Mumbai based edtech platform, Yocket has said that “It has helped with 1000 Cr of financing to more than 2500+ students and working professionals who wanted to study abroad.”
According to Yocket, the top 5 states in terms of loan applicants include Maharashtra, Telangana, Andhra Pradesh, Karnataka, and Tamil Nadu. Notably, Yocket has tied up with 10 educational loan providers across various categories. The banks include Axis Bank and ICICI Bank. The NBFCs boast HDFC Credila, Avanse, Auxilo, and InCred. The Fintech loan provider category has Leap Finance, Prodigy Finance, and MPower Finance.
“The students have shown more interest in moving to the US for higher education. The overall numbers of interest for Australia and New Zealand have significantly dropped but till now, 2022 might be the biggest year for the US. This is due to its successful vaccination program from which students have gained a lot of confidence and are now opting for education loans in moving there,” the statement said.
Commenting on the development, Sumeet Jain, Co-founder & Higher Education Expert, Yocket says, “We have witnessed such unparalleled growth that we have accomplished high-end results of one year in just one quarter. We have achieved this by receiving a humongous interest from students willing to study abroad in 2021 if compared with 2020 and 2019. According to our data, more than 75% of students aspiring to study abroad choose to opt for Education Loans as a medium to finance their studies, irrespective of the Fall/Spring admission season.”
“Despite the pandemic, Fall 2021 has been our biggest intake yet, both in terms of student enrollments as well as education loan assistance. It comes as no surprise that almost 80-90% of students choose to avail loans for their education in the USA, Canada & Europe, with an average loan amount sanctioned being 40 lakhs. So undoubtedly, our initiative of facilitating Rs 1000 Cr loans to such students would take them several steps closer in accomplishing their dream of studying in their dream university abroad,” Sumeet further added.