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Daybreak · August 2 · 14 min

India’s study-abroad lenders are forced to choose their plan B. It's India

Amit was a computer science student who used to have a loan, a plan, and a flight to Canada. But then the college his visa depended on was derecognised. And an NBFC called Credila ended up with a Rs 20 lakh problem. Amit's story is becoming an industry pattern. Canada has cut active student volume by over 50%. The US and UK are tightening too. Study-abroad applications are down 25 to 30%, and the NBFCs that built their entire business on overseas education loans — with 80 to 92% of their books concentrated there — are quietly shelving IPO plans and pivoting to domestic lending. And the domestic market defaults at twenty times the rate. Tune in. Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

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Amit was a computer science student who used to have a loan, a plan, and a flight to Canada. But then the college his visa depended on was derecognised. And an NBFC called Credila ended up with a Rs 20 lakh problem.

Amit's story is becoming an industry pattern. Canada has cut active student volume by over 50%. The US and UK are tightening too. Study-abroad applications are down 25 to 30%, and the NBFCs that built their entire business on overseas education loans — with 80 to 92% of their books concentrated there — are quietly shelving IPO plans and pivoting to domestic lending.

And the domestic market defaults at twenty times the rate. 

Tune in.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

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