December 13, 2023Business Desk

Exponential increase in student loans in 2023

For the first time in five years, growth in education loans not only turned positive but also registered a 17% surge in the last financial year which ended in March 2023.

Source: pexels

This is significant because the growth in education loans was flat during 2021-22 and it was negative for the three years before it. The education loans were down by 3%, 3.3%, and 2.5%

Source: pexels

The spurt in demand for loans for studies abroad and the willingness of banks to extend collateral loans are driving the growth in education advances from the last financial year.

Source: pexels

The government has various schemes for students to ensure easy securing of educational loans.

Source: pexels

Educational loans for higher studies can enable easy access to various options, including abroad.

Source: pexels