Personal Loan for Career Upskilling: Benefits, Eligibility, Interest Rate, How to Apply
Written by Mariyam Sara
3 min read | Updated on November 13, 2025, 19:35 IST
Benefits of Personal Loan for Career Upskilling
Eligibility Criteria for Personal Loan
Interest Rates on Personal Loan
How to Apply for a Personal Loan
Upstox is a leading Indian financial services company that offers online trading and investment services in stocks, commodities, currencies, mutual funds, and more. Founded in 2009 and headquartered in Mumbai, Upstox is backed by prominent investors including Ratan Tata, Tiger Global, and Kalaari Capital. It operates under RKSV Securities and is registered with SEBI, NSE, BSE, and other regulatory bodies, ensuring secure and compliant trading experiences.
Today’s competitive world demands that everyone constantly upskill or risk being replaced. You need to keep pace with evolving industries and employers’ expectations. Your experience, coupled with your zeal for upskilling, can help unlock promotions and salary hikes.
However, as demand for upskilling rises, so does the cost of quality training programs. That’s where personal loans come in.
Benefits of Personal Loan for Career Upskilling
Here are the benefits of using a personal loan for career upskilling.
Convenience
Digital personal loans can be availed online within minutes, making it convenient for individuals in urgent need of financial aid. You can skip the long queues and complex paperwork and avail a personal loan in a day. This will help you quickly get started with your upskilling process.
Quick Loan Approval & Disbursement
Since the end-to-end loan process is executed online, your personal loan applications are approved and disbursed quickly, provided that all the documents are accurate and complete.
Compare Lenders & Their Offers
As you don’t have to physically visit lenders to find out their interest rates and processing fees, you can easily compare multiple vendors and their offers. This helps you make informed decisions that resonate with your financial situation.
Minimum Documentation
Compared to traditional loans, digital loans require less documentation and can access your financial data digitally. Online leaders conduct a digital verification, eliminating the need for extensive paperwork.
Flexible Repayment
When you avail a digital personal loan, you have the option to choose interest-only EMIs and step-up EMIs, where your EMI payments gradually increase. This helps you plan your repayment strategy so you can become debt-free as quickly as possible.
No Collateral Needed
When you take a personal loan for upskilling, you don’t have to worry about reserving any collateral. Most education loans require collateral, which is an obstacle for people seeking funds for upskilling.
Eligibility Criteria for Personal Loan
Here is the eligibility criteria a candidate should fulfil to avail a personal loan online.
Minimum Age Requirement
The applicant should be at least 18 years of age.
Income Requirement
The candidate should provide proof of consistent income that shows the individual's repayment capacity.
Salaried Employees
Salaried employees who work in the public or private sector are eligible to avail a personal loan.
Self-employed Individuals
Self-employed individuals or businessmen earning a certain amount are eligible to avail a personal loan.
Credit Score and Payment History
A credit score is a crucial factor that determines your eligibility for a personal loan. Most lenders offer personal loans only to candidates with a credit score between 720 and 760. A good repayment history shows the lender that the candidate can repay their debt obligation on time.
Interest Rates on Personal Loan
Interest rates on personal loans vary among different lenders and are decided based on your credit score and payment history. If you have a good credit score and payment history, you get negotiating power on the interest rates of personal loans.
Many lenders offer personal loans with better terms and interest rates to candidates with a credit score of 750 or higher. Hence, make sure you have a good credit score before applying for a personal loan.
How to Apply for a Personal Loan
Follow the steps below to apply for a personal loan.
Determine The Loan Amount
Determine the loan amount based on the cost of the certification or upskilling course you pick. Borrow only what you need to avoid paying unnecessary EMIs and over-borrowing.
Evaluate Different Lenders and Their Offers
Different lenders have different eligibility requirements and offers. Evaluate different lenders by comparing the interest rates, processing fees, and terms. Choose a lender whose offer suits your financial needs.
Apply For a Loan
You can apply for a personal loan online or offline, depending on your lender. If you opt for an online personal loan, apply for a loan on the lender’s web portal or mobile application. Fill out the application form and provide all necessary details accurately to get your loan approved quickly.
Submit Documents
Submit all the required documents and ensure they are complete and accurate. If a document is missing, your loan application may be rejected or delayed in approval.
Approval and Loan Disbursal
The lender will verify the information you provided and review your loan application. On approval, the loan amount will be disbursed to your bank account within 24 working hours.
Though personal loans help you fund your career upskilling plans, it's crucial to assess the loan amount, terms and repayment ability to ensure it suits your financial and career plans.
About Author
Mariyam Sara
Sub-Editor
holds an MBA in Finance and is a true Finance Fanatic. She writes extensively on all things finance whether it’s stock trading, personal finance, or insurance, chances are she’s covered it. When she’s not writing, she’s busy pursuing NISM certifications, experimenting with new baking recipes.
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