America Tops in Indian Students’ Abroad Studies Loan
With the rise in the pursuit for higher and better education, Indian students are increasingly venturing abroad for further studies. Recent data reveals average loan amounts availed by Indian students for some of the top international edu destinations to pursue their Master's courses. The data shows students availing the highest amount for countries like the US and the UK, shedding light on the financial aspect of their educational journey.
Figures gathered by ForeignAdmits, a study abroad enabler platform, unveil interesting insights into the preferences of Indian students and the financial resources they utilize in attaining their study abroad goals. The United States emerges as the top preference for Indian students, with an average loan amount of 40.6 lakhs INR (approx. $49,474 USD) being utilized for their Master's course. Australia follows close behind with an average loan amount of 33.13 lakhs INR (approx. $40,366 USD); The United Kingdom emerged in the third spot with an average loan amount of 31.03 lakhs INR (approx. $37,808 USD). Canada follows suit with 27.74 lakhs INR (approx. $33,800 USD). At the lower end of the dataset is Germany which recorded a comparatively lower average loan amount of 17.71 lakhs INR (approx. $21,580 USD) while Ireland records an average loan amount of 24.48 lakhs INR (approx. $29,828 USD).
Along with the loan amounts, the data highlights the type of loans Indian students have opted for financing their studies abroad. Majority of the students, comprising 60%, opted for unsecured loans, most likely for the flexibility and convenience without collateral requirement. Secure loans requiring collateral were opted by 19% of students while the remaining 21% availed their financial assists from international lenders (in US dollars).
"The data shed light on the determination and commitment of Indian students to pursue quality education at international land; and yet navigating the right path to satisfactory study abroad experience can be quite complex, however, with the right facilitator it doesn't have to be complicated", said Ashwini Jain, CEO & Founder, ForeignAdmits. "The considerable rise in the number of Indian students opting for study abroad programs reflects the value they place on the international education system and recognition of career opportunities it can unlock", added Jain. ForeignAdmits is a platform that offers comprehensive solutions for study abroad consultants and students. It simplifies study abroad financing by providing an innovative and tailored education loan product designed to assist students planning to study overseas.