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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

    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
      "Helpful website"
      0.5 4.0/5 "Great!"
      Bankbazaar only helped me to get the loan. The people who are working there called me everyday and followed up the process. They used to update the status of the loan from their end. I also called them after i got the loan. I have got so many mails from the bankbazaar people from that i have clicked the link which is sent on the mail.
      Was this review helpful? 0
      , durgapur
      Reviewed on Jun 21, 2018
    • Fullerton Personal Loan
      "Better try with some other banks"
      0.5 3.0/5 "Satisfactory"
      Fullerton interest rates are too high. They have lots of verification process for that they have delayed the loan 20 days. Actually i have taken a loan of 1 lakhs but i have to pay 2.16 lakhs. For 60 months i have to pay 1 lakhs extra there must be a lots of hidden charges. They did not inform anything previously. Since I'm in need of money i have taken the money from them.
      Was this review helpful? 0
      , durgapur
      Reviewed on Jun 21, 2018
    • Bank Bazaar Personal Loan
      "Good Website"
      0.5 5.0/5 "Blown Away!"
      The site is really helpful and customer service is very helpful. The facilitator of financial products. Everything is available in bankbazaar. Nothing to be improved. When i check for personal loan or any other products its very easy to apply. I can directly apply through bankbazaar. Paperless approval is there which is very helpful. I've been using this site for the last 2 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2018
    • Tata capital Personal Loan
      "Everything went well. "
      0.5 5.0/5 "Blown Away!"
      They have taken care extra care to disburse the loan. After the loan also the service good. They worked in a weekend also and the manager was very much helpful. There was no disturbance while taking the loan. I'm satisfied with the TATA Capital. I have applied of Rs. 2 lakhs the have offered me a interest rate of 10%. The processing is reasonable. I got the loan earliest what ever they have committed. They are very professional people.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2018
    • YES Bank Personal Loan
      "ROI is high"
      0.5 4.0/5 "Great!"
      Interms of ROI is too high compared other banks. I found the customer care service which was helpful. I have applied around 5 lakhs how ever i they have approved the same. I already paid around 1.3 lakhs. I'm paying the EMI amount of 11400 every month through ECS. I have opted the loan for 5 years.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 21, 2018
    • Bank Bazaar Personal Loan
      "Good Website"
      0.5 5.0/5 "Blown Away!"
      I applied a personal loan through bankbazaar.com and I'm not a regular user of bankbazaar. Whenever I need any financial assistance I always come to this site. I never downloaded the bankbazaar mobile application. Overall, I'm satisfied with their customer care services.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Affordable"
      0.5 5.0/5 "Blown Away!"
      The documentation process was smooth anyway it can be improved. The person came to my place and collected all my documentation. Basically i was applied was around 3.75 lakhs however i have got only 50 K. I have applied from Bank to Bank transfer. The interest rate was nominal and affordable. I used to pay the EMI of 1400.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Human error in HDFC"
      0.5 3.0/5 "Satisfactory"
      They previous intimated about the charges. I would say this is one of the worst experience i have ever had. The application was very much confusion. The EMI amount also confused. Their were confusion 0.5 paise n the EMI. They have asked me to give the other cheque. I was asking the bank people to send the person but it did not happened. They have a cut off period before that i have to take the loan otherwise the EMI will get start for the same month itself. After the several follow up i have got my loan with the extra interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 21, 2018
    • Bank Bazaar Personal Loan
      "Awesome service from Bankbazaar"
      0.5 5.0/5 "Blown Away!"
      They were supporting a lot in this over all loan process. They helped me a lot as soon as possible. They were finding the best bank which is having a low interest rate and processing for me. Sometimes i have seen the advertisement on Television and online like Bankbazaar helps you to get a personal loan and credit card. I am very much satisfied with the service provided by bankbazaar.com
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Awesome Experience"
      0.5 5.0/5 "Blown Away!"
      I have got the loan on time. The documentation process was smooth. I have applied the amount of Rs. 4 lakhs in the deducted of processing charges. After the deduction 3.84 lakhs. I'm paying the EMI of 11.600. I have taken a tenure period 48 months. I don't find any difficulties while taking the loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • Bajaj Finserv Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I took a loan from the Bajaj Finserv for 60000, The interest rate is high when comparing with other financial institutions, Application was easy. I got the loan with in 2-3 days. Overall it has been a good experience with the Bajaj Finance. They should keep their interest rate in par with other banks in the market.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken this loan almost six months back and it has been a very good experience with them. The interest rate with them had been good as well as the loan amount had been satisfactory. Even the process in getting the loan had been easy and simple. There has not been any issues so far.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • IIFL Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good loan experience with them and the process in getting the loan has been simple and easy. The interest rate which they had charged had been nominal and the loan amount which they had provided had been satisfactory. There has not been any kind of issues faced with their services so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Good Interest rates"
      0.5 4.0/5 "Great!"
      Its been easy apply for a personal loan in HDFC. I have submitted the documents of 3 months salary slip, PAN card, Aadhar Card, 3 photocopies, Company ID Card and bank statement. Within 15 day i have got the loan. I have applied the amount of Rs. 2.50 lakhs in HDFC Bank for that they gave me interest rate of 13.99%. They charged me a processing fee around 3 K.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 21, 2018
    • Axis Bank Personal Loan
      "Easy to take personal loan"
      0.5 4.0/5 "Great!"
      First of all i have started applied the personal with Axis. I have applied a loan amount of 1.20 lakhs and i have received 1.13 rest of the amount they have taken for processing fee. I paid the EMI of 3456 anyway i will pay the EMI through auto deduction. I have not received the loan time. In Axis bank, they are changing 17.99% as interest rate.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 21, 2018
    • Bank Bazaar Personal Loan
      "Good Website"
      0.5 4.5/5 "Excellent!"
      I have started using this bankbazaar.com for 3 years and i will proudly say about it. Since i have not yet used the app also the website is more comfortable for me in desktop. The customer acre executive who helped me a lot to choose the best bank.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 21, 2018
    • Kotak Personal Loan
      "Good Top up Plan"
      0.5 4.5/5 "Excellent!"
      I have applied the loan top up with the Kotak Mahindra bank for my existing loan with other bank. I have to pay the EMI of Rs. 4995 every month. I will pay easily by using the net banking. They are charging me a interest rate of 10.99%. The customer care service is prompt.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 21, 2018
    • Canara Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I took a personal loan from the Canara bank for 3.5 lacs, I got the loan amount with in 10 days. Some personals willing to help and sometimes some staff will not respond properly. On some instances I the experience was good but some clerks are not willing to help.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 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 up to the mark. The mobile application was very user friendly understandable. I have not faced any inconvenience with the service here so I would like to recommend to others.
      Was this review helpful? 0
      , ranchi
      Reviewed on Jun 21, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      My personal loan was taken with ICICI Bank. The loan amount was 4 lakhs and the interest rate was satisfactory .The tenure period was 4 years . The customer service and responses was up to the mark. The process was a bit slow here and they have taken some time but the processing fee was very much nominal.
      Was this review helpful? 0
      , ranchi
      Reviewed on Jun 21, 2018
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