Education Loans To Upgrade Your Skills

You may have heard a lot about various types of loans such as home loans, gold loans, personal loans, and education loans, but have you heard about education loans to upgrade your skills?? Let us get into the details of skill development education loans, explained by Mr Sharath Chandra konatham, our proficient specialist.

 

What Is An Education Loan To Upgrade Or Develop Your Skills?

In 2015, the Government of India launched a scheme called the skill loan scheme, in which, financial institutes and new-age NBFCs such as Feemonk provide institutional credits to individuals. This way, they can apply for courses that will help them to upgrade existing skillsets or develop new ones according to the ever-changing world and constantly updating technology. Under this scheme, all the financial institutes have been given certain guidelines under which they will issue loans.

Benefits Of Skill Loans

There are many benefits of this type of education loan, they may seem minor now, but trust us, they are quite the contrary.

 

➢     Better Job opportunities - Today, everything is about development; personal and professional. And with professional development, the people of India, especially the youth will have better job opportunities which will give them the pay/salary that they deserve.

➢     High Standard Of Living - With better-paying jobs, people can save more and spend more. They can have the luxuries that they’ve always wanted to have.

➢     Economy - When the employees will be properly skilled even at a grass-root level, every sector of the economy will grow and develop properly. This will have a huge positive impact on the economy of the nation. And with better results and economic growth, the nation will grow and develop even further and at full speed.

➢     Business Undertakings And New Establishments - Because of this scheme by the government of India, several banks and new-age NBFCs are catering for upskilling loans. They are willing to provide our youth with the aid to update their skills and contribute to the growing economy.

➢    Interest rate - Although, there are no zero-interest education loans, however, this scheme allows you to get low-interest education loans, unlike the other education loans.

 Also read: Top Myths About Education Loan

 

Why Feemonk??

With the aim of making education and training more accessible, Feemonk too provides loans to upgrade skills. We dwell in the education sector as our main domain where we provide financial solutions to individuals trying to seek education and related loans.

Launched in November 2020, we joined hands with 6 institutes from various sectors, namely pharma, healthcare, design and technology, to provide skill development to the people who will be the future of our country.

Benefits To Students

-       Just like a credit card, we provide students or their parents with a credit line that can be used for any education fees exigency.

-       Once acquired financial aid, you can pay fees anywhere, in any skill development institute.

-       Instead of giving a lump sum amount, students or their parents can pay fees in EMIs.

 

Benefits To Institutes

-       Availing financial aid to students lets them apply to institutes sooner. So, this will increase the number of candidates which means more and faster admissions.

-       This will enable simpler and smoother cash flow management.