When faced with financial emergencies, you can resort to a loan even if you don’t have a steady income. Whether you’re in between jobs, starting your own venture or taking a much-needed sabbatical, there are ways in which you can get an instant fund to deal with liquidity crisis if an urgent need arises.
You have the option of both secured and unsecured loans depending upon your repayment capability and financial status. The interest rate may vary across lenders depending on the loan amount and tenor among others.
Loan against property
Here’s why your property is your most precious asset - it can aid you during financial emergencies. You can get a loan against your property when you need money. Your property will act as security, assuring the lender of repayment.
You can get up to 50% on your commercial property and around 60% on your residential property if you decide to use them as collateral. This varies across lenders and depends on the property’s location and market value.
Gold loan
Gold is another asset that comes in handy during emergencies. You can pledge gold jewellery as collateral to avail of funds. Today, gold loans are offered even by non-banking finance companies and microfinance institutions.
The loan amount depends on the gold’s valuation, involving its purity levels. The quantum of funds can range from a few thousands to lakhs.
Loan against investments
Your investment portfolio has another major advantage apart from the returns; it’s yet another asset that can help you out during a financial crisis. The bonds, stocks or shares you own will help you get a loan during such stressful situations.
You can also avail of a loan against your life insurance policy. However, note that all life insurance policies don’t qualify for a loan. Only endowment and money back policies, which have maturity benefits and acquire a surrender value, can be pledged as collateral for a loan.
Utilising rent receivables
You can get a loan against your future income if it’s in the form of rent receivables. Rent receivables will be your saviour during a financial crunch and can help you get a loan. However, your property must be approved by the local government authorities.
Now that you know of various ways to acquire loans while unemployed, there’s no need to fret in situations of financial emergencies or a denied personal loan. However, it would help if you chalked out an effective repayment strategy the moment you start earning.
Bajaj Finserv offers pre-approved offers on a gamut of loans, including personal, home, and business loans. These offers simplify the process of availing of finance. You can know your pre-approved offer within seconds by sharing a few basic details.
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