Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Loans for Unemployed

    We found 32 Loans for Unemployed

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 15.99% Fixed
    1% to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad INSTANT DECISION
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    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless Approval Option Available
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    Good to Know
    Eligibility Criteria
    11.59% - 18.49% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
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    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
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    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
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    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
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    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
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    Loans for Unemployed is Rated as "Great!" by 73830 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    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.

    Perfect Personal Loan Deals for you

    Apply for Personal Loan

    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.

    News about Loans for Unemployed

    • MP Government to provide loans to over 5 lakh young entrepreneurs

      Loans will be given to over 5 lakh youth as part of the PM Mudra Yojana and the CMs self-employment scheme, according to the MP Chief Minister, Shivraj Singh Chouhan. Young entrepreneurs will be given land in every district of the state. The Chief Minister was addressing a state level self-employment convention. The MP Laghu Udyog Nigam and Telexco.com have signed a MoU to offer e-marketing platforms to young entrepreneurs. Loans amounting to Rs.1 crore will be given to 10,000 individuals to start industrial units. This will be done as per the Mukhyamantri Yuva Udyami Yojana. Loans amounting to Rs. 50,000 will be given under the Mukhyamantri Arthik Kalyan Yojana. The loan limit under the Mukhyamantri Swarozgar Yojana will be incremented from Rs. 50,000 to Rs. 10 lakhs.

      /></p><p><em>21st July 2016</em></p></div><div class=

    • Andhra Pradesh State Scheduled Castes Cooperative Finance Corporation will spend Rs. 1,101 crore for SC welfare

      For the welfare of the Scheduled Communities, the Andhra Pradesh State Scheduled Castes Cooperative Finance Corporation would be spending Rs. 1,101 crore in the near future. The Corporation would be providing employment to youth by purchasing 200 cabs that will be Government department hires. Lands will be bought by the Corporation in order to be given to landless families. The proposal has been submitted to the Chief Minister, N. Chandrababu Naidu for approval. Additionally, interest-free loans would be offered and employment along with skill development would be given to 1 lakh people. The Tirumala Tirupati Devasthanam board would also be asked to allocate 17% of the shops in Tirumala and Tirupati to SC youth.

      /></p><p><em>5th July 2016</em></p></div><div class=

    • Telangana smart savings to help youth avail loans

      There has been a new scheme conceptualised by TS government to support unemployed youths in the quest to save money. By simply saving Rs 10 every day for six months, they can get Rs 1 lakh grant from the state government. This scheme is aimed at unemployed youths between the ages of 18 and 35 years. The amount thats disbursed by the government must be used to form youth groups and for self-employment. Further, an exclusive youth bank will be set up to benefit the youth. The youth bank has been inspired by and planned in the manner of œStree Nidhi Bank. Stree Nidhi Bank is a women's cooperative bank that has been hugely successful. It provides loans to women self-help groups (SHGs).

      /></p><p><em>11th May 2016</em></p></div><div class=

    • Stand-up Indian scheme to be launched for women and SC/ST candidates

      Finance Minister, Arun Jaitley has announced that government is looking at launching the Stand-up India scheme which will offer loan of up to Rs.1 crore to members of the SC/ST community and to women to become big entrepreneurs. The scheme is set to be rolled in almost all major banks in the next few months. Under this scheme, one such woman and people from the SC/ST community can apply for a loan to start their own business. The ruling party is trying to enlarge its base by in Delhi through such schemes which focus on the women as well as the SC/ST vote bank.

      /></p><p><em>30th March 2016</em></p></div><div class=

    • Draw of lots to select beneficiaries for bankable loan schemes

      There is likely to be a draw of lots to select the beneficiaries for various bankable loan schemes by the Telangana State Minorities Finance Corporation or the TSMFC. This schemes are being implemented in coordination with many banks. Around 1.50 lakh people have applied for various loans across the State. To avoid any favouritism the selection process of the beneficiaries will be done through lots which will be a computerised said the principal secretary Syed Omer Jaleel.

      /></p><p><em>15th March 2016</em></p></div><div class=

    • 41 Youths get Loans for Self-employment in Tamil Nadu

      A total of 41 unemployed educated young persons in Nager coil were given a cumulative of Rs. 31.80 lakh as loan towards self-employment. The loans were provided in a special camp conducted by the District Industries Centre, as per the directions of Chief Minister Jayalalithaa. A target of Rs. 25 lakh has been fixed to extend loans to 50 more persons. The beneficiaries do not need to participate in training programmes and they can use their loan sanction letter to borrow from banks.

      /></p><p><em>1st February 2016</em></p></div><div class=

    • Women can now avail Interest-Free Loans worth Rs.50,000 to Start Ventures

      Women who wish to venture out on their own and start their own businesses can avail Rs.50,000 from the government, and since half the amount is subsidy, repayment must be done only to the extent of Rs.25,000. The National Employment Service department will offer the interest-free loan as per Saranya “ a self-employment scheme that is designed to aid legally divorced women, unemployed widows, unmarried mothers, women abandoned by their husbands and single women who are over 30 years of age provided they have been registered in employment exchanges in Kerala.

      /></p><p><em>03rd December 2015</em></p></div><div class=

    • Skill Education for Graduates and Loan Opportunities for Unemployed “ Minority Corporation

      Karnataka Minorities Development Corporation (KMDC) is all set to train 10,000 unemployed graduates belonging to the minority communities. The highest concentration of minority communities is in the Udupi and Dakshina Kannada districts of Karnataka which will see special focus by the KMDC.

      The youth will be trained under the œDevelop India program. KMDC also plans to tie-up with various other institutes to popularize the program and provide training to the unemployed youth. The aim is to provide placements to about 70% of the youth that avail training under this program while the rest 30% is to be offered loans for starting of their own enterprises. KMDC also plans to offer subsidized loans to around 5000 minority students for taking up various engineering, medical and dental courses this year. Students who avail these loans will have to start repayment after completion of 6 months from the date of completion of course.

      /></p><p><em>14th September 2015</em></p></div><div class=

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  • Loans for Unemployed Reviews

    • ICICI Bank Personal Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      Due to lacking of documents only especially when it comes to address proof, I have not taken the personal loan with the ICICI bank and the rate of 12%. I would like to say that the customer service needs to improve with the ICICI bank and the response too.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good in Response"
      0.5 5.0/5 "Blown Away!"
      The interest rate is too high for the personal loan with ICICI bank,which is of 16.5% so I just cancelled my loan application. But from the bank I received very good response for the loan application. I do have multiple account with ICICI bank. All their service are good.
      Was this review helpful? 0
      , meerut
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is an excellent one because they have contacted me in couple of times, also I am using it from the last two to three months of time. I would like to say that the response is good one with the Bankbazaar.com and am happy with them.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Financial Advisor"
      0.5 5.0/5 "Blown Away!"
      My experience with Bank Bazaar is good, The website is good to check the interest rates of ICICI, Axis and other banks and its convenient to choose the best bank in the market. I got instant response from Bank Bazaar website once I have posted the request for personal loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Need to improve"
      0.5 2.0/5 "Expected more"
      ICICI bank have not reverted to me till now and the rate of interest was around 14.5% and the customer service was not good like I have went there thrice to their place for submitting the documents. I would like to suggest that ICICI bank need to be more transparent with the customers.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Hassle free process"
      0.5 5.0/5 "Blown Away!"
      ICICI Interest rate is competitive as per the market, but first time when I applied for the personal loan through online channel it was rejected, again I went to bank personally and I took the personal loan with nominal interest rate, I am fine with that.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good"
      0.5 3.0/5 "Satisfactory"
      Bankbazaar.com is also good and they have approached me and they have helped in a good way. I have used it for the first time. Website of the Bankbazaar.com is easy to access and the response is an immediate one with them.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2017
    • HDFC Bank Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I got the personal loan with the HDFC bank for the interest rate as 12.9% and the customer service was pretty good,. Within a week of time, the loan amount got disbursed to my account and the response was very good. Processing charges and the insurance charges were around 7000 Rupees, which should be optional.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Better service with bankbazaar"
      0.5 5.0/5 "Blown Away!"
      I have made a web search for the personal loan , then I have found bankbazaar.com, There web portal is easy to use and customer friendly. The customer support with bankbazaar is really helpful and supportive. This is my first product getting through bankbazaar.com.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Standard Chartered Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan application went smooth with the standard charted bank. The documentation process also went smooth. They just took around 2 to 3 days to disburse my personal loan. The rate of interest is nominal with them. Overall the service is better with Standard Charted Bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Informative web portal"
      0.5 5.0/5 "Blown Away!"
      I got an excellent service from bankbazaar. They provided a lot of information about the loan. It was easy to select the bank for the loan as they are providing the bank details. Since they are providing the information in detail, it is very easy to go with the bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good bank"
      0.5 4.0/5 "Great!"
      ICICI bank closed my personal loan application due to constrains with eligibility criteria. When I submitted the application they were so active and very responsive towards my application. There was no issues with ICICI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Helpful"
      0.5 4.0/5 "Great!"
      Bankbazaar.com have helped me and the website is good and the response is fast too. I came to know about Bankbazaar.com through some professional knowledge and they have contacted me within three to four months of time from the time of my inquiry.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • Oriental Bank of Commerce Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I have not taken the personal loan with the Oriental bank of commerce because I have postponed the plan to some extent. Rate of interest was around 10% for the personal loan and the customer service was good one and they were polite too.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good services"
      0.5 4.0/5 "Great!"
      The experience at Bankbazaar has been good in the services and they responded well to me and on time. The calls continued till the end of the process checking my loan application has been on track. The website is designed well and very informative.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2017
    • Fullerton Personal Loan
      "High ROI & charges"
      0.5 3.5/5 "Pretty good"
      Since I was not in town I could not submit the documents for the personal loan at Fullerton. More over the rate of interest was extremely high and so was the processing charges. I got a rate of 19%. The services and response was on time to check on my requirement.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The overall experience was good at Bankbazaar as the process was on time and the services was fast. I received a follow up call as well which was helpful. The website is good and it is easy to access and also informative with the details of various banks
      Was this review helpful? 0
      , panchkula
      Reviewed on May 24, 2017
    • IndusInd Bank Personal Loan
      "Disappointed with the service"
      0.5 1.0/5 "Really Bad"
      I have not received good response from Indusind bank for my personal loan application. Actually they informed me that since Iam salaried person loan cannot be sanctioned to me if Iam salaried then only it can be done it seems I have opted for 4 laks loan,
      Was this review helpful? 0
      , panchkula
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had taken the personal loan from ICICI bank. The interest rate is around 16.75% which is little higher than the other banks. But I got very good response from the bank, the entire process went good without any hassles.
      Was this review helpful? 0
      , indore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good in Customer service"
      0.5 4.0/5 "Great!"
      Customer service is good with bankbazaar. I received regular updates and proper service on my application. Website was quite easy and it is accessible. I did not find any challenges with bankbazaar while processing my loan request with them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 24, 2017
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