While getting a loan without a job seems like an impossibility, there are steps you can take to get immediate liquidity when urgent needs and emergencies arise. There are government schemes that have been implemented to provide loans for unemployed individuals. Some private banks and lenders also provide similar loans.
You can choose from secured and unsecured loans depending on your financial status and repayment capability. However, take into consideration the interest rates applicable so that you are not burdened with additional financial strain.
Look for lenders who provide loans at low interest rates. Before taking loans if you are unemployed ensure that you have a plan in place to start paying them back as soon as you get a job. You can resort to various methods if you are looking for a financial backing from a lending institution. Below are a few of them.
Loan Against Property
Your biggest asset can also be your biggest saviour. Yes, we are talking about your property. When you are in need of money, opt for a loan by offering your property as a security for the loan you are borrowing. This can get you up to 50% on your commercial property and about 60% on your residential property if you choose to use them as a collateral. NBFCs like Bajaj Finserv offer Loan Against Property up to INR 21 crores.
Using Investments to Get a Loan
Another asset of yours that you can use to get a loan are your previous investments. Any bonds, stocks or shares, you have in your name can come in handy at such critical conjectures. For instance, Loan Against Shares from Bajaj Finserv can offer you a loan amount up to INR 15 crores with approval in 5 minutes as well as other added benefits.
Loan Against Rental Receivables
Your future rental property could keep you afloat in times of a financial crunch. You can use monetary projections of your future rental property to avail loans. This, of course, has an eligibility criterion which suggests that the property must be approved by local government authorities.
Your stock of yellow metal can bail you out of an unforeseen monetary crisis. For instance, lending companies like Bajaj Finance, offers gold loans with extremely low interest schemes. You can also choose the tenure of this loan as per your convenience.
How can You Qualify for Different Types of Loans?
Before applying for a home loan, you need to know about the home loan eligibility criteria, so that you aren’t unaware about the criteria that lenders follow. Lenders will usually loan you up to 80% of the total value of the home you wish to buy. Borrowers can also opt for personal loans for urgent cash requirements. Some of the most important factors for personal loan eligibility are your income and monthly expenses. Lenders will also check your financial assets and status to see if you can repay the loan. Avoid displaying credit hungry behaviour and improve your credit rating to better your chances of getting your loan sanctioned.
Whether you are on a sabbatical or experimenting with your time, you can finance yourself with a loan using the options mentioned above.