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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.

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    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
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    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

    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The required loan amount has been approved by the KOTAK MAHINDRA BANK and they have disbursed the loan amount within the promised time. The customer support service and the response is good with the kotak mahindra bank. the rate of interest and the charges are average here.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 20, 2018
    • Axis Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      My loan experience with AXIS bank for personal loan was very good, the process was quick and i received my loan amount within 2 days. The rate of interest was nominal when compared to other banks. Customer service was not up to the mark and the tenure period of this loan is 5 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 20, 2018
    • Citibank Personal Loan
      "Personal loan with CITI"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from CITI bank and the approved loan amount was 1.2 lakhs. The rate of interest was 14% annually and it will be diminishing after every EMI payment.. The approval was on time.The processing fee was 2% of the principle amount.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 20, 2018
    • SBI Personal Loan
      "Personal loan with SBI"
      0.5 4.5/5 "Excellent!"
      I have taken personal loan from SBI and the approved loan amount was 6.5 lakhs. I took this loan on 2015 and i closed by January 2018. The rate of interest was 9.7%. The EMI was flexible and the service was really good.The process was also very quick.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 20, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Got the personal loan from the HDFC bank around 3 years ago. They took around a day time to deliver the credit card . The customer support service and the response is good with the HDFC bank . The rate of interest and the charges are average with the HDFC bank personal loan service.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 20, 2018
    • Bank Bazaar Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      I had a good experience with BANK BAZAAR. The customer service and responses was really satisfactory . I have used their mobile application which is amazing and it has got many good options. I have used their credit score option to check the credit score. In a nutshell, the entire experience was really good.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 19, 2018
    • ICICI Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with ICICI Bank. The loan amount was 1 lakh and the interest rate 10,95% which is satisfactory .The customer service and responses was up to the mark. The process was hassle free and I have not faced any issues. The process got delayed for 2 weeks .
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 19, 2018
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with HDFC bank 3 years back. The loan amount was 75,000 and the interest rate was 14.25% which is bit high and the tenure period was 36 months, The possessing fee was high but the whole process was quite good. The pre carouser is allowed after one year.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 19, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan via BANK BAZAAR. The customer service and responses was quite good. Here I have sued their website which is amazing with many good features . I have even tried using the credit score option to check my credit score.My overall experience was really good.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 19, 2018
    • ICICI Bank Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with ICICI Bank.The loan amount was 75,000 and the interest rate was 14.755 which is satisfactory . The customer sere and responses was up to the mark. Here I did not receive the actual documents from the bank which is bit disappointing . They have sanctioned the loan with the committed time.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 19, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken my personal loan with BANK BAZAAR. The customer service and responses was up to the mark. The website has many good options on banks and interest rate . The website issues friendly and easy to navigate . I have not faced any run time or down time error while using the site.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 19, 2018
    • HDB Financial Services Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with HDB finance.The loan amount was 3 lakhs and the interest rate was 13% which is average . The tenure period was 5 years . Here the processing fee was good and the executives were helpful.They have sanctioned the loan within the committed time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 19, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Got the personal loan from the HDFC bank around 3 years ago. The customer support service and the response was good with the HDFC bank and they gave me good response in regards to my personal loan application. I have got the loan amount within 7days of time. The required loan amount has been given and I am satisfied with it. The pre closure options are not available in the HDFC bank personal loan process.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 19, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my credit card with BANK BAZAAR. The customer service and respo9nses was really good .I have not faced nay issues with the service .I have used their website only which has m,any good options. Its a very informative and the accuracy is good. MY overall experience was satisfactory.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 19, 2018
    • HDFC Bank Personal Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan with HDFC bank . The loan amount was 6.78 lakhs and the interest rate was 10.99% which is average and the tenure period was 4 years . They haves sanctioned the loan with th committed time and the process was also quite easy . Its was paperless documentation and the processing fee was nominal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 19, 2018
    • Axis Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with AXIS Bank 2.5 years back. The loan amount was 1 lakh the interest rate was 12% which is average and they tenure period was 5 years . The customer service and responses was really good . The processing fee was also nominal here and the pre closer is after 6 years .
      Was this review helpful? 0
      , vijayawada
      Reviewed on Apr 19, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My experience was really good with BANK BAZAAR. The customer service and responses was quite good. I have not faced any run time or down time error while using their website . Its a very Informative and user friendly , The options are so very useful so I would like to recommend to others.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Apr 19, 2018
    • Fullerton Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken w ith FULLERON . The loan amount was 1.8 lakhs and the Interest rate was 30% which is very high in the market and the tenure period was 3 years . The customer service and responses was up to the mark. The processing fee was nominal.My overall experience was good.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Apr 19, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my credit card via BANK BAZAAR. The customer service and responses was quite good.I have used their website which ha many o good options and I have even tried using the tools like EMI calculator and credit score options which are useful.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 19, 2018
    • HDFC Bank Personal Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC bank . The loan amount was 2.5 lakhs and the interest rate was 10.99% which is average in the market. The tenure period was 4 years. The process was really good and hassle free . The loan was approved on time.My overall experience was good.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 19, 2018
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