Increase in Education Loan Recipients by 79% in Gujarat Over a Decade | Ahmedabad News - Times of India

Source: The Times of India
Author: Niyati Parikh

Ahmedabad: As the Gujarati aspiration for foreign education grew more voracious, the fees of private universities in India and abroad too have gone northwards. As a result, the number of takers of education loans has increased by 79% in the past decade. According to the latest report by the State Level Bankers' Committee (SLBC) - Gujarat, some 21,810 candidates sought education loans in FY2024, up from 12,152 in FY 2015 - a decade ago.

Both takers of education loans as well as disbursals have gone up substantially during this period. Against Rs280 crore in FY 2015, education loan disbursals touched an all-time high of Rs1,951 crore in FY2024, up 596% during the 10-year period.

In the past year alone, education loan disbursals increased 55%. Foreign education experts attribute this increase to the rising number of foreign education aspirants, more universities opening doors to Indian students, rising fees in private universities in both India and abroad and better prospects for work opportunities.