Ahmedabad: Uncertainty induced by a pandemic, restrictions on trips, and moistened sentiments because of the second wave of the nastier of the investigation of Covid Deg’s education loans.
Educational loans worth RS 283 Crore were disbursed during the September 2021-22 quarter, down 60% compared to RS 689 Crore in the appropriate quarter of 2019-20 – during the pre-covid period, according to the latest report by the state level Bankir Committee (SLBC) Gujarat.
Estimates by bankers show that around 65% of the total causes of educational loans come from prospective foreign education and with limitation increases due to a pandemic situation, there is a clear shift in preference for foreign education among students.
“Loans are available to study overseas accounts for at least 65% of the total portfolio of educational loans, especially because of higher ticket size.
Since the pandemic, restrictions on international travel and student visa issuance, some students have not been able to pursue their dream of foreign education.
This It is one of the main reasons for the promise of educational loans as a whole down, “said MM Bansal, Convener, Gujarat state-level banker committee.
“Since the first quarter of seeing the second wave of Covid Nastier, people are increasingly reluctant to send children to pursue education abroad as a psychological fall.
As a consequence, the number of takers is added further.
According to the latest report by the state level banker committee, only 14 % of the targeted neglect of educational loans under the extended credit area (SACP) credit plan at the end of the second quarter 2021-22.
It can be noted that compared to the first quarter, the overall absorption for foreign education has increased.
However, against the pre-covid level, The absorption is quite low.