June 16, 2022

New Study: Lower Income Students Drive India Loan Application Surge

A A recent study by a leading international postgraduate finance company found an increase in loan applications from Indian students on student finance platforms, particularly those from underdeveloped areas.

Data collected by the platform shows that Indian students applying for education loans rose from 98% in the first quarter of 2022, compared to what it was in 2021. Mr Mayank Sharma, Country Head for Prodigy Finance told the press that the trend has continued into the second quarter of 2022, now reaching a 100% growth in loan applications from India this year compared to last year.

…we are very excited to see that a lot of students from tier-two and tier-three cities are now able to make their study abroad dreams come true…

While speaking to the media, Mr. Sharma further added, “We are very excited to see that a lot of students from tier two and three cities are now able to make their study abroad dreams come true.”

Mr. Sharma believes that students are becoming more aware of and trusting of fintech platforms such as Prodigy Finance for funding their international studies. "Aspiring students are increasingly considering Prodigy as their lender of choice, which is driving this growth for us," he said.

Posted in News and tagged News, India, Prodigy Finance, Loan Application, Study, Students
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