A need for money can come from anywhere to anyone without caring whether an individual is employed or unemployed. This need of money can be fulfilled by different ways, and one of the popular methods is to opt for a Personal Loan. But most of the people think that a personal loan can only be availed by salaried or self-employed individuals. The reason: a personal loan is an unsecured loan. But what if you are unemployed? Well, there are several methods with which personal loan for unemployed individuals can be taken in an easy way.
In case of a personal loan, there are several factors that come into the picture such as credit score, eligibility criteria, interest rates, documents required, etc that tend to vary from one lender to another. But there are a few factors that can help an individual who is facing unemployment currently to get a personal loan. In this article, we will be telling you some of the methods by which personal loan for unemployed individuals can be taken in a hassle-free manner. Keep reading to know more about the methods! Different Methods to Get a Personal Loan for Unemployed Individuals As we said there are some methods with which personal loan for unemployed individuals can be taken. These methods are secured loans such as Gold Loan, Loan Against Property, Unsecured Loans, Loans under Government Schemes, etc. We are telling them about it below. Have a look! Unsecured Loans If you are looking for a personal loan for the unemployed, it is not necessary that you have always been unemployed. It may be possible that a person is unemployed at this moment. Such individuals can easily take an unsecured loan from a lender if they paid all their debts on time when they were employed. A brilliant repayment track makes an individual’s CIBIL score 700 or above. Any lender will like to provide a personal loan to an unemployed individual with a credit score of 700 or above. It may be possible that you may not get the required loan amount as you wished for initially, but you certainly can get a personal loan. Your eligibility will depend on your past credit behavior. One of the best things about this is individuals don’t need to submit any kind of collateral. Secured Loans The basic definition of a personal loan is it is an unsecured loan; individuals don’t need to present any collateral or security against the loan amount. Since we are talking about personal loans for unemployed individuals, and they cannot present an income proof (salary slip) or credit score as their eligibility, the lender will not like to take the credit risk. That’s why, secured loans can be a good option for such individuals. With this type of loan, individuals will need to submit some security to lenders to get the required loan amount. This security can be Gold, Property, Fixed Deposits, Mutual Fund Units, etc. You should remember that the personal loan amount against these securities will vary according to the overall value of your securities. For example, in the case of a Gold Loan, the loan amount will range from 65% to 90% of the overall gold value. Loans Under Government Scheme One of the best ways to opt for a Personal Loan for Unemployed individuals is the various government schemes. One of these government schemes is Pradhan Mantri Mudra Yojana with which unemployed women applicants can get a personal loan. One other such government scheme to get a personal loan is Pradhan Mantri Rozgaar Yojana with which individuals can get a loan amount as much as INR 5 lakh as a personal loan.
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Anika Sharma
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