The Indian economy has severely affected by the nationwide lock down due to the current pandemic situation. It has lead to the complete closures of schools, universities, and colleges. Every government around the world has temporarily closed all educational institutions to avoid the spread of COVID-19. It is a serious concern of Indian students who wish to study here or abroad with the help of education loans. It is causing a loss of job and salary cuts in various industries & sectors, whereas some officials have predicted a sharp drop in new jobs, as most of the companies are not in a situation to hire new workers.
In this scenario, students who have availed loans for higher studies and are waiting for placements to start repaying their loans find themselves in a tricky situation.
If you are studying through an education loan and are worried about the impact of the lock down, looking forward to applying for a new loan to continue your current education, you have a few options available.
Is it advisable to take a new loan or higher education loan in the current situation?
When the economy is adversely affected, the enrollments tend to gradually increase in the education sector. The reason behind more number of enrollments is that the people realized that their career growth is directly related to their company, industry, and economic growth. So, it is the best time to take a break from the regular day-to-day cycle and up skill themselves with related, additional & professional Courses. Freshers spending time at home during a lock down period are encouraged to begin to up skill themselves through a lot of good quality online professional courses. So, the students who are planning to complete their higher studies in the next few years or so, this is a good time to get Education Loan. Those students are more likely to come out when the worst has passed.
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