The personal loan is usually designed in a manner keeping in mind the needs of the salaried /self-employed class or people who have a continuous source of income. However, this doesn't mean that if you are jobless or without a stable source of income, you won't be eligible for a personal loan.
The coronavirus pandemic has wreaked havoc in all our lives and there are several who have lost their jobs. This has hindered all the plans which were in place, and in case you are wondering, if you are still eligible for a personal loan, here is what you need to know. Things to Know Before Applying on a Personal Loan.
Here is how you can still get a personal loan:
Gold loan: This is a very common form of borrowing for unemployed individuals, and it is quick and hassle-free. All you need to do is simply walk into the nearest branch to get a loan. The documentation process is basic and the loan carries attractive interest rates.
Secured loan: You can also provide collateral against the funds. It will reduce the risk for the lender and you will be able to enjoy a low-interest rate. When you are not employed, this is an ideal loan solution for you. By giving collateral, you can enjoy access to funds.
Good credit history: If you have a good credit history, you have a higher chance of getting an unsecured loan. There is no need for collateral and the loan amount will be based on your profile and repayment history. This kind of loan has a slightly higher interest rate as compared to a secured loan.
Loan under Government Schemes: Unemployed youths between the age of 18 and 35 years can avail a collateral-free credit of up to Rs 1 Lakh under Government schemes like Pradhan Mantri Rozgar Yojana. These schemes provide self-employment opportunities.
(The above story first appeared on LatestLY on Sep 22, 2020 03:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).