Given the level of competition nowadays in the workspace, it is of absolute necessity to continuously develop new skills to stay ahead.

A 34-year-old native from Assam working in a Public Relations sector in Bengaluru, Deepa Medhi wanted to learn new skills that would also help in her profession.

So, she decided to pursue a digital marketing course from Manipal ProLearn, which offers short-term online and offline classroom training. Medhi’s course was  of three months’ duration that cost her around Rs45,000.

 Although she could have opted to cover the expenses from her savings, she instead took an education loan from MDI Finance, as the lending company was not charging any interest rate on the borrowed sum. She said that Manipal was coordinating on her behalf with the lender.

Determined to upskill herself, Medhi borrowed Rs45,000 as education loan. Her EMI started in the same month that ended in May this year. But, Medhi had to extend her course by one more month as she had to travel back to her home due to some family emergency; However, she was not charged any extra fees.

Medhi stated, she had spent almost 12 per cent of her salary to pay the EMI. This was the first time she had taken an education loan, though she has a separate credit card account with one of the  private banks.

At the same time, she is spending close to 20 per cent of her salary in investments such as SIP; and a small amount in a rotating savings, popularly known as chit fund, among her relatives in Assam.

She also likes to keep a bit of liquid cash in-hand for any unforeseen situations. She said, “It does pinch your pocket when you take a loan, but most companies do not charge any interest. In that sense, such loan is very convenient.”