Higher Education abroad is so much in mess created by consultants:
1. All Banks in India give loan based on world ranking published by local company.
( http://www.shanghairanking.com/ )
China has taken a step by creating its own world ranking so they have authentic information of ranking on university based on that bank can loan student for education for like top 500 or top 200 or top 300 institutions..higher its ranked currently in India easier it is to take loan currently in India.
There are other rankings of institution which are available like
2. Consultant are openly looting students by duping them to institute where they can get higher commissions.. for which Australia has taken few right steps by engaging government run department offices in consulate IDP directly counselling students ( http://www.idp.com/ )
3. People who suffer most are not having any direct contacts in those places..
In India Every Bank does take These ranking into consideration and then put university in list of approved loanable university. One University is approved by the decision making branch of bank at national level then Based on these facts every nuke of country branches of bank can loan student based on these list.
There are more than 50 Banks in India each having more than 1000 branches all over India. so in total 50,000 branches in India loan based on Ranking ,stature , approved list of Universities of Each country to almost 10 million Indian student going abroad for education. But these days people are Questioning these ranking system stating that these rankings are biased towards certain factors But I still there would be alteast some facts true on these rankings. And hence the approval system takes this workflow into account.
— As bank also needs to look there loan is not turning out to be NPA so they take due diligence and does take many factors into consideration.
— Not only university but also country you are going is also taken into consideration.
Like I was actually asked this question on loan interview approval date.