Bank financing to pay for postgraduate studies abroad is becoming scarce. According to the latest data published by the Financial Market Commission (CMF), The stock of loans intended for this purpose fell 51.3% in the year to September 2023.
The 74 stock credits in these 12 months are the lowest figure since the CMF has records.
Not only that, but In the last four years, this type of financing has recorded a decrease of 87.5%. For reference, in September 2019 there were 594 higher education loans abroad.
Some financial entities withdrew from this business, such as BICE. Although the entity linked to the Matte group offers postgraduate credit online, the regulator’s records reported that since September 2022, the company has not granted financing for higher studies.
On the other side of the coin are the credits intended to finance postgraduate courses at the local level. This niche has experienced year-on-year growth of 32.8% at the end of September.
The dynamism is repeated when observing the period between 2019 and 2023, where this type of loans has had an increase in the stock of 23.3%.
Fall in supply
Regarding the evolution of credits for financing higher education at a general level, banks have reduced their presence. In the last 12 months, the stock of loans granted with resources from financial institutions themselves fell 27.3%.
At the industry levelBancoEstado is the company that leads the delivery with the largest number of loans through its own resources with 57.7% of the banking stock. The state firm had a 33.1% drop in the stock of educational loans in the last year.
Beyond the State Guaranteed Credit (CAE), BancoEstado offers a loan that allows you to finance up to 100% of the value of specialization programs, diplomas, master’s degrees and doctorates, taught in Chile by higher education institutions approved by the bank. The interest rate offered is between UF +4.20% and UF +4.40%.
The second largest player in this business is Banco de Chile, which has a market share of 21.4% in educational loans given with its own resources. The firm linked to the Luksic group and Citi has been the bank that has had the smallest drop in its credit stock in the industry, with a decrease of 6.9% in the last year.
Through the private banking area of Banco de Chile, the company offers its clients the possibility of obtaining postgraduate loans intended to finance studies both in Chile and abroad. Among the conditions to access this loan, the Bank of Chile requires a minimum income of UF 20 for those under 30 years of age and UF 50 for those older.
2024-01-23 20:20:52
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