Personal loans are unsecured loans. Lenders require borrowers to meet stringent eligibility requirements other than a stable source of income for such loans.
However, individuals with no steady source of income can avail a personal loan for unemployed from leading financial institutions. Take the following tips that help you get a personal loan despite unstable income.
Tips to Get a Personal Loan for Unemployed Individuals
An applicant with a high credit score of 750 and above is considered creditworthy, and the risk factor reduces. With such a credit score, your chances of availing this loan increase.
Making credit repayments on time helps maintain good credit history. It increases your reliability and makes it easy to avail personal loan without employment.
A good credit history means you have a low risk of defaulting with your loan. Hence, availing a personal loan with unstable income source becomes easy.
A long-standing relationship can come in handy during periods of unstable income. Maintain healthy relationship with your lender to increase your chances of availing this loan.
Unemployed individuals can also get a personal loan if they bring a guarantor for risk mitigation.
Another way you can avail a loan for personal use is through property mortgage. Bajaj Finserv brings Loan Against Property against easy-to-meet eligibility criteria. Apply for a Property Loan by mortgaging a high-value property to access a substantial funding without any end-use restriction. You can utilise a Loan Against Property from Bajaj Finserv to meet various personal needs.
Bajaj Finserv makes it further affordable to repay the Mortgage Loan with competitive mortgage interest rates and charges.
Use the Property Loan EMI calculator to estimate your fixed monthly obligation and apply for the loan with necessary property documents.