Banks eye bigger slice of education loan pie

Your Education is Our World

Public sector lenders lead the pack in this low-risk business.

When Shikha Mutreja went to a loan mela looking for an education loan to fund a master’s programme at the School of Oriental and African Studies in London, little did she know that she would have so much choice.

Even Geebee Education, the consultant that had organised the mela, did not expect so many banks to come calling. Instead of eight banks that had confirmed participation, 13 turned up, leaving the organiser with the task of finding space for the extra few.

In contrast, there were fewer prospective borrowers at the mela. While the organisers blamed it on the rain in Mumbai, there is no denying the fact that there has been a moderation in the number of Indian students going abroad this year due to the global recession. So, only 250-300 students turned up at the mela, whereas the organisers had expected at least 500.

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