India’s workforce needs are shifting rapidly. By 2022, an estimated 37 percent of the country’s workforce will be in jobs that have radically different skill sets, and nine percent will have jobs that do not exist today. Today’s youth will need training to adapt to this changing landscape. However, many low-income youth do not have access to these high-quality training opportunities that can prepare them for aspirational jobs.
Eduvanz, a non-banking financial company, offers flexible and low-interest loans to students for skills training or higher education. These loans provide more young people the opportunity to secure meaningful employment.
I really appreciate and thank Eduvanz for sanctioning my loan at no interest and in helping me fulfill my dream. From the initial point even before I started applying for the loan, they supported me and were very responsive to all my queries.Mayank, TimesPro Student
How it helps
Despite India’s focus on preparing young people for jobs, lack of skilling continues to be a huge challenge throughout the country. Government skilling programs continue to fall short of meeting enrollment targets, and young people still are not finding meaningful work. Out of the 2.8 million youth who enrolled in trainings from 2016 to 2019, only 1.2 million found employment.
When we looked more closely at this issue, we found that many young people face financial constraints that make skills training out of reach. To address this need, we provide loan capital to Eduvanz to enable low-income youth to enroll in and pay for high-quality training courses.
Eduvanz supports underserved communities by offering loans to individuals who often do not qualify for credit from other financial institutions. Eduvanz borrowers attend courses to prepare for jobs in banking, analytics, fitness, healthcare, and other careers that traditionally were only accessible to wealthier families.
Within the first few months of the foundation’s support, Eduvanz granted more than 3,000 loans, including 750 to low-income youth. Among Eduvanz’s first cohort of students, more than 90 percent found employment.
Quality training combined with upfront loan support is a model that can help move people from unemployment to meaningful employment in India.