People with unstable jobs or source of income can opt for an unemployed loan. However, the credit terms will be different for an unemployed loan as compared to loans provided to people with a regular income. An unemployed person can avail one of the below loans to start a new business that will generate regular income.
The different types of loans that an unemployed individual can avail are:
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 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.