Out of the total number of students, 42,364 students have taken education loan to study medicine (Representational Image)
The last 10 years have also seen a steady rise in the number of students availing education loans
The Ministry of Finance (MoF) informed the Lok Sabha on Monday, February 13, that a total of 4,61,017 students have availed education loan for studying abroad in the last 10 years. As per the Indian Express report, out of the total number of students, 42,364 students have taken education loan to study medicine. As per the data shared by the ministry in Parliament, the number of students availing education loan has seen a steady rise in the last 10 years.
As per the Indian Express report, a total of 22,200 students received education loan disbursement in 2012-13 and the number kept increasing till 2020. During the pandemic, 56,930 students benefited from education loans, which is lower than the students in 2019, when 69,183 students took education loans to study abroad. In 2021, there was a gradual increase as 69,898 students availed the education loan.
The report further states that despite the effects of the pandemic on medical students and the post-war effects of Russia and Ukraine, there has been a steady increase in loans given to study medicine abroad. A data from the Finance Ministry shows that student loans worth Rs 39,268.82 crore were disbursed in the last 10 years. In addition, out of the total, a loan of Rs 1,790.16 crore was disbursed for students studying medicine abroad.
Loans disbursed for medicine degree abroad:
2018-19: 237.13 crore
2019-20: 298.97 crores
2020-21: 243.64 crore
2021-22: 289.82 crores
As per the data shared, the amount of loan disbursed has been increasing over time and the highest amount was in the year 2021-22. Loans for medical education abroad have also increased from Rs 51.86 crore in 2012-13 to Rs 289.82 crore in 2021-22, media reports said. According to Career360, this is an increase of 459 percent in a decade.
Students took loans to study abroad:
2012-13: 22,200
2013-14: 29,373
2014-15: 38,047
2015-16: 45,197
2016-17: 50,029
2017-18: 56,896
2018-19: 60,628
2019-20: 69,183
2020-21: 56,930
2021-22: 69,898
In 2015, the government eased the process of applying for education loans by launching the Vidya Lakshmi portal for students. This website collects all the information about student loans and helps students as a single-window system for loan application and tracking.
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