India's Study Abroad Frenzy:
Fueling Dreams and a Surge in Loan Applications
Sulekha Study Abroad: From Expert Guidance to Global Opportunities.
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- Top Destinations: Insights into renowned study-abroad countries.
- Up-to-date data: Information on foreign entrance exams, deadlines & accreditation.
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It doesn't take long to notice that many Indians aspire to pursue higher education abroad. Also, studying abroad seems to be the latest cash cow in India post-pandemic era as there has been a significant increase in international institutes focusing on test preps for IELTS, TOEFL, and GRE, and catering to other services like university shortlisting, visa application, SOP writing, and more.
Language proficiency tests are the first of the many steps for education abroad, especially for English-speaking countries, which are predominantly a student’s favorite. Then comes the financial institutions in the picture, which provide students with significant funds to cover their tuition fees, living expenses, etc.
The dramatic shift in the banking ecosystem bolstered students to procure education loans from public and private sector banks. However, let us not forget that banks in India are business-centric, and the objective of welcoming study-abroad applicants is to enhance their institute’s structure to emerge as a leading financial institution. The bright side here is that study abroad applicants are provided with non-collateral loans, especially for the middle-class and needy who cannot self-fund. This gives rise to innumerable abroad education loan applications across the country.
International education, it seems, is the latest cash cow in India. In recent years, it has spawned an entire industry of consultants, prep classes and tuitions, and financial services catering to sending students abroad. The ecosystem is self-referential, its extant elements feeding off each other.
Around 1.3 million Indian students are studying abroad for 2022, with the US being their top choice, as per the Ministry of External Affairs. Also, amid the Pandemic, Study Abroad Numbers Plummet: 2020 Witnesses a Sharp Decline from 5.9 Lakh to 2.6 Lakh Students Going Overseas. (Source: The Hindu.com)
Despite the challenges posed by the pandemic, Indian students remained committed to pursuing global education. Let's delve into the top five countries Indian students chose for their overseas education in 2022.
TOP 5 COUNTRIES FOR INDIAN STUDENTS 2022
- USA – 1,90,512
- Canada – 1,85,950
- United Kingdom – 1,32,709
- Australia – 59,044
- Germany – 20,684
Approximate Tuition Fee Per Annum:
- USA – 40 Lakh
- Canada – 19 Lakh
- UK – 10 Lakh
- Australia – 10 Lakh
- Germany – 2.5 Lakh
No. of Indian Students Going Abroad
- 2017: 4,54,009
- 2020: 2,59,655
- 2022: 7,50,365 Sourced From (leverageedu.com)
NBFCs Revolution in Education Loan
In the past, it was primarily the privileged elite who could afford to send their children abroad for education. However, the landscape has evolved, with a substantial increase in middle and upper-middle-class families choosing international education for their offspring. This shift has been reinforced by the accessibility of convenient financing options from banks and Non-Banking Financial Companies (NBFCs), which have recognized the immense potential of providing study-abroad loans.
Since its inception in 2021, the NBFC platform has been utilized by nearly 50,000 students, resulting in almost 9,000 successful loan applicants who have secured a combined total of $165 million. It's worth noting that 87% of loan recipients are from Tier II, III, and IV towns, while 23% come from families with an annual income below ₹5 lakh. The platform operates under a student-friendly model. Grad Right co-founder Aman Singh explains that its revenue is generated through partnerships with banks and registered colleges, ensuring students can access the platform for free.
The study abroad craze is not just a craze anymore becauseit is estimated that out of all the 586,000 Indian students studying abroad, over 66% reside in the USA, Canada, and Australia. Also, around 1.8 million Indians are expected to spend $85 billion on overseas education by 2024. (RedSeer.com)
Conclusion:
To sum up, abroad education in India is going through a significant transformation. Previously, studying abroad was mainly for the wealthy, but now, many middle and upper-middle-class families are also considering foreign education for their children. This shift is largely due to the support of banks and Non-Banking Financial Companies (NBFCs) that offer more accessible study-abroad loans.
This surge in accessibility and the willingness of institutions to support students in their pursuit of global education bode well for India's educational landscape. It broadens the horizons for students and promises a more diverse and enriched pool of talent ready to contribute to the ever-evolving global economy. As we move forward, the potential for education abroad will grow, creating more opportunities and fostering a brighter, more interconnected future for Indian students.
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Monika Answered on 20/12/2023
Studying MBBS in the USA can cost between $30,000 and $60,000 per year, which doesn't include additional expenses like living costs and health insurance. For instance, renowned institutions in urban areas may have higher fees than universities in suburban or rural settings. In addition to tuition, Indian students need to consider other essential costs.
 The approximate cost of living in the USA varies: housing ($1,000 to $2,500/month), food ($300 to $500/month), transportation ($70 to $120/month for public transit), utilities ($150 to $250/month), healthcare (a few hundred dollars/month), and miscellaneous expenses ($200 to $400/month).While the upfront costs can seem substantial, prospective students should explore financial aid opportunities, scholarships, and grants.
Many universities and private organizations in the USA provide financial assistance to international students based on merit or need. This financial support can significantly alleviate the overall cost of pursuing a medical degree. Researching specific universities is crucial to obtaining accurate and up-to-date information on fees and available financial aid.
Students should consider the overall environment, quality of education, and potential for research or clinical experience when selecting a university in the USA for their MBBS program. Connect with Sulekha Study Abroad Experts now!Read More(2)(0)Have questions about studying abroad? Ask NEHA, your study abroad companion!
Top Study Abroad Consultants
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Services: Study Abroad,Immigration consultants,Visa consultants,US Visa consultants
About:Welcome to Focus Immigration Services, where we he Read moreWelcome to Focus Immigration Services, where we help students and professionals reach their dreams of studying and working abroad. Our team of experienced and knowledgeable visa and immigration consultants provide assistance in all aspects of the process, from choosing the right program to securing a visa. We specialize in overseas education and offer services for various countries, including the USA, UK, Australia, Canada, New Zealand, and Singapore. Our expertise also covers a wide range of fi
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Services: Study Abroad,Visa consultants
About:Blue hills immigration is one of the trusted immig Read moreBlue hills immigration is one of the trusted immigration Consultants having years of experience in offering high-quality solutions in visa processing. we have a large list of successful and satisfied clients. at blue hills immigration, we provide assistance in securing family visas, business visas, dependent visas student visas, etc. we believe in providing world-class services to our clients our skilled professional and expert immigration counselors are the faces of our organization. we provide
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Services: Study Abroad,Visa consultants
About:With years of dedicated service in the field of ov Read moreWith years of dedicated service in the field of overseas education and visa consulting, Mastermind Immigration has become a reputable and trusted name in the industry. Our extensive experience has equipped us with the knowledge and expertise necessary to assist our clients in achieving their dreams of studying abroad or obtaining the necessary visas to travel or relocate overseas. Business Type: Overseas Education, Visa Consultants About Us: At Mastermind Immigration, we are committed to helping
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Services: Study Abroad,Visa consultants
About:We are an overseas education consultant company lo Read moreWe are an overseas education consultant company located in Chandigarh with an aim of helping our clients in completing their higher studies from reputed countries known for their high quality of education like Australia, Canada, Europe, New Zealand, UK and USA. We assist students to make the right choice with regards to pursuing education in overseas educational institutions. We provide the right guidance to students so that they choose the best course and institution suited to their needs and h
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Services: Study Abroad
About:Petals International, established in 2012, has mas Read morePetals International, established in 2012, has massive experience in offering overseas education services for students in Delhi and NCR. We offer overseas education services to countries like UK, Dubai, Mauritius, Malaysia, Ukraine, Singapore, Cyprus, etc. Our certified trainers guide the students through the entire process of applying to universities for their higher education. We help students choose the university that meets their academic and financial needs. We also offer visa applications,
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Services: Study Abroad,Visa consultants
About:Se International Immigration Company deals in stud Read moreSe International Immigration Company deals in study visa for Australia, Canada, USA & Europe. We counsel the students aspiring to study abroad in best way possible. We also provide tourist visa for countries like Schengen Countries, Canada, Australia, USA, Singapore, etc. Welcome to SE International Immigration Consultant Pvt. Ltd., your dedicated partner in shaping dreams and facilitating global opportunities. With a noteworthy experience of 2 years, SE International stands a
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Services: Study Abroad,Visa consultants
About:"We are Punjab Government Approved (License Read more"We are Punjab Government Approved (License No. 1407) overseas education consultant company providing assistance to study in Canada, Australia, UK, USA, Germany."
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Services: Study Abroad
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Services: Study Abroad,Immigration consultants,Visa consultants
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Services: Study Abroad
About:Welcome to UKIEC, a leading overseas education con Read moreWelcome to UKIEC, a leading overseas education consultancy located in the bustling area of Sector 17C. With our extensive experience in the field, we have been assisting students in pursuing their dreams of studying abroad for over a decade. Our team of experts specializes in providing guidance for various programs including MBA/BBA, medicine/MBBS, engineering, journalism, and more. We have a wide range of options to choose from including popular study destinations such as South Korea, Dubai, Ma