Cash loan for Unemployed

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You can easily get a loan if you are employed and have a consistent source of income. Can you receive a loan if you’re jobless and don’t have a steady source of income? You can receive a loan even if you don’t have a job. In India, several lenders provide loans to those who do not have a job. Of course, the terms and circumstances of such loans differ from those offered to wage employees.

Types of Loans for Unemployed

  • Secured Loans – Unemployed individuals with no income can apply for a secured loan. Taking a secured personal loan is one of the smartest decisions since it allows an individual to fulfil different financial needs. Such a loan can be availed against a security or collateral. Even if an applicant is employed but does not have a steady income to show to the lender, he or she can apply for a secured loan. By giving a collateral/security, the lender can further trust the applicant even if there is no source of income. In such cases, the applicant’s profile is considered less risky and a lender can trust the applicant as far as repayment is concerned.
  • Unsecured Loans – Such type of loan allows a person to avail credit without pledging any asset or security. These loans come with higher interest rates and one can easily get it by arranging for a guarantor. 
  • Gold Loan – If an unemployed individual is a homemaker or housewife, he or she can use gold jewellery as an asset to take a loan against the same. There are many lenders out there that offer you this facility at an attractive interest rate so that your needs can be fulfilled.

Government Loans for Unemployed in India

  • Prime Minister Rozgar Yojana – 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 Rs. 5 Lakhs. However, in such a case, the income of the beneficiary along with the income of his/her parents should not exceed Rs. 1 Lakh per annum.
  • Loan Subsidy Scheme – Under this scheme, 25% of the loan amount will be subsidized by the State Government. Well, this scheme is not available across all States.
  • Cash Loans – This is 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 Rs. 50,000.
  • Agriculture Loan – Those individuals engaged in the agriculture sector can avail the benefits of this scheme. 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.

Important Things to Consider While Applying for Personal Loan

If you are unemployed and are looking to apply for a personal loan then here are some of the important things you must consider before making your decision:”

  • The advertising interest rate may differ from the final rate given, and the bank has the right to change it at any time.
  • If you default on one of these loans, you might face steep penalties.
  • Use an online EMI calculator to figure out how much you’ll have to pay each month.
  • Make sure you have adequate money to pay your bills on schedule.
  • At this time, the loan is only available to salaried individuals.
  • Your salary should be paid by direct deposit or check. Salary in cash is not acceptable.
  • Monthly instalments are repaid using the EMI mechanism.
  • The loan amount (between Rs. 10,000 and Rs. 50,000) will be determined by a number of variables, including your income, repayment capacity, and credit history.
  • A loan agreement will specify the Processing Fee.

Where to get Cash Loans for Unemployed?

FundsTiger is a popular online loan platform. Our consumers come to us for their money requirements, whether they are short-term or long-term, small-ticket or large-ticket, personal, family, or business. FundsTiger team brings a wealth of international financial knowledge to the table and tailors it to your specific needs. Money advice, credit advice, wealth planning, and, of course, credit are all available to our clients.

Faster Funding – We are over 80% faster than most traditional banks and lenders

Total Focus on Your Wins – We leverage our technology and business expertise for your financial success.

Customized Loans – We can structure and customize loans for your unique needs

Customer needs in Forefront – Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking the personal loan offers based on customer profile, we try to give you the most personalised experience.

Support you can rely upon – Monitor your loans 24/7 and reach out to a super-responsive support service

Relationships, not Borrowers – We believe in building relationships, not just lending to borrowers.

More Value for Money – We offer the best value for money loans when compared to all our competitors

Real-time Customer Support – Our customer support team is fast and efficient to clear all your doubts regarding personal loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

Cutomised Tailor Options – Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.