How to get a loan without a job in 2024?
When unexpected financial emergencies arise and you don’t have a regular income, there are options to secure funds quickly. Whether you’re between jobs, launching a new venture, or taking a well-deserved break, you can access instant funds to tackle liquidity crises.
Both secured and unsecured loan options are available, depending on your repayment capacity and financial situation. Interest rates may vary among lenders, depending on factors such as the loan amount and tenure.
Loan Against Property
Your property can be your most valuable asset in times of financial need. You can secure a loan against your property, using it as collateral to assure the lender of repayment.
The loan amount you can obtain typically ranges up to 50% of the value of your commercial property and around 60% of your residential property, depending on the lender and the property’s location and market value.
Gold Loan
Gold is another valuable asset that can come to your rescue during emergencies. You can pledge your gold jewelry as collateral to access funds. Today, even non-banking finance companies and microfinance institutions offer gold loans.
The loan amount is determined based on the valuation of your gold, considering its purity levels. You can borrow amounts ranging from a few thousand to lakhs.
Loan Against Investments
Your investment portfolio serves as an additional asset that can assist you during financial crises. The bonds, stocks, or shares you own can be used to secure a loan in challenging situations.
Additionally, you may consider obtaining a loan against your life insurance policy. However, not all life insurance policies qualify for this. Only endowment and money-back policies, which have maturity benefits and acquire a surrender value, can be used as collateral for a loan.
Utilizing Rent Receivables
If your future income is in the form of rent receivables, you can secure a loan against it. Rent receivables can be a lifeline during financial crunches, provided that your property is approved by local government authorities.
Knowing various ways to access loans when you’re unemployed can ease the stress of financial emergencies. However, it’s essential to plan an effective repayment strategy as soon as you start earning.
Bajaj Finserv offers pre-approved offers for various loans, including personal, home, and business loans. These offers simplify the process of obtaining financing. You can discover your pre-approved offer within seconds by providing a few basic details.
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