Upskilling is a necessity that both employers and employees wholeheartedly agree to. While some employees believe upgrading their skills improves their career prospects and gives them a much-needed raise, employers find upskilling a means to improve the efficiency and skill set of the workforce. Unfortunately, most employees refrain from upskilling because they lack financial aid or the means to fulfil their learning needs. The good news is that employers and financial institutions in the country have taken cognizance of the need for professionals to upskill and are now offering multiple loan facilities.
Let’s look at all your reasons to avoid upskilling and negate them with some concrete solutions.
#Reason 1
Expenses
Indeed learning courses are expensive, and good certification or degree courses from reputable institutes are more so. Add to it the miscellaneous expenses incurred while studying, and the bill at hand is huge.
Solution: Funding
Money is never enough; obviously, none of us would like to be burdened by our daily responsibility and debt. Thus, if you do not wish to be indebted, the best solution is to self-fund your course using your savings. If you’re open to taking financial aid from your employer or institutions like banks and NBFCs, skill development becomes easy. Easy low cost or zero-cost EMI facility helps repay the loan easily. It’s affordable and convenient.
#Reason 2
Lack of Time
Agree that with a full-time job and family, taking time to upskill and learn new things can be exhausting and daunting. However, bear in mind the benefits of the same in the future. Also, time management is required at your end and a will to study and learn. Once you are determined, no hardships can stop you from learning.
Solution: Time Management
Draw a plan for the time you can spare from your schedule to study. Then, stick to it and utilize it to the best of your ability. Avoid distractions and ensure complete concentration while you study.
#Reason 3
How to Avail Financial Help?
Loans for upskilling are granted by banks and NBFCs to students as well professionals. The criteria for both to offer loans are different. Check on the courses you wish to study and understand the fee structure and details. Research the loan offer available, repayment options, tenure, interest rate, and documents needed by the institution before deciding where to take the loan from.
Solution: Eduvanz Education Loan at Low-Interest Rates
Upskilling loans are available in India from Eduvanz at a low-interest rate with minimum documentation and faster processing time. The tenure for these is at a higher end than conventional banks, offering affordable EMI options to repay.
9 out of 10 executives and leaders indicate that most businesses are already experiencing a skill gap or anticipate experiencing more skill shortages within the next three to five years. IT firms are experiencing talent shortfalls due to the present and future skill shortages due to the expedited technological advancements and digital transformation. There is an immense opportunity for anyone willing to learn, upskill, and explore the best of this situation.
