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A UK-Based fintech company, Prodigy Finance, is helping international students by providing loans without cosigners or collateral. The company said that the number of study-abroad applications from India has increased by more than 98% in the first three months.
A significant number of students from India are going abroad to fulfil their higher education at their dream universities. Till March 2022, more than 1.33 lakhs students have left India and followed their dream. In addition, the number of Indian students in the USA is also increasing. As per reports, the USA embassy has issued issues more than 82,000 student visa applications. Apart from that, the number of Indian students in the UK is also increasing than the number of Chinese students.
Overall, the number of international students going to study abroad has increased by more than 10%. This opportunity is huge and Prodigy Finance is helping students with their dream of pursuing higher education at foreign universities.
Global companies such as MPower and Prodigy Finance and Indian companies such as GyanDhan and Avanse Financial are some of the most famous non-banking financial institutions that are helping students with education loans.
However, even though the sharp spike in the numbers is good news, there are also numerous issues. Recent layoffs and inflation in the technology sector have made both lenders and students cautious.
Even though many students used to face different types of interest rates based on their course, credit score, and future employability, fintech loans are changing the scenario.
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