72% of Indian Workforce Open to Loans for Upskilling: Study

Synopsis

A recent report reveals that 72% of Indian professionals are willing to take loans to enhance their skills through edtech platforms. This growing trend highlights the demand for upskilling in various domains, despite challenges such as time and budget constraints.

Key Takeaways

72% of Indian professionals willing to take loans for upskilling
47% prefer to enhance skills in their current domain
73% show interest in online courses
Challenges include time and budget constraints
Top interests in technical and marketing courses

Mumbai, March 24 (NationPress) Approximately 72% of Indian professionals are open to obtaining loans to enhance their skills through edtech platforms, as revealed by a recent report released on Monday.

The study conducted by Fibe, a fintech company, highlights a growing trend among Indian professionals for both upskilling and cross-skilling.

According to the findings, 47% of respondents are inclined to improve their skills within their current field or learn new skills in different areas, while another 25% are interested in pursuing skills unrelated to their current profession.

Notably, 73% of those surveyed expressed a preference for taking online courses.

The report also pointed out a rising interest in technical and marketing courses, with data science, digital marketing, and investment banking emerging as the most sought-after subjects.

However, professionals encounter considerable obstacles in their upskilling and reskilling efforts.

While 30% of participants mentioned that time constraints hinder their ability to enroll in courses, a significant 69% pointed to financial limitations as a challenge.

“In recent years, we have observed a significant transformation among working professionals, motivated by their aspirations for a brighter future. The increasing demand for upskilling and career advancement presents a unique opportunity for both edtech and fintech companies that offer accessible and affordable financial options,” stated Akshay Mehrotra, Cofounder & CEO of Fibe.

Furthermore, 52% of tech professionals showed interest in AI and data science, while 40% of HR professionals favored soft skills and communication.

Additionally, 40% of sales and marketing professionals expressed interest in digital marketing, and nearly 30% of finance professionals are interested in investment banking.