Monday, April 12, 2021

Hence the increase in educational loans: CRIF

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Prime Time Zone, Webdesk: Many schools and colleges across the country are conducting online classes due to the corona epidemic. This has led to a huge increase in the demand for education loans domestically in 2020. According to data collected by CRIF, a leading credit bureau, banks and non-banking institutions have lost over Rs. 11 lakh crore loans were disbursed. Similarly, during the epidemic between March and October 2020, more than 3 lakh people applied for new loans.

Trade consultants believe that after Corona, people are increasingly trying to improve their skills through better courses. Most of these people are applying for loans for short term skill programs. “Applicants for overseas courses have grown by 35 per cent year-on-year,” said Varun Chopra, CEO, Advance Financing. Education loans, along with home loans, have risen sharply over the past year due to the corona effect. Varun Chopra said overall loan demand has increased. He added that he expects there to be more demand for small size loans in the future in the light of changing circumstances.

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