The collaboration aims to make financing education abroad easier for students.
The collaboration aims to make financing education abroad easier for students.
IDP Education, a global education services provider, has partnered with the State Bank of India to streamline the process of obtaining education loans for international studies.
“This agreement reflects our commitment to providing best-in-class services to all the overseas education aspirants of the country,” said Piyush Kumar, regional director, South Asia, Mauritius, IDP Education, in a Financial Express report.
“This partnership will make obtaining financial assistance to study abroad a lot simpler and more accessible for countless young minds,” he said.
Global leader
IDP Education is a global leader in the field of education services, operating in over 50 countries and attracting 100 million annual visits to its websites.
It offers a comprehensive suite of services for students aspiring to study abroad, including course selection guidance, assistance in choosing colleges and universities, visa application support, accommodation recommendations, scholarship exploration, and now, streamlined access to education loans.
IDP Education has previously established successful collaborations with ICICI Bank and HDFC Credila, further solidifying its commitment to making international education more accessible to students.
Revenue surge
Earlier this month, IDP Education revealed its fiscal year 2023 financial results, reporting record-breaking revenue that approached the $1 billion mark.
IDP Education witnessed growth in all of its market segments, except for its English language testing operations in India. This decline can be linked to reduced demand for migration to Canada.
The company’s revenue surged by 24 percent to reach $982 million, driven by a 50 percent growth in student placements, totaling 84,600. IDP also administered 1.93 million IELTS tests during this period, contributing to a 45 percent increase in net profit after tax, reaching $149.1 million.
In addition to the strong financial results, IDP expanded its physical presence by adding 46 offices through organic growth and the acquisition of Taiwan-based Intake Education. The expansion extended IDP’s reach into critical African markets such as Nigeria, Ghana, and Kenya.
The company also increased its digital presence with popular mobile apps and acquired The Ambassador Platform, enhancing its ability to connect aspiring students with those who have studied abroad.
