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How to Use a Personal Loan for Career Development?
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A few decades ago, the job market was not as competitive as it is now. Thousands of candidates are competing for one job role. Now is the ideal time to upgrade your skills to sustain in this heavily competitive market.
However, upgrading your career calls for extra funds and the answer is simple – personal loans.
Here are a few ways you can use a Personal Loan to upscale your career:
How a Personal Loan Can Boost Your Career?
Everyone has an “entrepreneur” dream when they start their professional journey. They want to build something of their own and in this digital age, it is possible. However, funds are a crucial aspect when you are starting your business or opting for freelancing. Personal loans with low interest rates can kickstart your entrepreneurial journey without anqy hassles.
However, before you pull a personal loan for your business or freelancing venture, you must look after a few things:
Completing your education is a crucial part of your career development. For some reason, if you were not able to complete your master’s degree - a personal loan can help you achieve it.
In India, many working professionals opt for it to upgrade their skills. It helps in covering their course tuition fees, exam costs, travel expenses, and accommodation.
Apart from full-time and part-time degree courses, there are several internationally recognized certifications popular among professionals. Some of them are data analytics, project management, digital marketing, finance, IT and artificial intelligence that help them stay up to date with the job market. However, these certifications are expensive. Professionals can easily finance it with a personal loan.
As we mentioned before, there is a dearth of good job options and because of this, many working professionals look for jobs outside their city and sometimes their country as well. However, this plan comes at a cost like relocation, rent, food, and settling-in costs which can become a huge burden.
For example, many employees move to metro cities like Mumbai, Delhi or Bangalore for jobs. A personal loan gives you access to funds for settling in and you don’t have to use your savings. It becomes a relief for the professionals, and they can focus on their new job and career goals.
When you are working in a corporate setup, with experience you notice that to upskill, you need tools and for high-quality tools you need money. If you are feeling stuck in your job and want to upgrade your profile, it is crucial that you purchase necessary tools and software to upskill. A personal loan is a great option to cover these costs. However, before you take the loan, assess the following points:
Creative professionals like designers, writers, consultants, editors invest in a high-quality website to build an attractive portfolio and showcase their expertise. When creatives build an impressive personal brand, they attract better job opportunities. If you are a creative professional, then you can opt for a personal loan to build your personal brand and invest in high-quality websites and tools to build your digital identity.
Events like TEDx, global conferences, and industry summits can be a game changer for networking and career development. There are also several higher education summits and international college counselling fests for students. A personal loan is the best option to cover registration fees, travel, and accommodation.
Government job exams like SSC, Banking, Railways and highly competitive exams like UPSC are difficult ones to crack and one needs years to prepare for them. Personal loans in this case can cover the costs of coaching fees, study materials, online resources while students can focus on studies.
Many BPO, airline, and hospitality jobs need people who are fluent in English or foreign languages. Now you can plan to get your certification in English-speaking or other language courses with a personal loan.
Key Factors to Consider Before Taking a Personal Loan
Why A Personal Loan Is the Best Option for You?
We live in a time where employees are fired on an immediate basis without any intimation and with the advent of AI, the job market has become uncertain and unpredictable. In such times of layoffs or fluctuations, personal loans can be your backup while you prepare to re-enter the market with new skills.
There are several educational loans that need collateral, and it becomes difficult for professionals to take this big step because of this one criterion. However, the best part about personal loans is that you don’t need any collateral for it.
Many Banks, like Kotak Mahindra Bank have flexible repayment plans that help professionals to start small and increase their EMI contributions as their income grows.
Personal loans for career development are disbursed faster as compared to other loans as they are unsecured. So, you don’t have to worry about long approval processes and get access to funds with ease.
Conclusion
Now that you have a comprehensive idea about how personal loans can be used for your career development. With reasonable interest rates, you will be able to opt from a diverse range of courses, tools, events, certifications that are best for your career.
Want to know how much will be your monthly EMI on personal loan? Check it with Kotak Mahindra Bank’s Personal Loan EMI Calculator.
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