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Is taking a loan for upskilling a good financial decision?

Is Upskilling loan good?

A loan is a bad term in India, and debt is the nail in the coffin of your social and financial status. Thus, in a country where higher education is considered a privilege rather than a necessity, students have a tough time learning and upskilling in the course of their choice due to the financial burden it causes. However, things of late have started looking up as paying off loans from your hard-earned money is considered a wise decision and a means of growing up. Popular Bollywood culture and the high-end lifestyle are also reasons which have contributed to the idea of taking loans as a necessity than a stigma. Thus, as students have started opting for loans to fulfil their learning needs, banks and other financial institutions have come forward with numerous educational and upskilling loans to help them. Here are a few things to keep in mind and understand the benefits of upskilling loans and why they are the best way to study and grow in your professional career. 

5 Reasons Why Upskilling Loan is A Good Financial Idea

  1. Tax Benefits: Salaried people and honest taxpayers will find the loan on upskilling to be a boon. The government offers tax rebates on the EMIs. Thus, the interest rate on a zero-cost EMI loan is claimed as a tax deduction.
  2. Reduces pressure on Parents: The pressure on parents to fund their child’s higher education often makes them work too hard to achieve this dream. This financial obligation can now be trimmed down with the easy availability of upskilling loans. Loans offered by Eduvanz, an RBI-recognized (Non-Banking Financial Company) NBFC, are based on your qualification and employability rate post the course selected. Thus, it makes sense for an upskilling student to take this loan.
  3. Instils Financial Planning & Discipline: Loans for education and upskilling, when taken by the students, instils in them the idea of saving and budgeting. The regular monthly EMIs help them plan their expenses so that the repayment of their loans and finances is managed effectively. 
  4. Credit Risk & Reward: Student loans and upskilling loans are a great way for students to build their credit scores. An impressive credit score gives your child the benefit of availing himself of future loans at low-interest rates.
  5. Salient Features of Upskilling Loans: An education loan is a wise decision. It not only helps a student to become financially independent but instils him in the concept of money, budget and savings from very early on in his life. In addition, the long tenure, zero-cost EMIs and no need for a credit score are a boon and a blessing for students.  

Eduvanz’s low-cost loans for education and upskilling with long tenure options and minimum documentation process help students enjoy learning without worrying about repaying until they start working. Fast, convenient with no collaterals, it is a perfect solution for students.

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1 Comment

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