Today, the employment rate in India stands at a staggering 95%, a majority of which is people under the age of 35. These young professionals seek to grow their career as soon as possible. Unfortunately, they often face major financial hurdles when applying for higher studies, or enrolling in a training programme in a specialised field.
Courses like MBA, M. Tech, MBBS, BHMCT, etc. can help you develop or enhance expertise that is necessary for your career growth. These courses also require huge enrolment fees, along with other expenses like tuition fees, cost of living, etc.
In such situations, a personal loan can provide the necessary funds. Financial institutions offer large sums of advances with affordable interest rates. Also, they don’t need any collateral, making unsecured personal loans the best option to finance your career growth.
Let’s take a look at how you can use personal loans to boost your career.
1.You can sign up for the necessary training – Career growth requires learning the latest and applying that in the job. You need to brush up your skills and stay updated from time to time. Utilising the money to enrol for a training programme or complete a degree is one of the best options to give a career boost. Lenders are also more likely to give your personal loan approval if they know this cause.
2.The credit can be utilised to study abroad – Another possible way of using a personal loan is by financing your studies overseas. Even if you do not have to pay for college (most institutions offer scholarship programs), the expenses to live in another country can be huge. You can utilise your loan to pay for your rent, daily expenses, etc.
3.Use it to create an alternate source of income – If you are an earning member of the family, you can apply for a personal loan. Invest it accordingly to generate a passive income source while pursuing your higher education.
It won’t create any additional financial burden as personal loans come with no end-use restrictions and can be repaid in easy EMIs throughout a flexible tenure. You can even use an online EMI calculator if you don’t know how to calculate EMI of personal loan.
4.You can visit seminars and conferences – Conferences and seminars are ideal sources of gaining practical knowledge which you won’t find in the books or the classroom. You can use the loan to arrange or visit seminars abroad. If you are running short of time, you can enjoy the instant approval feature offered by many financial institutions to attend the conferences on time.
Also, the eligibility criteria for personal loans are simple and convenient to meet. You must be an Indian citizen between 23 and 58 years of age and should be a salaried individual working at an MNC, public or private company. Also, your CIBIL score should be at least 750; more is always better.
A financial institution will also ask for a few documents when you apply for a loan. The requirement can vary with lenders, but some common documents include –
●Proof of employment.
●Salary slips for the last two months.
●Salary account statements for the last three months.
You can seek a personal loan for many reasons, but availing it for career growth is arguably the best use of these funds. It is vital to enhance yourself from time to time to stay ahead in today’s competitive market. Personal loans provide that much-needed financial support to help you develop as a successful young professional.