Getting a loan without employment is also possible when you have a good credit history, or you are able to on-board a guarantor or co-applicant with a good credit score. The following are the List of Options for Personal Loan without a Job
Top 9 Options to get a Personal Loan without a Job
1. Loan Against Property
A Loan Against Property, as a mortgage loan, is available for property owners. They can mortgage their existing residential or commercial property to get funds from the lending institution. The borrower submits property documents to the lender for the period of the loan repayment. These personal loan schemes are also known as mortgage loans.
You can get 50 % on your commercial property and around 60% on your residential property if ypu decide to use them as collateral. Loan Against Property interest rates range between 8.00% p.a. to 25% p.a. You can avail loans of up to Rs.25 crore for tenure of up to 20 years with LAP.
2. Loan with a Co-borrower
One easy way to get an unemployed loan is to get a co-applicant along with you. The co-applicant needs to have stable income which this reduces the risk from the lender’s side. The income of the co-applicant gives the lender assurance of regular repayment, making the loan process easy.
3. Instant P2P loans
Peer to peer or P2P loans can be availed without the back up of a CIBIL score or without any job in hand. These are platforms that allow you to instantly borrow money by connecting you to the lenders directly. These platforms do not involve any middleman and that’s why they are preferred by many. P2P borrowing is mostly stress-free, but the borrower must still furnish the income method he/she will use to repay the loan.
4. Gold Loan
A gold loan is a secured loan in which the loan amount is granted against the borrower’s gold items. Like most secured loans, you must offer collateral, which in this case is gold (within a range of 18-22 carats). The loan amount provided is based on the current market value of gold.
If you are unemployed, but need an urgent need loan, you can consider taking a gold loan. It’s simple and quick. Just walk into your nearest branch with minimal documentation and get a gold loan approved at an attractive interest rate. In this type of an unemployed loan, the gold is used as collateral. The documentation required is very limited and there would be no requirement for income proof with some lenders.
5. Loan Against a Fixed Deposit
A fixed deposit can work well as collateral for a loan when you do not have a regular income. Loan against an FD is easy to avail of. An amount of 60-80% of the value of the Fixed Deposit is allowed as loan and your FD continues to earn interest. As your FD acts as collateral for the loan, the need for regular income is done away with.
6. Loan Against Investments
Investments in stocks, mutual funds or endowment or money back policies of life insurance can also help you to avail of a loan. These investments can be offered as collateral for a personal loan when you do not have a regular income. However, you would need to bear in mind that these investments cannot be sold until you clear the loan.
7. Loan Against Rent Receivables
Future rent receivable for a property can be offered as collateral/security against a loan. Certain banks allow this kind of a loan against rent receivable of a commercial property only. The bank, your tenant and you may be required to sign a tripartite agreement to process this loan.
8. Pre-Approved Personal Loan from your Bank/Credit Card
These loans are approved for certain customers of the bank/credit card based on their credit score, existing balances in the account and the length of relationship with the lender. These offers are sent by the banks and credit card issuers and cannot be applied as per your need. Pre-approved loans, often, do not need any documentation.
9. Government Loan Schemes for Unemployed in India
- Prime Ministers Rozgar Yojana
This scheme has been designed especially for the unemployed.The main of the scheme is to provide employment to the unemployed by providing them financial resources to start their own ventures. The loan is available to any youth who is educated up to standard grade 8 in India. The loan is of composite nature and a loan of Rs.2 lakh and a loan of Rs.5 lakh is advanced for business sector and industry sector respectively.
- Loan subsidy for unemployed youth
Tamil Nadu government has a scheme for the unemployed called NEEDS(New Entrepreneur and Enterprise Development scheme).Under this scheme the state government provides 25% subsidy for loans for unemployed youth who are graduates. Collateral for the loan through banks is decided by the bank. The project estimate is between Rs.5 lakh and Rs.1 crore and the infrastructure cost of the project can’t exceed 25% of the loan.
Where to get Loans without a Job?
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.
5 Reasons to choose Omozing
1. Loans from INR 10k to INR 10 lakhs
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 10,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
2. Cutomised Tailor Options
- Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
- You have the freedom to utilise your loan anyway you want, whether for business or for immediate personal needs.
- Flexible repayment options depending on your specific cash flow and budget, as well as conditions that is beneficial to your position.
3. Lower CIBIL
While most lenders require borrowers to have a CIBIL score of over 750, at Omozing.com provide loans even with 600. Besides the CIBIL score, we also considers your age, employment status, and net monthly income.
4. Ways to apply
You can apply for a personal loan through us by 2 ways:
1. You can download our Mobile Application from Google app store.
2. Apply on portal using out Personal Loan link
5. Prompt Loan Disbursal
An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account.