Tier 2, 3 cities saw 162% growth in loan applications for higher education abroad: Study

A United Kingdom-based Fintech company, Prodigy Finance which assists students in financing their overseas studies, has released a report on study abroad insights. It showcases that an increasing number of youngsters from India’s Tier 2 and Tier 3 cities are aspiring to go overseas for their higher education as per 2022.  

Further, applications for loans have increased by 162% and Hyderabad, Mumbai, Bengaluru, Delhi, and Chennai in Tier 1 cities have seen the highest number of loan applications, with a rise of 237% in Delhi and 193% in Hyderabad.

The report also revealed insights on emerging markets providing international education, with Netherlands (124%) and Italy (118%) witnessing a boost because of favourable laws and post-study work opportunities. However, the most preferred study abroad destinations among Indian students are anglophone countries such as the US, UK, and Canada which witnessed an upward trend of 68%, 29%, and 9% respectively.