2 Sep 2025
Having a stable income is crucial to getting a loan. But there are ways for you to get a loan even if you are currently taking a break from your career, or do not have a steady income source.
Read on to know more about government schemes and loans for unemployed.
Attractive Loan Amount
Get loans from Rs.5,000 to Rs.10 Lakh based on your eligibility
Collateral Free Loans
You can get a personal loan through Moneyview without having to vow any asset or arrange for a guarantor
Fast Disbursal
The loan amount is disbursed to your bank account within 24 hours of approval
Affordable Interest Rates
Interest rates starting from just 14% per annum
There are many government schemes that aid unemployed youth to procure loans for starting a business or for other purposes. Take a look at the following schemes -
| Scheme / Loan App | Purpose | Loan Amount | Interest Rate |
|---|---|---|---|
|
Pradhan Mantri Rojgar Yojana |
Providing funds to the unemployed to start their own venture |
Up to Rs.210 Lakhs |
Based on lender and borrower |
|
Pradhan Mantri Mudra Yojana |
Loans for non-farm non-corporate entities |
Up to Rs.10 Lakh |
|
|
West Bengal Karma Sathi Prakalpa |
Providing funds so the unemployed can launch their own enterprise |
Up to Rs.2 Lakh |
If you are looking for a subsidized loan to start your own business, these loans can be helpful for you.
In case you are retired and a pensioner and are looking for instant loans for unemployed, some banks offer personal loans for you. Here is a list of the loans along with their interest rates -
| Bank / App | Loan Amount | Interest Rate | Tenure |
|---|---|---|---|
|
State Bank of India Pension Loan |
As per eligibility |
11.20% |
72 months |
|
Punjab National Bank Personal Loan Scheme for Pensioners |
Rs.25,000 - Rs.10 Lakh, depending on age and pension amount |
11.75% |
60 months |
|
Bank of India Star Pensioner Loan |
Up to Rs.10 Lakh, depending on the monthly pension amount |
10.25% onwards |
60 months |
|
SmartCoin |
Rs.1,000 - Rs.2 Lakh |
20% - 29.88% |
2 - 12 months |
If you are a pensioner, you can use these bank loans for your immediate needs. You can also choose SmartCoin for an instant personal loan.
Loan Amount
Min ₹10
Max ₹25,000
Rate of Interest
Min 5%
Max 25%
Loan Tenure
Min 3 months
Max 72 months
Getting a personal loan when you don’t have a steady income may be difficult, but it’s not impossible. Here are some factors that can positively impact your ability to get a loan -
Security or collateral assets like fixed deposits, gold, mutual funds, shares, or money-back policies are valuable and can be pledged to get a personal loan
When you are not drawing a fixed salary, then income from other sources like rent, royalty, and dividends/interest income may be a good way to get a personal loan
When you do not have a fixed income, a high credit score can help procure a personal loan
If you have an existing relationship with the lender, it could help build confidence, which might make getting a loan easier
Short-term loans may be available for the unemployed
As most personal loans require you to submit income proof, it can be challenging to get a loan if you are unemployed or don’t have a steady income source. Here are the types of loans you can consider in such cases -
Fixed deposit is a popular way of saving money as it is risk-free and easy to invest in. Your FD can also be put to good use in times of difficulty.
You can get a loan of up to 75-90% of your FD value without even breaking it. The investment will continue to grow and at the same time, you can get a loan. The interest charged is 1-2% higher than the interest you are earning on the FD. But keep in mind you will not be able to liquidate the FD before closing the loan.
Indians generally have a lot of idle gold with them, which can help them in times of emergency. If you are facing difficulty in getting a loan, then a gold loan may be a good bet. Moreover, there is no credit score requirement for availing a gold loan.
If you have a property (commercial or residential) that is given on rent, you can avail of a loan against the rent that you will receive in the future.
To get a loan against rent receivables, you would need to get into a tripartite agreement between the lender, your tenant, and yourself. The future rental for your property is paid directly by your tenant to the lender till the loan is closed.
You may have investments in mutual funds, shares, or even money-back insurance policies. All these investments can be used as collateral to get a loan.
The interest rate on these investments is usually lesser than the interest rate on usual personal loans due to the safety of these investments.
The only thing that you should keep in mind is that you would not be able to sell any of these investments before you close your loan. And if you are not able to clear your loan, your investments would be sold to realize the loan amount.
If you are looking for a big amount as a loan, you might try getting a loan against a property. However, this is a long-term loan, and it requires you to be the owner of the property that you use as collateral.
1
Assess Your Eligibility
Quickly check if you are eligible on the Moneyview platform in only 2 minutes!
2
Pick Your Repayment Duration
Select the desired loan sum and repayment period from the options provided.
3
Share Your Documents Online
Share only essential documents for profile verification, easily uploading them digitally.
4
Funds Disbursed
Once your application is validated and the loan agreement finalized, funds will be transferred to your bank within 24 hours!
Need Quick Cash?
Being unemployed brings in a lot of other emergencies and anxieties. However, there are a number of financial assistance options for individuals today. If you have worked for 5 years and have an EPF account, you can even take a withdrawal from your PPF account.
In case, you are looking for an instant personal loan, you can also consider taking a loan through Moneyview. You can get loans from Rs.5,000 to Rs.10 Lakh, depending on your eligibility. To know more, you can download our app or checkout the Moneyview website.
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Disclaimer
The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.
This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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