How to Get a Personal Loan without a Fixed Income?
A personal loan is one of the most popular short-term financial tools available in the Indian lending market.
These loans are highly flexible and can be used for a wide range of purposes. Financial institutions including NBFCs offer personal loans to salaried and self-employed individuals alike.
You can avail this loan to use it as you deem fit.
There are presently 45.7 million self-employed individuals in the country. A handful of them do not draw a fixed salary but run their own unincorporated businesses.
Easy loans for unemployed in India aid such individuals to start up a new income opportunity or expand the existing one.
Why choose a personal loan?
A personal loan offers a collateral-free mode of financing that helps self-employed people to fund their business or meet short-term requirements.
A personal loan for self-employed comes with zero-collateral and minimal documentation.
These personal loans for unemployed persons also offer affordable interest rates with flexible repayment tenors.
Moreover, you can get your loan approved within a day to fund your immediate needs.
How personal loans provide economic stability?
Under normal circumstances, lenders provide loans after assuring that you’ve got a steady flow of income which makes you eligible for loan repayment.
However, you’re still eligible for a personal loan for unemployed. As long as you’ve ITR files from the past 1 year and a positive yearly turnover audited by a CA, you’re eligible for personal loans.
Eligibility criteria for the unwaged
Keep in mind that eligibility criteria differ from one lender to another. But, there are some general requirements. For instance –
- Age
One must be at least 22 years of age. The maximum allowed age bracket is 55 years at the time of loan application.
- Proof of business vintage
You must be self-employed in your current business for at least 3 years with income tax filings for the past year and yearly turnover audited by a CA.
As long as you possess a good debt-to-income ratio, you can avail urgent cash for unemployed in India.
Those with no fixed income can avail these finances with a no-credit-check loan or secured personal loans from any lending institutions.
However, you must always read the personal loan eligibility criteria and documents to check if you qualify for that loan.
Utilize the funds from easy loans for unemployed in India to open up new income opportunities.
The funds can be leveraged to start a parallel business venture or boost the existing one.
Deficits in working capital can be funded via such advances as well. Steady generation of income will allow the borrower to repay the loan in EMIs without any difficulty.
Doing so will improve the credit score of the borrower and increase chances of availing loans in future.
Failing to repay the loan in time will have negative impact on the individual’s credit score.
There are other loan options for unemployed segment of the society like gold loans, loans against property or investment, etc.
However, personal loans are the easiest to avail due to their unsecured nature and minimal documentation requirements.
With the knowledge of how to get a loan without a job, you can get easy loans for unemployed in India. But, you must plan-out a means of repayment the moment you begin earning.
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Category: Debt
