What is Unemployed Loan?

People with unstable job or source of income can opt for an unemployed loan. The credit terms, interest rates and such 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. Take a look at this loan in detail.

How to Avail Loan for Unemployed?

Loan for 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 Loan Against Property. Unemployed individuals who own a property can avail this loan, subject to meeting the minimum eligibility criteria.

Since a Mortgage Loan is sanctioned basis the existing property’s market value, documentation requirements remain a formality. However, the Loan to Value ratio in case of unemployed individuals is comparatively lower due to the high risk involved.

Types of loans for unemployed individuals:

  • Property Loan

Avail a loan against property with attractive features and benefits and utilise 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 beteen 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 property loan from Bajaj Finserv and mortgage your residential or commercial property to avail the funds.