Rangers produced a remarkable performance to beat Real Betis 3-2 at the Benito Villamarin Stadium.
The win helped Rangers reach the last 16 of the Europa League and they will continue to play European football in the second half of the season.
The Glasgow giants were underdogs going into the game but Philippe Clement’s side defied the odds to make it to the next round of the competition.
Loy highlighted Rangers’ level of achievement by pointing out the fact that Real Betis were unbeaten at home this season until Thursday night.
He stressed that teams such as Real Madrid and Atletico Madrid have failed to get victories away at Real Betis in the ongoing campaign.
The former Rangers striker said on BBC Radio Scotland: “Just to put that result tonight into perspective.
“Real Betis are unbeaten at home all season; they have conceded three goals in the league all season and Rangers went there and scored three.
“Valencia were beaten 3-0 there and Atletico Madrid and Real Madrid have tried and failed to win at Betis.
“It is, as I’ll say it, a monumental victory.”
Rangers will not turn their focus towards winning their first trophy of the season when they take on Aberdeen in the Scottish League Cup final on Sunday.
