The United States (US) has emerged as the top preference for Indian students, with an average loan amount of 40.6 lakh being taken to opt for a Master’s course in the country, a study by ForeignAdmits revealed.
Australia is the second top preference among students with an average loan amount of 33.13 lakh, followed by the United Kingdom with an average loan amount of 31.03 lakhs, and Canada with 27.74 lakh, the study said.
At the lower end of the dataset is Germany which recorded a comparatively lower average loan amount of 17.71 lakh while Ireland recorded an average loan amount of 24.48 lakh, it added.
Along with the loan amounts, the data highlights the type of loans Indian students have opted for financing their studies abroad. Majority of the students, comprising 60%, opted for unsecured loans, most likely for the flexibility and convenience without collateral requirement. Secure loans requiring collateral were opted by 19% of students while the remaining 21% availed their financial assists from international lenders (in US dollars).
“The data shed light on the determination and commitment of Indian students to pursue quality education at international land; and yet navigating the right path to satisfactory study abroad experience can be quite complex, however, with the right facilitator it doesn’t have to be complicated”, Ashwini Jain, CEO, founder, ForeignAdmits, said.