Professional and Career Development Loan in India: As a working professional in India, we are sure one of the many challenges you face on a day to day basis is struggling to get a career development loan in India. Although all of us are aware that the only way of progressing in our professional lives is by constantly harnessing and advancing our skill sets, rarely do we see traditional lenders extending professional development loans to the youths of the country.
If you, too, are in the same tandem, then this article is for you as we will be discussing a step by step process on how you can secure a career development loan in India without any hassle.
Thus, without further ado, let’s get started.
What Is a Professional and Career Development Loan?
Alternatively known as a personal loan, a career development loan can be understood as a lending instrument which you can leverage to secure an amount between ₹10,000 to ₹500,000 to further your education goals and advance your skill set, and pay it back at your convenience via an easy repayment system.
The concept of a career development loan is definitely new to India, and in the past couple of years, it has risen to wide popularity among students and working professionals alike mainly due to the fact that they arrive with a host of features, which are almost always missing from traditional lending instruments. Due to the increased demand in the market, these days, there are multiple lenders in the market who offer this service, and they are alternatively marketed as either personal loans or career and professional development loans.
Features of Professional Development Loans
Now that you are familiar with the essence of professional and career development loans in India let us un understand some of their most significant features in detail.
- Instant Approval
Since a career development loan in India is a collateral-free loan, all the lender needs to check is your credit history thus making the subsequent approval process instant, ensuring that you have access to the funds when you need them and not at a later stage.
Along with this, most modern lenders in India make use of advanced fintech technology, which equips them with the capability to instantaneously access the credit history of borrowers and make use of advanced AI and ML algorithms to assess your creditworthiness, thus further increasing the speed of approval and loan disbursement.
- Competitive Rates of Interest
As the personal loan industry in India continues to mature, there is a steady rise in the demand for collateral-free professional development loans, which has made it easier for lenders to offer competitive rates of interest to borrowers. For instance, Money View, which is a leading lender based out of Bengaluru, offers a rate of interest starting from 1.13% a month, making it possible for every borrower to access a career development loan to meet their needs.
- 100% Online and Paperless Process
When compared to a secured loan or a traditional loan where you need to physically visit the lender’s premises and submit your loan application along with documentation of the collateral you are willing to pledge, a career development personal loan arrives with a completely online and 100% paperless process.
Essentially, this offering translates into the fact that you can complete the entire loan process from start to finish right at the comfort of your home. No need to wait in long queues or submit paperwork; everything in the application process, right from populating the requested information to securely uploading your documents onto the server of the lender, can be done from anywhere, making it possible for anyone to access a professional development loan at a time of need.
- Freedom to Spend
Last but not least, in a career development loan, the lender allows you the opportunity to spend the loan amount in any area of your choice without needing to inform them beforehand. As compared to a traditional loan, wherein you have an inherent limitation on the spending avenue, such as in-home loans and vehicle loans, you have the complete liberty of using the personal loan amount to meet your any or all needs, right from taking an online course at your favourite university to in person paid workshops arranged by your employer.
How to Apply for a Professional and Career Development Loan in India?
As you can see from the above pointers, the advantages of availing of a professional and career development loan in India are innumerable and truly striking, but how can you apply and get approved for one?
Due to the increased demand for professional and career development loans in India, today there are multiple lenders who expertise in rendering this service; however, in my opinion, one of the best is Bengaluru based personal loan lender, Money View.
Hailed as one of the top choices by millions of borrowers, Money View provides instant personal and career development loans at the click of a button and shared below is a step by step process of how you can apply for one.
- Visit the PlayStore on your smartphone and download the Money View application.
- Once downloaded and installed, initiate the application process by first sharing your full name, Aadhar linked phone number and email address.
- Share the OTP you just received with the lender and proceed with your application by sharing your personal information, such as date of birth, current and residential address etc.
- On the next screen, share your income information, such as the name of your current organization, monthly in-hand income, years of experience.
- On the final screen, upload all the relevant documents such as your Aadhar Card, PAN Card, last 3 months bank statements, and latest salary slip.
- Once completed, enter the loan amount you will be requiring and await the lender’s approval.
Once approved, you will have the loan amount in your bank account within the next 48 business hours.
Constantly enhancing and upgrading your skillset is the need of the hour if you want to excel in your career, and by availing the services of a professional and skill development loan, you can easily achieve that without taking on any financial stress.
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