How to get Personal Loan without Job? Berozgari Loan
The need for urgent funds can rise at any time and securing a personal loan could be one of the best options you have at your disposal. And the first question arises in our minds if we are jobless is how can I get a personal loan without a job? Hence getting emergency loans with no job could be difficult since banks lend after checking the repayment capability of the applicant and having a regular and steady flow of income curtails the risk of defaulting the repayment of the loan. But this should not dishearten you since urgent cash loans for unemployed in India can be availed.
Let’s check out the various options we have for a personal loan with no income verification and give the answer to your question of how can I get a personal loan without a job?
Loan against Property-
This is one of the assets which can help you in availing loan when you don’t have a regular income flow. The property acts as security and assurance to the lender that you’ll repay the loan amount. Whether you are the owner of a commercial property or a residential property you can avail loan on any of them. The amount of loan on a commercial property is 50% and for residential it is 60%. But this may differ depending on the lender, location of the property, market value, and the like.
Gold Loans-
It is frustrating when you need funds and you don’t know How can I get a personal loan without a job?. Gold can be your savior during uncertain times when you need funds. You can pledge your Gold ornaments as collateral and avail loan against it. Many NBFC and microfinance institutions provide gold loans in addition to the banks. The amount that can be availed through a gold loan depends on the purity of the gold and its valuation.
Loan Against Investments
Investments not only gives you returns but can also help you in availing personal loan at the time of crisis when you don’t have a job or a steady income flow. If you have invested in bonds, shares, stocks, mutual funds, or any other investment scheme you can avail loan on these investments by pledging them. The amount of loan that can be availed of varies from bank to bank and even the rate of interest differs.
Loan against Life Insurance Policies
If you have a life insurance policy in your name then you have a bright chance that you can get a personal loan during your financial crisis. But all insurance policies don’t qualify as the collateral for the loan. Only policies that are endowment or have a money-back guarantee qualifies as the collateral to avail the loan. Contact your lender and check with them whether or not your policy plan is eligible to apply for the loan or not before starting the application process.
Utilizing rent receivables
Rent receivables is another way you can get a personal loan. Rent receivables are the future income you can pledge to avail of the loan. But your property should be approved by the local government authorities to get a loan on the rent receivables.
Insta /Same Day Loans from Banks
This type of loan is given to customers who have a good banking history with their bankers. These loans are approved for the selective customers of the bank and these are the pre-approved loans for which you don’t require any documentation. These are some of the ways to get an urgent loan for unemployed in India. The amount you can get through this loan is usually adjusted against your credit card’s credit limit. It can be paid just as you pay off your credit card bills in the form of EMIs. However, the interest rate charged on such type of loan is high but these can be availed during financial emergencies.
You don’t have to get petrified of the financial crisis even when you are jobless since we have answered your question How can I get a personal loan without a job?. However you need to find out ways to earn and pay off your EMIs timely.