How do i take a personal loan in india, if i am unemployed?

Originally posted by : Roy
	I am a 25 year old engineering graduate. I am preparing for government exam and I am pretty sure that till next Nov I will qualify for at least clerical post. Can I apply for a loan

Apply for CreditCards  from 3 to 4 banks and then convert in to EMIs......

Don’t worry. Even though you are unemployed you can get a loan through these options-

1. Apply for a loan under Prime Minister Rozgar Yojana’. You are eligible for this loan as per your age and education. If your family’s yearly income is below Rs.40,000 you will get quick loans under this scheme.

2. Contact Peer-to-Peer lending companies also known as P2P lenders through online P2P websites. From them you can get loan at an interest rate lower than the banks. 

3. Go for ‘Loan against FD’ or ‘Loan against Life Policy’ with banks where you have accounts with. You will get up to 70% to 80% of the amount that you have in the account, though you have to pay 2% to 3% more than the usual interest rate.

Best wishes for your exam!

Taking a personal loan in India while unemployed can be challenging, but not impossible. One way is to apply with a co-applicant who has a stable income. Kotak Mahindra Bank offers personal loans to individuals, but they typically require proof of income. If you are unemployed, consider securing a guarantor with a strong credit profile. Alternatively, if you have assets, you could explore a loan against property or fixed deposits. Maintaining a good credit score and showing other sources of income, like rental income or freelance work, can also improve your chances of loan approval.