The job market is changing, and the competition is tough. Times are hard, and recession is looming. Moreover, AI and machines threaten to replace humans in their jobs to increase efficiency. In such a bleak scenario, what is the ray of light for survival in the job market
You may have heard about upskilling!
Definition of Upskilling
Upskilling refers to training your skillset to suit your career goals better. However, upskilling is often overlooked because of the crunch of time for balancing work and learning or funding their learning needs. While loans for education are available for students wanting to study abroad or in the country, the lack of options to fund upskilling courses for working professionals has made people reconsider learning or put it on the back burner.
Banks
Banks are an excellent option for those who want to avail of loans for education and upskilling. Banks offer loans at low-interest rates- an attractive proposition for most people. Moreover, one does not need to pay any additional fees for bank loans, unlike while taking an NBFC loan.
Non-Banking Financial Company (NBFC)
NBFCs are a good option for funding your upskilling initiative, and here is why eduvanz education loan low-interest rate may make you reconsider taking a loan from NBFC:
- They offer loans based on your educational qualification and employability rate post the certification course.
- Eduvanz offers zero-cost EMI or low-cost EMIs, which helps you repay the loan quickly.li>
- The tenure offered for repayment is higher.
- No credit score is required. Fewer documents are necessary, which is a faster and more convenient approach. It is collateral-free.
Bank OR NBFC: Which is better?
NBFCs are better than banks in terms of interest rates.
NBFCs have flexible repayment options, which allow borrowers to choose their preferred repayment schedule. A transparent lending process with less risk. The convenience of applying online or through Whatsapp chatbot.
Conclusion
Banks and NBFCs are the two parties you need to look out for when it comes to funding your upskilling initiative. Banks are great for long-term loans, and NBFCs can help you with short-term funds, but both have pros and cons. If you want an easy decision, then we suggest you do your research well.
