot, and the number of applicants for graduate courses is rising.

Promotion of education loans

Simultaneously, banks are actively promoting their education loan products. Increasingly, students are becoming aware of how easily they can avail finance to study abroad. So, they work hard to get good scores to secure admissions to universities of repute. Interestingly, banks maintain a list of high-ranking universities.

WRITTEN BY

Aastha

Study Abroad Expert

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