Applications for education loans drop by 45% in FY2022

Applications for education loans drop by 45% in FY2022

Due to massive delays in visa application processing in the US, Canada and Australia, several foreign education aspirants have either deferred plans to go abroad or have opted for their first semester online.

Uptakes for education loans have gone down 45% with visa appointment unavailability and general reluctance towards studying abroad in the wake of Covid-19. According to the latest report by the State Level Bankers Committee, Gujarat, the number of education loan applicants declined to 16,275 in 2021-2022 from 29,335 in 2020-2021.

Moreover, the number of applications for foreign education has gone down due to the pandemic which imposed travel restrictions. In the meantime, the costs of education abroad were also increased resulting in the decline of applicants and thereby, declining the number of students opting for education loans.

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