by Studying abroad continues to be a prevalent aspiration for Indian students. Although, the landscape is evolving for the academic career 2024-25. This year introduces emerging trends and opportunities that reflect global shifts in education, technology and geopolitics. According to these trends, students focus on various education models that include hybrid learning, skill-based education, and mental health.
This blog dissects the latest trends in study-abroad preferences while integrating essential subjects such as education loan interest rates & student loan eligibility, to guide prospective students.
Why are Indian students choosing to Study Abroad?
According to a report, the number of Indian students who want to pursue higher studies abroad has significantly increased. It has been estimated that the number will reach 1.8 million for the academic year 2024-2025.
Though various factors influence the decision of students, the highest motives to adopt Study Abroad include:
- Quality Education: The main reason why Indian students choose overseas to study is the quality of education they can access there. Many foreign universities in countries like the USA, UK, and Canada are globally recognized for their academic excellence and these universities offer degrees across various disciplines.
- In India, many students believe that universities abroad offer better programmes, facilities and resources which enable students to take advantage of cutting-edge technology and numerous research opportunities.
- Availability of financial aid & scholarships: Since many universities provide financial aid to overseas students, it can reduce tuition fees & living expenses.
- As far as student education loans are concerned, many banks such as Axis Bank provide education loans to students at lower interest rates, making studying abroad more accessible for them.
- Career Prospects: Studying abroad enhances career prospects for Indian students and that’s a given. International exposure gives them a competitive advantage in today’s global job market, as companies generally prefer applicants who have obtained varied experiences and viewpoints, which can lead to greater career options abroad for Indian students.
- In recent trends, it has been observed that employers often favour candidates who have completed their degrees from prestigious institutions abroad. These institutions are expected to have a reputation for providing high-quality education and their graduates possess a range of valuable skills that are in high demand in the job market.
- Furthermore, pursuing a degree at overseas universities provides students with an opportunity to gain exposure to different cultures and develop cross-cultural communication skills.
- Post-study-work rights: Countries such as Australia, Canada, the UK, the US and New Zealand currently have attractive post-study-work rights. Thanks to these rights overseas students repay their education loans faster and manage their studies along with professional life.
- Ease of travel & information: The ease of travel and access to information has also contributed to the surge in students pursuing higher education abroad.
- Many countries are keen to welcome overseas students and are working to clear the visa backlog.
What are the key destinations for Indian students to Study Abroad?
Choosing the right destination for higher education is critical for Indian students. Each country provides unique opportunities, cultural experiences and academic excellence.
Here are some of the best countries that you can consider:
- United States of America (USA): It offers a comprehensive educational framework with multiple opportunities and prestigious universities. With diverse cultural experiences, & excellent career opportunities, the USA offers a wide range of academic programs.
- Germany: Germany emphasises strong research and practical skills and professional opportunities, making it a popular destination among Indian students.
- Australia: Australia is renowned for its high-quality education. It offers a welcoming environment and favourable visa policies to Indian students. Furthermore, it provides excellent post-study work opportunities.
- Canada: Canada offers some of the best educational programs in demand along with multiple career opportunities. Moreover, it is considered to be one of the safest countries for Indian students.
- United Kingdom (UK): Well-known for its prestigious universities and variety of courses, the UK provides favourable post-study work rights to Indian students, which makes it a popular destination among Indian students.
What are the popular fields for Studying Abroad?
Expanding your horizons in terms of education can play a huge role in your academic and professional career. However, choosing a field to Study Abroad can be a challenging task. Here comes our role in sorting this matter out. We provide some popular fields to Study Abroad:
- STEM COURSES: STEM stands for science, technology, engineering and mathematics. However, a broad category of disciplines falls under this discipline such as Aerospace engineering, Astronomy, Psychology, Statistics etc.
- Management Courses: Nations such as Australia, the UK, the USA and Canada offer top management courses. So, If you get a chance to pursue a management degree abroad, go for it.
- In addition, many Indian students apply for B-Schools to pursue their master’s in management courses. The reason is that they hope for better standing in the corporate world and perhaps good remuneration.
- Healthcare & Medicine: Every year, approximately, 25,000 to 30,000 go abroad to pursue their degrees in healthcare and medicine. When it comes to studying medicine and healthcare, countries such as the UK, the US and Canada offer high-quality education with affordable tuition fees.
How do Indian students manage their finances while Studying Abroad?
More often than not, Indian students rely on education loans when it comes to studying abroad. Banks such as Axis Bank are there to help Indian students when they consider studying abroad. Axis Bank provides education loans with appealing interest rates and various other benefits.
| Features | Details |
| Loan Amount | Prime A- upto 75 LakhsPrime B – upto 50 LakhsNon-Prime – on an immediate EMI basis |
| Interest Rates | 10.75% – 11.5% |
| Minimum Income (Co-Applicant) | 35,000 INR (without obligations) |
| Loan Tenure | Upto 15 years |
| Processing Time | 5 – 7 days after document submission |
| Prepayment Penalty | No Penalty |
What are the student loan eligibility criteria?
Specific criteria must be met to be eligible for an education loan from banks such as Axis Bank. Axis Bank offers two types of loans, i.e. unsecured loans and secured loans.
Here are the criteria that you need to ensure to be eligible for the Axis Bank loan:
Eligibility for unsecured Axis Bank education loan abroad
Axis Bank is one of the best options for education loans without collateral.
Take a look at the student loan eligibility requirements:
- Must be an Indian citizen.
- At least 60% in Higher Secondary and Graduation.
- CIBIL score should be more than 600.
- Salary should be more than 35,000 INR without any obligations i.e. no other EMIs.
- Submit either 3 years of ITR or 2 years of Form-16.
- Form 16 is a certificate issued by employers to employees that shows the salary paid and tax deducted at source (TDS) during the financial year.
- Co-Applicant must be from immediate family.
- Only applicable to master’s courses.
- Submit a letter of admission for the sanctioned MS programs from the relevant authorities.
- University or college should be in the bank’s categorical list of educational institutions.
Documents required:
- KYC documents
- Bank Statement / Pass Book
- Optional – Guarantor Form
- Copy of admission letter along with fee schedule
- Mark sheets / passing certificates
Features of secured Axis Bank education loan abroad
Axis Bank provides you with secured loans if you are ready to pledge some collateral. Here are the different features to get a secured abroad education loan:
- If you pledge a residential property as collateral and your co-applicant is salaried, then you can get up to 85% of the property value.
- If you pledge a residential property as collateral and your co-applicant is self-employed, then you can get up to 75% of the property value.
- If you pledge a commercial property, then you can get up to 50% of the property value.
The key advantage of a secured loan is that the course and university list are not considered. That is, the applicant can be from any university and course.
Subsidies on Axis Bank education loan
Economically disadvantaged students may get Axis Bank student loans for professional or technical degrees at accredited universities under the Central Government Interest Subsidy Scheme offered by Axis Bank.
Features:
- Government payment of interest during the moratorium.
- A maximum loan amount of Rs.7.5 lakh.
- Subsidy is available only once.
- If the course is discontinued then no subsidy will be available.
What are the emerging trends in Study Abroad preferences?
- Hybrid learning: The rise of hybrid learning is considered one of the notable trends for the academic year 2024-2025. It combines online and in-person learning. It allows students to attend lectures from home while engaging in on-campus activities. It is an opportunity for Indian students to reduce living expenses.
- Besides, hybrid learning allows students to enrol in different courses offered by multiple institutions.
- Skill-based learning: Another emerging trend is the shift from a traditional degree-centric approach to skill-based learning. Nowadays, it has been observed that employers often pay greater emphasis on practical skills which include digital literacy, data analytics, and soft skills like communication and leadership. This shift is an advantage for Indian students, considering the global job market demand.
- Mental Health & Well-Being: Mental health has become a top priority for overseas students. Indian students face challenges like homesickness, academic pressure, and cultural adaptation. To cope with these stresses, international universities offer counselling services, peer support networks, and wellness programs.
- Emerging study destinations: Indian students are looking for emerging regions such as Eastern Europe and Latin America. With affordable prices, lower living costs, and unique cultural experiences, these regions offer quality education.
- Financial aid Opportunities: Universities and governments offer scholarships, grants and work-study programs. The academic year 2024-25 is expected to witness a notable uptick in scholarships, focusing on supporting minority and marginalized segments, along with those excelling in fields such as STEM, Arts, Technology, etc.
As we talk about the academic year 2024, it is quite evident that Indian students are increasingly preferring studying abroad due to a combination of quality education opportunities, favourable immigration policies, and diverse fields of study. Financial considerations remain paramount; thus, comprehending options like Axis Bank’s education loans with affordable interest rates can considerably ease the burden on families.
Using information about trends and the effective utilization of existing resources, Indian students can navigate their paths towards successful international careers. Challenges remain, but the overall trend points to an optimistic future for Indian students hoping to gain worldwide exposure through higher education overseas.
