Can an Unemployed Person Get a Loan?

Hi, if you are unemployed and thinking how can I get a loan without a job, then I can help you. I work in the State Bank of India and as per my knowledge, unemployed people can also get loans. It’s just that their options are very limited. Here are a few loans that you can get.  

How to Get a Loan With No Job?

• Prime Minister Rozgar Yojana: This loan aims to provide employment to the unemployed by providing them with financial resources. It is available for people educated up to 8th standard in India and is composite in nature.

• Agricultural Loan for the Unemployed: This loan is given to any unemployed agricultural graduate above the age of 22. This loan can be used for all kinds of agricultural projects and the government has collaborated with many banks for this. 

The next two loans that I have mentioned below are area sepcific. So, if you are from that area, you can avail of those,

• Loan Subsidy for Unemployed Youth: This scheme is commonly known as NEEDS and was started by the Tamil Nadu government. Through this scheme, the Government provides 25% subsidised loans for unemployed graduates. The collateral for this bank is decided by the Bank. 

• Cash Loans for Unemployed by Government of West Bengal: The West Bengal Karma Sathi Prakalpa Scheme 2020 was introduced by the state government. This loan empowers aspiring entrepreneurs by providing them with loans of up to Rs. 2 Lakhs per person. This helps self-employment in creating job opportunities. 

So, if you are wondering can an unemployed person get a loan? Yes, they can and these are loans they can avail. 

After a few months of being jobless, I landed a job last month. But during my jobless time, I was in need of some urgent need of money. A friend suggested me to take a loan. I was pretty surprised by what he said and asked him can an unemployed person get a loan. He said unemployed persons can get loans and here is how. 

Can an Unemployed Person Get a Home Loan?

My friend said that there are three ways to get loans and those are

• Secured Personal Loans

People who don't have a stable income can avail of this loan. But they need to have a high credit score. Along with that, a good credit history, timely repayments and zero defaults can provide people with specific personal loan amounts. 

• Secured Loans

Secured loans can be availed by people who don't have a stable income but have their property. The amount they can avail is not that high but if the market value of the property is high, then they can get a higher value. 

• Government Scheme Loans

When it comes to how can an unemployed person get a loan, unemployed people can opt for govt. schemes. There are two loan schemes that are provided by the govenment for the unemployed. 

• Pradhan Mantri Rozagar Yojana

• Pradhan Mantri Mudra Yojana for Women.

And that’s what my friend told me when I asked him, can an unemployed person get a loan. I hope this helps.