How Can I get a Personal Loan without a Job

To get a personal loan or any other loan there are many associated terms and conditions to be met. Having a regular income is one of the important associated conditions. However, many times you might land up in a situation when you do not have a job. It could be due to many different reasons like a medical condition, a transition between jobs, a sabbatical, etc but maybe in need of some extra money.

List of Options for Personal Loan Without a Job

  • Personal Loan Against a Fixed Deposit

    A fixed deposit can work well as collateral for a loan when you do not have a regular income. Loan against an FD is easy to avail of. An amount of 60-80% of the value of the Fixed Deposit is allowed as loan and your FD continues to earn interest. As your FD acts as collateral for the loan, the need for regular income is done away with.

  • Loan Against a Property

    If you own a property, you can avail of a loan against the property by pledging it. Various factors like the title of the property, condition of the property, market value, etc are taken into account before allowing a loan against property. This is helpful when the loan requirement is that of a big amount.

  • Gold Loan

    A gold loan also works in a similar fashion, the gold already held in your possession in the form of jewelry or coins/bars can be pledged for a personal loan. The gold is valued by the lender and a loan of about 75% of the value of the gold is allowed as a loan.

  • Loan Against Investments

    Investments in stocks, mutual funds or endowment or money back policies of life insurance can also help you to avail of a loan. These investments can be offered as collateral for a personal loan when you do not have a regular income. However, you would need to bear in mind that these investments cannot be sold until you clear the loan.

  • Loan Against Rent Receivables

    Future rent receivable for a property can be offered as collateral/security against a loan. Certain banks allow this kind of a loan against rent receivable of a commercial property only. The bank, your tenant and you may be required to sign a tripartite agreement to process this loan.

  • Pre-Approved Personal Loan from your Bank/Credit Card

    These loans are approved for certain customers of the bank/credit card based on their credit score, existing balances in the account and the length of relationship with the lender. These offers are sent by the banks and credit card issuers and cannot be applied as per your need. Pre-approved loans, often, do not need any documentation.

Pointers to Keep in Mind while Going in for a Loan Against a Security

  • Borrow only as much as you can comfortably repay irrespective of the value of your collateral
  • You could lose your asset if you do not repay the loan on time
  • A loan against security could help you improve your credit score if you repay the loan promptly.
  • In spite of pledging security, interest is still payable on these loans.


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