When it comes to availing a personal loan, it would not be wrong to say that income is one of the major factors that come into the picture. After all, it is an unsecured credit facility, hence lenders reply only on the income of the borrowers as far as repayment is concerned.
So, what about those who are unemployed, i.e. someone who does not have an income? Does that mean personal loan for unemployed is not available? Well, if you are thinking the same way, my friend you are absolutely wrong.
Yes, there are a lot of schemes available for unemployed individuals also as far as availing this unsecured credit facility is concerned. Curious to know how an unemployed can go for this credit facility? Read the article below:
Secured Personal Loan for Unemployed People with No Income Proof
If you are unemployed, which means you also don’t carry an income proof with you. So, in that case, going for a secured personal loan is a wise option for you. Yes, it is one of the smartest options available that help an individual to fulfill his/her varied needs. Well, just because an individual doesn’t have an income, so in such a case it is difficult for the lenders to trust him/her as far as repayment is concerned.
But after availing a secured personal loan, it would not be wrong to say that lenders can trust you because they already have the security/collateral with them and on the basis of the same, it is easy for them to trust you as far as loan repayment is concerned.
Government Loan Schemes for Unemployed Youth or Graduates
Being a young graduate, it is no doubt difficult for you to avail a loan as how the lenders will trust you as far as repayment is concerned. But all thanks to some smart schemes launched by the Central and State Government, availing a loan is easy.
Take a look at these schemes below:
Prime Minister Rozgar Yojana
This scheme of government offers loan to unemployed so that they can give a massive start to their business. An individual who is educated till 8th standard is eligible to apply for the loan under the same scheme. Not only this, the age of the applicant should also lie between 18-35, in order to get a maximum loan amount of up to Rs.5 Lakh. Apart from this, the income of the beneficiary along with the income of his/her parents should not be more than Rs.1 Lakh per annum.
It is a state-funded initiative, which has been started by the Government of West Bengal. Under the same, an employed person aged between 18-45 can avail a loan of up to Rs.50,000.
With the help of these schemes above, it would not be wrong to say that personal loan for unemployed is easy to avail so that individuals can meet their multiple needs in the best manner.