As many working professionals are keen on constantly advancing in their careers, whether it is for increased monetary gain or expanding their portfolio, this in turn makes professional growth and upskilling a crucial component to stay relevant in their respective industries and stand a better chance in moving up the career ladder.
However, such upskilling courses or certifications come with expensive price tags, which are usually out of reach for some employed professionals as they have to struggle with financial challenges to consider such an upgrade. In this article, Quick Loan will dive into the importance of upskilling in today’s context, and how an educational loan can help individuals overcome this expense barrier to achieve their career goals.
The Importance of Upskilling in Today’s Workforce As the job market constantly evolves with changing trends and demands, employees are pressured to have the relevant specialisations that companies and businesses are looking out for. Fast-paced industries especially, such as technology, finance, and healthcare, require their employees to stay updated with the current knowledge, skills, and certifications, to stay competitive in the market.
To keep up with this change, lifelong learning and upskilling, or skill development, becomes an important commitment for employed professionals to ensure that they do not lag behind in an ever-changing workforce. In a Channel News Asia article published in February 2024, the Singaporean government recognises such an importance, and has taken steps into financially assisting its citizens to pursue upskilling via SkillsFuture credits which they can use to pursue self-development and skills upgrading courses.
Why Upskilling Can Be Financially Challenging
While the advantages of upskilling are significant, it also comes with its own share of problems as well. Many professional certifications, courses, or advanced degrees can range from hundreds to thousands of dollars. Even shorter lessons can cost a student a fair amount of money, especially if it comes as a part of a series that is required to achieve a certain level of expertise.
For those already employed, some of their employers may provide internal upskilling as part of their benefits. This may include subsidies on relevant courses in their current job roles. However, such subsidies may be limited and might not cover the majority of the cost, which will still see employed professionals bearing the brunt of the financial burden on their own. Furthermore, such company benefits usually come with conditions and clauses, such as working with them for a predetermined amount of time after completing the course, which some applicants might not be comfortable with.
Despite the clear benefits, some working professionals may choose to skip upskilling as it requires a heavy financial investment that may be beyond their means. Some may even question the beneficial returns in upskilling for their hard-earned money, as certain alternative news articles have pointed out.
How Education Loans Make Upskilling Affordable and Accessible
For working professionals eager to advance in upskilling themselves for career progression, but find themselves bogged down by the financial cost, an educational loan may just be the solution that they need to make it accessible and manageable. Educational loans offer a straightforward process for applicants to pursue their upskilling goals, without having to go through a long, arduous process, or tying themselves into further debt with fair interest rates and repayment plans.
Currently in Singapore, educational loans come in two forms, from banks and financial institutions, as well as licensed moneylenders.
For the former, such educational loans usually come with competitive interest rates and flexible repayment options. These educational loans typically allow borrowing up to 10 times your monthly income, making them suitable for covering substantial educational expenses.
For licensed moneylenders, such as Quick Loan, educational loans are simplified and fast approval process with tailored customer experience. Notably in Quick Loan, we focus on providing flexible repayment options tailored for education and upskilling expenses, making us a convenient alternative for fast and straightforward financing.
Key Considerations When Applying for an Education Loan for Upskilling
Of course, with every major financial decision that an applicant makes, there are certain key considerations to make before proceeding. Applying for an educational loan is no different, and it is essential to evaluate your financial capacity and your upskilling goals to ensure that you find the best choice for your own personal situation.
Here are a few key considerations that you can make when applying for an educational loan for upskilling:
- Interest Rates and Loan Terms: Be sure to compare the various interest rates as well as the terms and conditions on your educational loan, so that you can pick the most financially viable option for your current situation.
- Repayment Flexibility: It is wise to find an educational loan that offers flexible repayments, as you may find yourself in varying income levels and with spontaneous financial obligations over the months.
- Long-Term Return on Investment (ROI): Before applying for an educational loan, consider upskilling as an investment in your career and future. Be sure to assess and research on your chosen upskilling course, to see if the price that you will initially pay will be remunerated with your new skill set in the coming years.
Should you find yourself overwhelmed with these considerations, our consultants at Quick Loan will be more than happy to help applicants in picking the right educational loan for your personal situation. Feel free to contact us through WhatsApp, or online.
Maximizing Your Upskilling Investment Beyond Education Loans
Beyond just educational loans, here are other funding sources that you apply for to complement your financial situation, and make your upskilling journey more affordable:
- Governmental Support: Working professionals (Singaporeans and PRs) may find aid through SkillsFuture, a Singaporean government initiative that promotes lifelong learning, upskilling, and creating a readily accessible ecosystem of quality education and training.
- Employer Assistance Programs: Certain companies may offer partial or full reimbursement for upskilling courses that are relevant to their employees’ roles and job scopes, as a way to retain their current talents and remain competitive in their respective industries.
- Scholarships and Industry Gains: Certain educational institutions may offer scholarships or grants to assist working professionals in upskilling themselves. From an article published in Channel News Asia, Singaporeans aged 40 and above will receive subsidies to pursue full-time diplomas at arts institutions, polytechnics, and the Institute of Technical Education (ITE).
- Personal Savings: To supplement your educational loan, it is always wise to allocate a certain amount of your savings towards your chosen upskilling course. Even small portions can significantly add up and help alleviate the loan repayments overtime.
By leveraging these funding sources alongside Quick Loan’s educational loan, working professionals can make their upskilling journey an affordable and rewarding process.
Get an Education Loan With Quick Loan Pte Ltd
While there are many banks or financial institutions within Singapore that an applicant can apply for an educational loan for, with their own varying rates and repayment schemes, feel free to consider Quick Loan for your own selection!
As Singapore’s most trusted moneylender, licensed by the Registry of Moneylenders, we are more than ready to support your financial needs with 30-minute loan approvals that are up to 6 times your monthly salary. No guarantor is required, and cash will be dispensed on the spot after processing is done.
Here are a few reasons why you should consider Quick Loan for an educational loan:
- Flexible and Personalised
As a reputable licensed money lender in Singapore, licensed by the Registry of Moneylenders and compliant with the Moneylenders Act, we offer flexible repayment plans to fit your unique needs and circumstances. You’ll also get a dedicated loan officer who’ll support you throughout your loan process with us.
- Affordable Repayment
Since our repayment plans are tailored based on your salary and needs, you can expect more affordable repayment on your education loan. At the same time, we keep our interest rates low, making it easier for you to repay the loan without incurring excessive costs. This combination of personalised repayment plans and competitive interest rates makes our education loans a financially sound choice in Singapore.
- Effortless Application Process
Unlike banks, we offer instant education loan approval in just 20 minutes after applying. We understand the urgency of your needs and aim to provide quick and efficient service, ensuring you get the funds you need without unnecessary delays. Our streamlined process is designed to make borrowing as straightforward and hassle-free as possible.
Before applying, please make sure you have these documents on the ready:
1. Singaporeans/PR
- National registration identification card
- Singpass
- If renting, provide both:
- Your tenancy agreement
- Proof of address, such as your phone bill or utility bill
- Payslips for the last three months, if available
- Bank Token
2. Foreigners
- Singpass / Employment Pass / Work Permit with a minimum 6-month validity
- Passport
- Residence information in the form of both:
- Phone bill or utility bill
- Tenancy agreement
- Payslips for the last three months, if available
- Bank Token
- Employment contract
- Staff card
Once you’ve prepared all the necessary documents, you can apply for a renovation loan online or by going to the office. Or, if you have questions or concerns, feel free to contact us via WhatsApp, our customer service staff will be happy to answer any questions you have.
Let us help you bridge the financial gap for your upskilling journey. Apply for your education loan with one of the most trusted and reliable licensed moneylender in Singapore today!
