As far as availing a personal loan is concerned, a steady source of income is no doubt the most important decisive factor. And, why not, after all, based on the income, your personal loan application is either approved or rejected. But how to avail a loan if someone is unemployed? Does that mean an unemployed individual cannot avail a loan?
Well, if you are curious to know the answer of the same, all you need to do is just go through the post below:
If you are unemployed who is in urgent need of a loan, going for a gold loan is an ideal choice. Availing the same is quick and swift as you simply need to walk-in to your nearest branch to get the same. The documentation required is minimal and it is one of the simplest ways to get the loan at attractive rates.
Loan for Unemployed Students in India
Are you a student who is unemployed yet looking for a loan. Yes, if you are looking for a loan to pursue the higher education, you would be glad to know that students can also avail a loan in India for the same purpose. So, let’s just know more about the same in the post below.
There are many top lenders which are known for offering education loan to the students. In this case, actually, the parents/guardians act as a co-applicant and the primary debtor. To avail this loan, third-party guarantee or a collateral is required. Here, the future income of the student is also taken into consideration while granting the loan.
Loans for Unemployed People with No Income
Many times people ask this question, i.e. how the unemployed people with no income can get the loan. Well, the answer is yes they can.
The unemployed individuals with no income can avail a secured loan. Yes, taking a secured personal loan, it is one of the smartest options that allows an individual to fulfill his varied needs. As far as availing this loan is concerned, it can be availed against a security or collateral. So even if, you are not employed and do not have an income to show to the lender, opting for a secured personal loan is a solution here. By giving a collateral/security, the lender can further trust you even if you do not earn. However, in such cases, your profile is considered less risky and a lender can trust you as far as repayment is concerned.
Loan Scheme for Housewife
Are you a housewife who is looking for a loan but don’t know which schemes are there for you? If that is the case, all you need to do is just go through the points below:
This scheme is launched by the Government of India, whose main endeavor is to improve the status of the women by providing them loans and encouraging them to start new ventures. There are many lending financial bodies and banks that offer mudra loans to the eligible applicants.
Being a homemaker or housewife if you have some gold jewellery, you can use this asset in order to take a loan against the same. There are many lenders out there that offer you gold loan at an attractive interest rate so that your needs can be fulfilled.
Govt Loan Schemes for Unemployed (youth/graduates)
It is no doubt difficult for an unemployed youth to get a loan but all thanks to some schemes launched by Centre and State Government, availing a loan is now easy.
Below are some schemes which have been payday loans in Martins Ferry OH rolled out by the government to support the unemployed youth in the country and reduce poverty.
Under this scheme, the Government of India offers loans to unemployed so that they can kick-start their own venture. Anyone who is educated till 8th standard is eligible to apply for a loan under this scheme. Individuals aged between 18-35, who are unemployed can avail a loan of up to INR 5 Lakh. However, in such a case, the income of the beneficiary along with the income of his/her parents should not exceed INR 1 Lakh per annum.
Under this scheme, 25% of the loan amount will be subsidized by the State Government. Well, this scheme is not available across all States.
It is also a State-funded initiative that has been started by the Government of West Bengal. Under this scheme, an employed person aged between 18-45 can apply for a loan of up to INR 50,000.
Those individuals engaged in the agriculture sector, this scheme is very useful for them. Under this scheme, the government has collaborated with many banks and financial institutions to give agriculture loans to unemployed youth in the country. People who can apply under this scheme should be aged 22 or above.
This is another way unemployed youth in the country can get the secured loan. However, under the same, the individual will have to give some sort of security/asset/collateral to the lender for the sanctioning of the loan. Here, the loan amount will depend directly on the asset value.