How To Get A Personal Loan For Unemployed Individuals In An Easy Way?

How To Get A Personal Loan For Unemployed Individuals In An Easy Way?

Financial needs always come uniformed. Also, they don’t care about whether an individual is employed or unemployed at a point in time. For such informed needs of cash, there are several lenders in the form of banks and financial institutions that provide personal loans to salaried and self-employed individuals. You must be wondering what about those people who are neither salaried and self-employed? Well, we want to tell you that if you are someone unemployed, you don’t need to worry. There are many ways to opt for a ​personal loan for unemployed​ individuals.

A person with an unstable job and income can also come into the category of unemployed individuals and opt for a personal loan. It may possible that various things related to personal loan such as credit terms, eligibility, interest rates vary from the usual personal loans. So if you require urgent funds due to any personal needs but facing unemployment, then you don’t need to worry because, in this article, we would be telling you about everything about the personal loan for unemployed individuals. Keep reading now!

What are the various ways to get Personal Loans for Unemployed Individuals?

You can look at some of the prominent ways to opt for a personal loan for unemployed individuals that you can see below.

Secured Loans:​ As you must know that a ​personal loan​ is basically an unsecured loan becasue you don’t need to pledge any security or asset against the amount you get as the personal loan. But since you are unemployed and can not show any income proof or credit score to prove your credibility for the loan that you’re asking for. Without checking the credibility and other factors related, a lender may find it risky to give a personal loan. That’s why a personal loan for unemployed individuals can be opted by pledging any kind of assets against it. It can be gold, property, fixed deposits or any other things.

The personal loan amount will be dependent on the value of your asset. By asking for security, a lender minimizes the risk factor that it had before. In any case of default from your side, the lender can claim the money from the security you pledged earlier.

Unsecured Loans​: It may possible that you are unemployed at the current point in your life but had employment before than that. And during that time, you had a good repayment track and debt management which made your CIBIL score above 700. With the help of that ​CIBIL score​, you can opt for a personal loan for unemployed individuals. You wouldn’t need to present any kind of security against it, your loan application will be judged on the base of your credit behavior and CIBIL score. Also, your interest rate will be decided based on it.

Loans under Government Schemes​: Apart from the above-mentioned ways, a personal loan for unemployed individuals can be opted by various government schemes such as Pradhan Mantri Mudra Yojna for Women applicants and Pradhan Mantri Rozgaar Yojna under which unemployed individuals can get a maximum amount of INR 5 lakhs so that they can start their own business.