Banking Frontiers|June 2020
Covid has changed the ways of the world and education is one sector that is adversely impacted by the outbreak of the pandemic and the ensuing pandemonium. It is still uncertain whether traditional models are changing forever or it is just a temporary phase. Online just recently was the medium used by experienced professionals to upskill themselves, but today it is virtually the resort for mainstream educational institutions right from pre-primary classes.
With almost one-third of the global population under lockdown, the pandemic has caused serious economic impact all across the world. With movement, totally restrained educational institutions are compelled to run online classes with the help of technology. While online is not new in several developed countries, institutions in India have not adopted this medium on a vast scale. But now they are forced to do so. Prashant Bhonsle, CEO - Student Loans & head – Marketing at InCred, says Indian families see high-quality education as the bridge to prosperity and they want their children to go to campuses abroad for getting the best education possible. “There is also a structural reason for that: the sheer number of bright students coming out of Indian schools and undergraduate colleges is huge,” says he.
He believes that it will exceedingly be difficult for Indian institutions to ramp up quickly to absorb all these talented students and give them quality infrastructure, pedagogy, and diversified learning experience.
There are students who are apprehensive about traveling abroad, especially to countries like Italy, France, and the USA. In these circumstances, it is possible that an online plus offline (on-campus) models will emerge quickly even as efforts are on to find out a cure or a vaccine for the coronavirus.
Students are awaiting clarity on the visa processes, employment, immigration laws, and impact of the pandemic on sectors of their interest. Arijit Sanyal, MD & CEO at HDFC Credila Financial Services, explains the changes in the sector: “Many universities are opting to either start the session with online classes or choosing for a late start to the semester, depending on the lifting of the lockdown. As the decisions are still being made by universities, students are evaluating their choices of preferred destinations basis the multiple criteria that impact their decisions.”
Prashant Bhonsle says InCred has sent out communications to all borrowers with details about their loan status and also set up e-helplines and appointed dedicated relationship managers
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