People with unstable jobs or source of income can find it difficult to get an instant loan; instead they can opt for an unemployed loan. However, the credit terms will be different for an unemployed loan as compared to the loans provided to people with a regular income.
Types of loans for unemployed individuals:
- Property Loan - If you have a property, you can avail a loan against property with attractive features and benefits. You can use that loan amount to start a new business that will generate regular income or meet your other expenses like marriage, child’s education, etc.
- Secured Personal Loan - You can avail a secured personal loan for unemployed to get necessary financing during emergencies.
- Loan under Government Schemes - Unemployed youth between 18 and 35 years can get financial assistance of up to Rs.1 Lakh for self-employment opportunities under Government schemes like Pradhan Mantri Rozgar Yojana.