As reported by Public Sector Banks (PSBs), in the last 10 years, a total of 4,61,017 number of students availed educational loans for studying abroad, the Ministry of Finance informed Lok Sabha on Monday. Out of these, 42,364 students have availed of education loans for studying medicine.
As per the data shared in the parliament, a steady rise has been observed in the number of students availing education loan over the last 10 years. In 2012-13, a total of 22,200 students received education loan disbursement and the number continued to rise until 2020.
In the pandemic year, 56,930 students availed of education loans which was much less than the 56,930 students in 2019 when 69,183 students had availed of education loans to study abroad. The hit gradually recovered in the next year (2021) when 69,898 students availed of education loans.
Despite the onset of Covid-19 and the effect of Russia and Ukraine’s war on medical students, the loans disbursed for studying medicine abroad have risen steadily.
| Year | Loans disbursed for medicine degree abroad |
| 2018-19 | 237.13 crore |
| 2019-20 | 298.97 crore |
| 2020-21 | 243.64 crore |
| 2021-22 | 289.82 crore |
The data also shows that student loans worth Rs 39,268.82 crore were disbursed in the last 10 years. Of this, Rs 1,790.16 crore worth of loans were disbursed for studying medicine abroad.
Courtesy : The Indian Express