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  • Loans for Unemployed is Rated as "Great!" by 97304 Users

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    Loans for Unemployed

    The process of a loan sanction is not as easy as it sounds. A lot of factors are considered while granting a loan to an individual.Even an individual with a good job has to go through a tedious process and various verifications to avail a loan. Where does that leave an unemployed individual who needs a loan to make ends meet? Many of these unemployed individuals might have been just out of work, in between jobs or quit their jobs to start their own ventures. Most of the banks and financial institutions dont grant loans to unemployed individuals. But there are several banks which have provide cash loans for unemployed crowd. The loan amount granted under theses schemes can be used by the individual to even start their own venture.

    Types of cash loans for the unemployed

    Listed below are the types of cash loans available for the unemployed

    • Same day loans for the unemployed-It can be hard for an unemployed person to get loans easily and getting loans the same day seems almost impossible. But ˜Same Day Loans for the unemployed makes it possible for an unemployed person to avail loans within a day. These loans are usually short term loans and require the applicant to be over 18 years of age with a valid bank account irrespective of whether they are employed or have a bad credit.
    • Unsecured loans for the unemployed- One can avail unsecured loans if they are unemployed without any risk of losing a pledged asset. Unsecured loans come with a higher interest rate with varied repayment tenure periods.An unemployment unsecured loan application can be made stronger by getting onboard a cosigner who is in a better position financially.
    • No credit check loans for unemployed- No credit check loans is the best option for those who are unemployed and have a bad credit history.This kind of loan requires no collateral.
    • Payday loans for unemployed-Payday loans for unemployed are granted without any credit checks.Interest rates for payday loans tend to be higher than the normal loans.
    • Long term loans for unemployed-The best part about long term loans for unemployed is that the anyone can apply for the loan irrespective of their credit history or employment status.In this kind of loan, the borrower can pledge an asset and take the loan.

    Benefits of Cash loans for unemployed

    Listed below are the benefits of Cash loans for unemployed.

    • Unemployed individuals can avail loans.
    • Most of the loan plans require no collateral.
    • Same day loans for unemployed plan for emergency cash.
    • Individuals with bad credit history can avail the loan.
    • Flexible tenure periods.
    • Availability of short term and long term loans

    Disadvantages of Cash loans for unemployed

    The disadvantages of Cash loans for unemployed is listed below.

    • Higher interest rates.
    • Terms are set by the bank.
    • Smaller loan amounts.
    • Fewer banks offer loans for unemployed.There is not much to choose from.
    • Most of the banks/financial institutions require collateral.
    • Requirement of a cosigner for some of the plans offered for unemployed individuals.

    Cash loans for unemployed in India

    The loan plans for the unemployed in India is different from the loan plans in other countries. There are no payday cash loan plans, same day cash loan plans for the unemployed in India. Some of the banks in India offer unsecured loan. The government has several loan plans drafted for the unemployed crowd in India.

    Government loan plans 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.
    • All unemployed individuals between the ages of 18 and 35 are eligible for the loan.
    • The income of the beneficiary with the spouse or their parents should not exceed Rs.1 lakh p.a.
    • 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 cant exceed 25% of the loan.
    • Cash loans for the unemployed by the Government of West Bengal-The government of West Bengal has a loan scheme for the unemployed wherein a loan of Rs.50,000 will be granted.The main aim of the plan is to help unemployed youth to start their own business/ventures.Youths between the age of 18 and 45 are eligible for this plan.
    • Agriculture loan for the unemployed-The government has collaborated with many banks to provide financial resources for unemployed agriculture graduates. This loan can be utilised for any kind of agricultural projects. Any unemployed agricultural graduate above the age of 22 years old is eligible for this loan.

    Secured unemployment loans- Secured unemployment loans are sanctioned against a collateral or security. In this loan scheme, the borrower pledges an asset to the lender based on which the lender sanctions the loan. The loan amount depends on the value of the asset pledged.

    Benefits of secured unemployment loan:

    Listed below are the benefits of secured unemployment loans.

    • Lower interest rates
    • Flexible loan repayment terms
    • Long term tenure
    • Smaller individual loan payments
    • Tax deductible interest
    Disadvantages of secured unemployment loan:

    Listed below are the disadvantages of secured unemployment loans.

    • Risk of possession of asset by the lender if the loan is not repaid in time.
    • The borrower should be the owner of the property that is being pledged.
    • Loan term is set by the lender.
    • More expensive in the longer run

    Unsecured unemployment loans-Unsecured loans is another way through which unemployed individuals in India can avail loans.Unlike secured loans, there is no need for collateral in unsecured loans and it comes with a higher rate of interest.A good credit history will increase the chances of availing Unsecured Loans in India.

    Benefits of unsecured unemployment loans-

    Listed below are the benefits of unsecured unemployment loans.

    • No need for collateral.
    • No need for cosigner.
    • Unemployed individuals can get a loan under this scheme.
    • Quicker loan approvals.
    • Less documentation.
    Disadvantages of unsecured unemployment loans-

    Listed below are the disadvantages of unsecured unemployment loans.

    • Higher rate of interest
    • Higher individual loan payments.
    • Terms are decided by the lender.
    • Short term loans.

    Loans for Unemployed Reviews

    • Bank Bazaar Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      At the beginning i came to know about the Bank bazaar through the credit card score checking, i use the bank bazaar through both the website as well as the mobile application as it is user friendly to access. The customer support is responsive.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 14, 2018
    • HDFC Bank Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      There is no particular reason for taking the personal loan with the HDFC BANK but the process of applying the personal loan is simple ans easy to get the loan. The loan amount is satisfactory what they have offered added on that the rate of interest is with lower.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "USER FRIENDLY PORTAL"
      0.5 5.0/5 "Blown Away!"
      It is my first time experience with the Bank bazaar as i am using it through the website as the portal is easy and also it is user friendly to access. The customer support is very good with this with this portal and it is satisfactory to me. It is a good portal to use.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 14, 2018
    • IndusInd Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      There is no particular reason for taking the personal loan with the INDUSIND BANK but the loan amount what they have offered is sufficient added on that they have offered the rate of interest is 12.5% with this personal loan. The process of getting the loan is simple and quick.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 14, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It has been a good experience with this loan and the loan got disbursed in a short period of time. There has not been any hassle faced with the banking services of them, even their customer support has been responsive has been helpful. There has not been any extra charges made by them.
      Was this review helpful? 2
      , kolkata
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It had been a good experience with this loan experience with this loan and the whole process went smooth and simple. Within a short period of time they had given me this loan and there has not been any problem and there has not been any sort of additional charges which they had made.
      Was this review helpful? 3
      , kolkata
      Reviewed on Dec 14, 2018
    • HDFC Bank Personal Loan
      "Easy to get a loan"
      0.5 4.5/5 "Excellent!"
      They have processed the loan immediately. I have received the loan amount of Rs. 1.5 lakhs. I have received the loan on time. I'm happy about the interest rate since its a instant loan. There was no documentation has collected. Total tenure period of the loan is 2 years and I'm about to close it.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Dec 14, 2018
    • review Personal Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      Its instant paperless approval personal loan which i got from Home credit financial service . As the rate of interest is satisfactory based on the market price. Their customer service is way good an response was quick .I have chosen the tenure period of1 years and there are nil processing fees.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Dec 14, 2018
    • review Personal Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I have take personal loan from Bussan Auto finance which they approved in 1 day and the amount was reflected in next day and they followed instant approval process. As am satisfied with the rate of interest which they have given and i can make the payment monthly though ECS. There are nominal processing fees.
      Was this review helpful? 2
      , ghaziabad
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with STATE BANK OF INDIA , and they provide nominal rate of interest and it is nominal in the market . The processing fee is nominal and tenure period is 5year . SO far it has been good experience with this bank . Loan amount is satisfactory .
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 14, 2018
    • Axis Bank Personal Loan
      "Very Good bank for personal loan"
      0.5 5.0/5 "Blown Away!"
      I bought my personal loan in the year of 2017. They have offered me a interest rate of 14.5% and the loan amount was Rs. 2.59 lakhs. There was some processing fee which is nominal according to the standard charges. Getting a loan from Axis bank is easy. There is a pre-closure and partial payment is available without any charges.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 14, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with HDFC bank and my experience was good, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Customer service was good with this bank and the tenure period is 5 years for this loan.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience so far with bankbazaar, they provide good services when compared to others in the market. Customer service was good with bankbazaar and they responded on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Dec 14, 2018
    • Early Salary Personal Loan
      "Looking for less interest rate"
      0.5 4.0/5 "Great!"
      My experience was good with Early salary for personal loan, the loan amount was for Rs 12000 with high interest rate when compared to others. Customer service was good and i received my loan amount on time. Tenure period for this loan is for 1 month.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I am using the services of bankbazaar from last 3-4 years, the services provided by bankbazaar is good when compared to others in the market. Customer service was good and they responded on time. Mobile app of bankbazaar is easy to navigate and user friendly to use.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 14, 2018
    • Incred Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I am not satisfied with the services provided by INCRED, the process was smooth and i received my loan amount within 7-10 days. I requested loan amount for Rs 2 lacs but they approved only for Rs 93000 and the rate of interest was high when compared to others. Customer service was not up to the mark with INCRED.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience so far with bankbazaar, they provide good services when compared to others in the market. Customer service was good with bankbazaar and they responded on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Dec 14, 2018
    • IndusInd Bank Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      It was not a good experience with Indusind bank for personal loan, the process took 10 days to complete. Customer support was not up to the mark with this bank and there was no proper response. Loan amount was or Rs 2 lacs with high interest rate and tenure period is 5 years.
      Was this review helpful? 2
      , ludhiana
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "BETTER"
      0.5 5.0/5 "Blown Away!"
      The personal loan has been taken from the STATE BANK OF INDIA and i am satisfied with the services of this bank as i am using it from many years and the rate of interest what they have given is satisfactory with this bank. The duration to repay this loan is for 5 years.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 2 years, my experience was good so far with bankbazaar. Customer services provided by bankbazaar is good and their response was prompt. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 14, 2018
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