Post-pandemic, Tier-II and Tier-III cities lead way for overseas education, Prodigy Finance data reveals

Prodigy Finance, a UK-based FinTech company has released data that shows there is 98%  growth in study abroad loan applications in the first three months of 2022 with respect to the first three months of 2021 in which tier-II and tier-III cities including Vijayawada, Visakhapatnam, Guntur, Warangal and Tirupati among others have contributed 176% of the total growth. 

The study also revealed that most preferred streams for studying abroad are business, engineering, healthcare, law, public policy and science with an average loan amount of  $42,000 for the study abroad applications, among which 67% of applicants were male while 33% of applications were female growing at a rate of 58% and 54% respectively.

According to the report, the top 5 popular business schools for Indian applicants in 2021 were INSEAD, London Business School, IESE Business School, Wharton School, Booth School of Business whereas the top 5 popular engineering schools for Indian applicants were Northeastern University, Carnegie Mellon University, University of Texas at Arlington, Arizona State University, University at Buffalo. 

“The Indian foreign education landscape has undergone a massive change in the post-COVID-19 era. With the opening up of international travel, easing of various restrictions and vaccinations being ramped up, the global education sector has started to pick up. The number of applications of Indian students for admission to foreign universities has gradually been on a rise,”  Mayank Sharma, country head, Prodigy Finance, said.

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