Future-Proof Your Career: Education Financing for Professionals

Today's job market in India is facing significant challenges as the emergence and evolution of AI is making some jobs disappear. Many people have lost their jobs, and many more are at risk. As per recent data, in May 2023 alone, nearly 4,000 people working in the tech sector lost their jobs due to AI advancements, and youth unemployment remains a serious concern, especially for those aged 20 to 29, where the rates are rising significantly. This highlights the employment struggles many employees are facing as technology continues to evolve.

If you are already on the verge of job loss, don't risk waiting—consider upskilling to enhance your employability and stay competitive.

The Importance of Upskilling

Upskilling is essential in today’s world as it can help you keep your job, get promoted, and earn more money. Studies show that half of all employees will need to learn new skills by 2025 due to technological advancements. So, if your industry is changing or you feel stuck in your current job, it’s a sign that you might need to upskill.

When and How Often to Upskill

The best time to upskill is when you notice changes in your industry or feel unhappy in your job. Being proactive and looking for ways to grow can help you stay ahead. It’s a good idea to engage in professional development at least once a year to keep your skills at par with the current standards and trends. This continuous learning approach ensures that you remain competitive and capable of meeting the evolving demands of your job.

What Does It Take to Upskill?

Upskilling requires not only time and effort but also a substantial financial investment. Many advanced courses, certifications, and training programs come with significant costs, creating financial strain for many professionals. However, lenders like Propelld offer study loans specifically for upskilling, making it easier for employees to manage these expenses. By exploring such financial options, you can find it easier to navigate the costs associated with your further education.

Education Financing for Upskilling

Education loans for upskilling courses can help you invest in your future without causing immediate financial stress. Unlike in the past, there are now multiple loan options to choose from, but with more options comes more confusion. Therefore, first things first, evaluate what type of education financing is suitable for your specific needs and circumstances.

Types of Upskilling Loans Available:

Secured Loans: These loans require something of value, like property, as security and usually have lower interest rates compared to unsecured loans.

• Who Should Opt: Secured loans are ideal for those who have valuable assets and are looking for lower interest rates. This option is suitable for individuals who are confident in their ability to repay the loan to avoid the risk of losing their collateral.

Unsecured Loans: These loans don’t need any security but often have higher interest rates and are given based on your credit score and income.

• Who Should Opt: Unsecured loans are best for individuals who do not have assets to offer as collateral. This option is suitable for those who have a good credit score and stable income, as these factors will help secure the loan despite the higher interest rates.

Factors to Consider Before Taking a Loan

• Interest Rates: Compare rates from different lenders to find the best deal.
• Repayment Terms: Make sure the repayment schedule works with your budget.
• Loan Amount: Only borrow what you need to avoid too much debt.
• Customizable Options: Look for loans that offer flexible terms and conditions tailored to your financial situation.
• Loan Tenure: Consider the length of the loan repayment period. A longer tenure can reduce monthly payments but may increase the total interest paid over time.
• Fees and Penalties: Be aware of any hidden fees or early repayment penalties.
• Research Lender Reputation: Opt for lenders with good customer reviews and reliable service.

Questions to Ask Your Loan Provider:

• What are the interest rates and how are they calculated?
• What is the repayment schedule and are there any penalties for paying off the loan early?
• Are there any additional fees?
• What happens if I can’t make a payment?
• Is there a grace period for repayments after completing the course?
• Can the loan terms be customized to suit my financial situation?
• What documentation is required to apply for the loan?
• Is Prepayment of loan option available? If yes, are there any discounts or benefits for early repayment?
• Is there an option to defer payments if I face financial difficulties?
• How does the lender handle customer service and support?

Conclusion

The job market may be tough, but by upskilling, you still have a chance to secure your future. However, if you find it difficult to finance your upskilling journey, consider exploring education loans designed for this purpose. These loans can ease the financial burden and allow you to invest in your career growth without immediate financial strain. By understanding your loan options and choosing the right one, you can take a significant step towards a brighter and more secure future.