Can you get a loan without a job?

Can you get a loan without a job?

Can you get a loan without a job?

For someone who has a steady source of income and you are employed you can easily avail a loan, however, can you obtain a loan if you have no income and are unemployed? Well, you can! There are several lenders who provide loans to those applicants who have no job.

Can you get a loan without a job? For someone who has a steady source of income and you are employed you can easily avail a loan, however, can you obtain a loan if you have no income and you are unemployed? Well, you can! There are several lenders who provide loans to those applicants who have no job. Many lenders in India provide loans to applicants who do not have a job. Hence, you can get a loan even if you have no income.

Whenever you faced a financial situation that seems too bad to recover from your resort to a loan irrespective of not having a steady source of income. Whether you are in-between jobs, starting your own business, or taking a much-needed sabbatical, their options are available you can create an instant fund to deal with liquidity crises if an alarming situation arises.

Depending upon your repayment capacity you have two options secured loan and an unsecured loan. The interest rate may vary across lenders depending upon the loan and tenor among others.

There are various ways in which an unemployed applicant can apply for a loan:-

  1. Gold loan:- Gold loan is a convenient and valuable asset that comes in very handy at the time of financial emergencies. You can keep your jewelry as collateral to avail of funds. Today, gold is also provided by non-banking institutions. The loan amount depends upon gold valuation, involving its purity level. The fund can range from thousands to lakhs.
  2. Loan against property:- This you can use when the loan amount is tremendous. Your property can provide you with a great amount of aid in any sort of financial crisis. On a commercial property, you can avail of up to 60% of the loan while on a residential property you can avail of up to 50% loan. Various factors like the title of the property, condition of the property, market value, etc are taken into consideration before allowing a loan against the property.
  3. Loan against investment:- Your investment can be offered as collateral for a personal loan if you do not have income. However, you need to keep in mind that these investments cannot be sold until you clear the loan. Stocks, mutual funds, money back policies of life insurance can help you to avail of a loan.
  4. Personal loan against fixed deposit:- Loan against FD is a convenient way to avail. An amount of 60-80% of the value of the fixed deposit is allowed as a loan and your FD continues to earn interest. As your FD act as collateral for the loan, the need for regular income is done away with.
  5.  A pre-approved personal loan from your bank/ credit card:- Based on your credit score, existing balances in the account, and the length of relationship with the lenders these loans are approved for certain customers of the bank and credit card. These offers are sent by banks and credit card issuers and cannot be applied as per your need. Pre-approved loans, often, do not need any documentation.

To conclude these are the points to keep in mind while going in for a loan against security:-

  1. You could lose your asset if you do not repay the loan on time.
  2. If you repay the loan quickly it can improve your credit score.
  3. Borrow as much as you can comfortably repay.
  4. In spite of collateral assets, interest is still payable on these loans.
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