Steady rise in availing education loan to study abroad: Finance Ministry

As per Public Sector Banks (PSBs), in the last 10 years, a total of 4,61,017 students availed educational loans for studying abroad, the Ministry of Finance informed Lok Sabha. Out of these, 42,364 students have availed loans for studying medicine.

The data was shared in the parliament, which showcased that a steady rise has been observed in the number of students availing education loans over the last 10 years. In 2012-13, a total of 22,200 students received education loan disbursement and the number continued to rise until 2020.

During Covid-19, a total of 56,930 students availed education loans, which was much less than the 56,930 students in 2019. And 69,183 students had availed loans to study abroad. The hit gradually recovered in 2021 when 69,898 students took education loans.