Shruti, 24, was excited to have landed herself a dream job in one of the top companies in IT. However, a few months into the job, she realized that her graduation degree did not teach her the vital skills required by the role ahead. So, she decided to upskill herself by taking a few courses online. This time, however, she did not wish to take help from her parents to fund her course. However, her salary wasn’t enough to support her expenses and fees.
What should Shruti do?
Well, for upskillers like Shruti, upskilling loans by NBFCs like Eduvanz is a boon. The criteria for applying for these loans are simple. Anyone above eighteen, residing in any part of the country, can avail of the loans with minimum documentation process. The entire process is online. Approvals are instant; for the record, students do not need a credit line.
Are you looking to upskill without your parents’ financial help? Then we suggest an upskilling loan is a right choice for you. Wondering how to get an upskilling loan without your parent’s help? Here are a few tips and things to consider and follow:
Research your financing options
Banks, as well as NBFCs, offer loans for upskilling. Before applying, find out the loan schemes, interest rates, and eligibility criteria. For example, Eduvanz, an NBFC, offers loans at zero-cost EMI for upskillers. The tenure of the loan and the EMI in Eduvanz is based on the employability rate, and the salary one will get after upskilling. Thus, it is an excellent option for someone who would rather avoid taking their parents’ support to upskill and grow in their career.
If you feel uncomfortable about your decision or have doubts, try contacting a loan counsellor to understand EMIs, and work out repayments to get a clear picture.
Check for relevant scholarships
Private organizations that offer upskilling courses also offer grants and scholarships. Check government scholarship organizations to find out about schemes that support upskilling. Understand the eligibility criteria and the fee amount that will be provided.
Choose easy repayment plans
Plan your repayment options wisely. Try to get an upskilling loan that offers you the flexibility to pay your upskilling loans over an extended time. Eduvanz calculates EMIs based on employability rate and salary prospects and provides a tenure that you are comfortable with.
Get help from an EMI calculator to help calculate EMIs accurately without your parent’s help.
Manage your finances
As a student, it takes work to manage your finances appropriately. Once you get the total amount of money required for an upskilling loan, start budgeting and managing your finances accordingly. Decide on a proper budget to allocate your expenses, savings and repayments. Search for free apps like MINT and others to create an accurate budget.
Managing your finances without your parents’ help is a huge challenge. However, take it on! It might not be easy, but that will help you learn and give you the satisfaction of achieving things in your life on your own. If needed, speak to a loan counsellor to find your best option.