Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Loans for Unemployed

    Bank Name
    Interest Rate Range
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    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 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.1,000 Amazon voucher free Ad
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    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free 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.1,000 Amazon voucher free Paperless approval option available
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    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
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    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 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
    Paperless approval option available
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    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
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    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
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    Loans for Unemployed is Rated as "Great!" by 76273 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

    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
    Personal Loan Offers

    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

    • HDFC Bank Personal Loan
      "Customer friendly experience"
      0.5 5.0/5 "Blown Away!"
      HDFC is very good, I am very much happy the offer which they provided on the personal loan. I took the loan of Rs. 2.8 lakhs and I done one more balance transfer from ICICI to Hdfc for the amount of 3.5 lakhs. HDFC offered the interest rate 12% I am fine with that.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 28, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 4.5/5 "Excellent!"
      I know about bank bazaar through Google web search. I am with bank bazaar for past 2 years. I have used bank bazaar mobile application and web portal both are working good. The bank bazaar mobile application has better features. The bank bazaar customer service helped me to get in touch with the bank partner.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 28, 2017
    • ICICI Bank Personal Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      The ICICI bank has rejected my personal loan application , saying that my salary didn't met their eligibility criteria , and they asked me to approach after 3 months. The customer service with ICICI bank is really good. The rate of interest is nominal with ICICI bank.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 28, 2017
    • Bank Bazaar Customer Support
      "Good Financial Advisor"
      0.5 4.0/5 "Great!"
      Bank Bazaar is very big website, when I raised a request for the personal loan. I got a call and they arranged the executive to collect my documents and they connected with the bank and they provided so many options, Overall I felt its a good website.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 28, 2017
    • Citibank Personal Loan
      "Communication part should be improved"
      0.5 1.0/5 "Really Bad"
      I have submitted my documents to the CITI bank for the personal loan and I got my loan reference number. Then whenever I tried reaching their customer service, they were telling they haven't receive my documents. There was no proper coordination with me. It would be great if they communicate the application status to the customer.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 28, 2017
    • Bank Bazaar Customer Support
      "One stop solution"
      0.5 4.0/5 "Great!"
      I appreciate the timely response of Bank Bazaar and they helping to get the exact product what we expecting on our financial needs. I am very satisfied about their loan process, their people are very professional in term of servicing. The website is easy to use, but I would like to suggest them to provide multiple option.
      Was this review helpful? 0
      , indore
      Reviewed on Jun 28, 2017
    • Capital First Personal Loan
      "Interest rate should be flexible"
      0.5 3.0/5 "Satisfactory"
      When I was need in a need, I thought to go with Capita First but they were charging high rate of interest and processing fee compared to other competitor. Even I requested Capital First to reduce the charges but they denied to process. Hence I dropped the plan to go head with Capital First.
      Was this review helpful? 0
      , indore
      Reviewed on Jun 28, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 4.0/5 "Great!"
      Bankbazaar paves the way for the customer to know the best offer along with the best partner bank in the market. All the offers are available at one place so that there is no need for me to go anywhere to check the rates. I got to know about bankbazaar through promotional mails. I am with bankbazaar for the past one year also the site is very much easy to use and user friendly.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jun 28, 2017
    • ICICI Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Presently, I am living and working at one place however I had applied for a personal loan at a different locality. Therefore ICICI executive confirmed that both my residential and work place were different and that was the reason why I did not opt for the personal loan. Rate of interest seems to be normal also the customer service and response provided by ICICI Bank is good.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jun 28, 2017
    • Bank Bazaar Customer Support
      "Informative Site"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar is giving quick response, they were calling the customer on time. I have been using Bank Bazaar site around three years its good. whenever I have any financial needs I used to visit Bank Bazaar site for any financial assistance because its very informative.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 28, 2017
    • Bank Bazaar Customer Support
      "The process is very very smooth"
      0.5 5.0/5 "Blown Away!"
      Applying any loans, card etc process is smooth. The customer service officers behaviour is very good. Time period less. I got Immediate response from bank Bazar They guided the customer how to handle cards. How to maintain cibil etc and their website is very much understandable,.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jun 28, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      I got so many calls from bank bazaar in regards to my personal loan application. The customer service with bank bazaar is really good in their response . One of my friend referred me to go with bank bazaar . I am with bank bazaar for past 4 months. I have applied personal loan through bankbazaar web site which is easy to use and user friendly.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 28, 2017
    • HDFC Bank Personal Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      At present I don't require any personal loan. Then one of the HDFC bank executive has told that my salary haven't met their eligibility criteria again one more executive gave a call and told I am eligible to get the loan, the information need to be transparent with HDFC bank. The rate of interest is nominal with HDFC . I got a good service with Hdfc but still they can do better.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 28, 2017
    • HDB Financial Services Personal Loan
      "Document Process should be easier and reliable to all"
      0.5 3.0/5 "Satisfactory"
      HDB Finance asked me to give my relative details as reference who have own property. Hence I don't interest to process with them. Response part was good, I got a call from them, even they discussed about the loan process and gave me reasonable interest rate and processing fee it was fine.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 28, 2017
    • HDFC Bank Personal Loan
      "Its Good"
      0.5 3.0/5 "Satisfactory"
      It was first loan with HDFC, at the time I am not aware of the loan process. But I have good relation ship with the HDFC, I have taken the amount of Rs. 1.5 lakh with some good interest. Then my loan got closed without any hassles and also I received NOC letter from HDFC.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 28, 2017
    • Bank Bazaar Customer Support
      "Good Website"
      0.5 4.0/5 "Great!"
      I do got a quick response from Bank Bazaar, they were maintaining a good relation ship between bank and the customer. I got a very good service from them, Earlier I had taken some financial products through this site Bank Bazaar and it did work out . I am very much fine to use this site.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 28, 2017
    • Standard Chartered Bank Personal Loan
      "Its Good"
      0.5 3.0/5 "Satisfactory"
      Right now, I have hold the plan because I have some financial issue hence I thought to process later. Standard Chartered service is nice, they called and explained about the loan process. I am very fine with that but due my personal issue I have not process with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 28, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 3.0/5 "Satisfactory"
      One of my colleague referred me to go ahead with Bank bazaar, after getting in to bankbazaar it was very much easy to compare and choose the product with different bank partners and they were offering good rate of interest too. Customer service rendered by bankbazaar is too good and they are really good in providing response too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 28, 2017
    • ICICI Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      There was a duplicate account issue with ICICI bank, initially they rejected my loan later 2nd time they approved my personal loan. The rate of interest levied by them is way too high when compared with others. Both customer service and response provided by ICICI bank was really good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 28, 2017
    • HDFC Bank Personal Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      I had closed the personal loan before 3 years, this loan was taken before 6 years. Within 3 days of time the personal loan got disbursed by HDFC. The rate of interest is very much competitive. Customer service and response provided by them was okay. Processing fee charged by them was 1% and even some additional charges were also applicable. I am completely happy with the loan amount too.
      Was this review helpful? 0
      , zahirabad
      Reviewed on Jun 28, 2017
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