What is unemployed loans?
People with unstable jobs or a source of income can opt for an unemployed loan. The credit terms, interest rates, and other features may be different from those offered to people with a regular income. However, you may avail a loan even if you lack a stable job or income. Don’t let unemployment limit your financial aspirations. With Bajaj Finserv Loan Against Property, you can leverage your existing residential or commercial property to avail substantial funds. This low-interest, long-tenure option provides the stability you need to navigate challenging times while building a secure future. Get a loan of up to Rs. 10.50 crore with the option of interest-only EMIs during the initial tenure. Take a look at this loan in detail.
How to avail loan for unemployed
A loan for the unemployed is a type of credit a person with income instability can avail under special terms and conditions. Such loans are available as secured credits, personal credits, government loans, etc. for unemployed individuals.
Bajaj Finserv brings one such secured credit in the form of a Loan Against Property. Unemployed individuals who own property can avail this loan, subject to meeting the minimum eligibility criteria.
Since a Mortgage Loan is sanctioned basis on the existing property’s market value, documentation requirements remain a formality. However, the Loan to Value ratio in the case of unemployed individuals is comparatively lower due to the high risk involved.
If you own property, it can be your key to securing funds without the hassle of unstable income. Bajaj Finserv Loan Against Property lets you unlock the value of your property with attractive interest rates and flexible repayment tenures. Whether for personal needs or to start your dream business, this secured loan ensures you’re always financially ready. Get loan of up to Rs. 10.50 crore against your property within 72 hours* of the approval.
Types of loans for unemployed individuals
To know more about the types of loans for unemployed individuals, read on.
- Property loan
Avail a loan against property with attractive features and benefits and utilize it to meet your big-ticket expenses like marriage, child’s education, etc. With the sanctioned amount, unemployed individuals can also start a small business to generate regular income. Get these loans at an attractive mortgage rate of interest and flexible repayment tenor.
- Secured personal loan
Avail personal loan for unemployed to get necessary financing during urgencies. Lenders provide this unsecured loan without any collateral and for a short tenor.
Additional read: What is Pradhan Mantri Rozgar Yojana?
- Loan under government schemes
Unemployed youths between the age of 18 and 35 years can avail a collateral-free credit of up to Rs.1 Lakh under Government schemes like Pradhan Mantri Rozgar Yojana. Such schemes provide self-employment opportunities.
Avail an unemployed person’s loan to give your self-employed career a kick-start or meet other necessary expenses. Alternatively, apply for a property loan from Bajaj Finserv and mortgage your residential or commercial property to avail the funds.
Why let income instability stand in the way of your dreams? Bajaj Finserv Loan Against Property is tailored for unemployed individuals who own property. With quick approvals, minimal documentation, and a high loan amount based on your property’s market value, this is the financial boost you need to meet life’s big-ticket expenses or invest in self-employment. Get access to large funds with the flexibility to part-prepay your Flexi Loan at no extra cost.
