Step by step process for loan for unemployed
The general notion is that you need a regular source of income to avail loan. Financial institutions, however, offer unemployed loans to people with low to no income. The government also provides financial assistance to educated, unemployed youths through various schemes.
Check out how people with no income can avail a loan
1. Secured loans
Individuals without a steady source of income can get a secured loan if they own a property. When availing this loan for unemployed, the loan to value is not as high as that offered to people with a steady income source. However, they can avail considerable financing if the market value of the mortgaged property is high.
Bajaj Finserv offers secured loan in the form of loan against property with attractive features and benefits. Mortgage your residential or commercial property to avail this loan at competitive interest rates along with a flexible repayment tenure.
Use the Property Loan EMI calculator to manage your finances effectively during the loan tenure. Bajaj Finserv also brings various types of mortgage loan to suit your specific financial requirements.
Other options for secured loans include loans against fixed deposit, gold loans, etc.
2. Secured personal loans
People with no stable source of income but a high credit score can also opt for a secured personal loan for unemployed. A good credit history with timely repayments and zero defaults can fetch you a personal loan up to a specific amount.
3. Loans through government schemes
The Central Government also comes with various loan schemes that provide educated, unemployed youths with loans.
Two of them are –
- Pradhan Mantri Rozgar Yojana
Individuals who passed the 8th Standard can avail collateral-free credits of up to Rs. 1 Lakh under this scheme on meeting other basic eligibilities.
- Pradhan Mantri Mudra Yojana for women
Avail loans to start new ventures under this scheme specially designed to empower women with no income.
Opt for one of these options to avail credit even without a stable income source. Bajaj Finserv offers hassle-free application procedure with its secured loans. Check out how to apply for a Property Loan and easily gain approval within 72 hours*.
