Are Easy Loans For Unemployed Available? The Answer is Here!

To get a loan, it is vital you earn enough to pay the EMI, abbreviated for Equated Monthly Installment, with ease. At the same time, it’s also important to have a regular flow of income to convince the lenders about your repayment capability. However, in today’s competitive environment where thousands apply for a single job, a lot of them are left unemployed. Many of us are working somewhere but do not have proof of employment. Like most, they could even face an emergency or two for which they may need quick cash to get over the situation. Well, the logical head says no easy loans for unemployed or those failing to furnish income proof. But it can be the case under some circumstances. Check out which are those circumstances that can lead to loan approval for the said segment of people.

Gold Loan

The gold that you must have bought can be deposited in banks or gold finance companies to procure a loan. The gold would be weighed first to gauge the price of the metal. Based on the price, lenders can ascertain the loan amount to be disbursed to the concerned individual. You can be given a maximum of 1-2 years to repay the loan.

Unemployed Students Can Avail Education Loan

Unemployed students can avail the education loan to pursue higher studies such as M.B.A, engineering, medical, etc. Lenders like to fund the educational courses that provide more scope for employment. Loan up to ₹4-7 lakhs can be availed without any collateral. If you apply beyond the range, you would be asked to provide a security which could be a fixed deposit, life insurance policy, residential property, etc. A certain percentage of the security can be offered a loan.

Personal Loan for Unemployed

Personal loan for unemployed is not likely to be the case. However, those failing to submit sufficient income proofs can still be hopeful of a personal loan on the back of securities such as a fixed deposit, national savings certificate (NSC), etc. You can get as much as 80%-90% of the security value as a loan.

Prime Minister Rozgar Yojana

The Prime Minister Rozgar Yojana entails loans for all those wanting to start their business venture. Individuals having an education till the 8th standard can avail the loan. The scheme offers a loan of up to ₹5 lakhs to all those unemployed within the age group of 18-35 years. However, the income of the beneficiary as well as his/her parents must not be more than 1 lakh in a year.

Loan for Agricultural Activities

Banks offer loan to all those unemployed wanting to cultivate crops. As agriculture contributes a lot to the country’s economy, banks are told to provide lending support to farmers. There are many banks that offer farm loans that farmers can avail to raise the production and their earnings.

Loan to Youth

The Government of West Bengal runs a scheme where individuals aged between 18-45 years can get loans up to ₹50,000.

So, you have been briefed on how can you access loans without being employed or not having the requisite documents to evidence your employment. Choose the loan option that you feel is better in your case and pay the same smoothly to ensure a good credit history.