Punjab study loan, visa statistics signal exodus

Spike in migration to Canada, Australia and Europe for studies and jobs

- Devina Sengupta

Non-bank lenders, recruiters and consultants are witnessing a five-fold increase in education loan applications from students and young professionals from Punjab looking to Canada, Australia and Europe.

The majority of these applications originate from major cities such as Amritsar, Jalandhar, Patiala and Mohali, as well as smaller towns like Barnala, Khanna, Muktsar, Firozpur and Faridkot.

According to experts, the challenging job market in the state is prompting young individuals to explore overseas opportunities. "Gyan Dhan has observed a threefold increase in loan applications between 2021 and 2023. Remarkably, Punjab has surpassed this trend with a fivefold surge in loan applications since 2021," said Ankit Mehra, co-founder and chief executive of the non-banking financial company (NBFC).

The majority of these aspiring students are pursuing various levels of education, including diplomas, undergraduate and postgraduate degrees. Popular fields of study include science, technology, engineering and mathematics (STEM) as well as medical courses.