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How to Get a Loan Without a Job?

  • Highlights

  • You can avail a loan against property

  • Get a loan against shares and other investments

  • Pledge gold jewelry to receive gold loans

  • You can obtain loan against rent receivables

When you are faced with financial emergencies, you can resort to a loan even if you don’t have steady income. Whether you’re in between jobs, starting your own venture or taking a much-needed sabbatical, there are ways in which you can get an instant fund to deal with Liquidity Crisis if an urgent need arises.

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You have the option of both secured and unsecured loans depending upon your repayment capability and financial status. The interest rate may vary across lenders depending on the loan amount and tenor among others.

Here are four ways in which you can get financial support from lending institutions while being unemployed.

Loan against property

Here’s why your property is your most precious asset - it can bail you out during financial emergencies. You can get a loan against your property when you are in need of money. Your property will act as security assuring the lender about repayment.
You can get up to 50% on your commercial property and around 60% on your residential property if you decide to use them as collateral. This varies across lenders and depends on the property’s location and market value among others.

Gold loans

Gold is another asset that comes in handy during emergencies. You can pledge gold jewellery as collateral to avail funds. Today, gold loans are offered even by non-banking finance companies and microfinance institutions.
The loan amount depends on the gold’s valuation, involving its purity levels. The quantum of funds can range from a few thousand to lakhs.

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Loan against investments

Your investment portfolio has another major advantage apart from the returns; it’s yet another asset that can help you out during a financial crisis. The bonds, stocks or shares you own will help you get a loan during such stressful situations.
You can also avail a loan against your life insurance policy. However, note that all life insurance policies don’t qualify for a loan. Only endowment and moneyback policies, which have maturity benefits and acquire a surrender value can be pledged as collateral for a loan.

Utilizing rent receivables

You can get a loan against your future income if it’s in the form of rent receivables. Rent receivables will be your savior during a financial crunch and can help you get a loan. However, your property must be approved by the local government authorities.

Now that you know of various ways in which you can acquire loans while being unemployed, there’s no need to fret in situations of financial emergencies. However, it’s essential for you to chalk out an effective repayment strategy the moment you start earning.

Bajaj Finserv offers pre-approved offers on a gamut of loans including personal loan, home loan and business loan among others. These offers simplify the process of availing finance. You can know your pre-approved offer within seconds by sharing a few basic details.

The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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