Loans for Unemployed

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.

List of Government Schemes and Loans for Unemployed

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.

Instant Loans for Pensioners

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


72 months

Punjab National Bank Personal Loan Scheme for Pensioners

Rs.25,000 - Rs.10 Lakh, depending on age and pension amount


60 months

Bank of India Star Pensioner Loan

Up to Rs.10 Lakh, depending on the monthly pension amount

10.25% onwards

60 months


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. 

Factors That Can Help Get Personal Loans for Unemployed

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 -

Types of Loans for 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 - 

Loan Against Fixed Deposit (FD)

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.

Gold 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.

Loan Against Rent Receivables

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.

Loan Against Investments

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.

Loan Against Property 

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.


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 from 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. 

Personal Loans for the Unemployed - Related FAQs

You can get loans against collateral or gold loans if you don’t have a steady income. Getting a personal loan without collateral may be difficult if you are unemployed.

There are many instant loan apps where you can get loans urgently. Some examples are SmartCoin, moneyview, KreditBee, etc.

Yes, a housewife can apply for a loan if she has any source of income. Or she can get a loan against collateral like gold, or any other assets she might have.

Most instant loan apps disburse your loan within 24 hours. If your documents are in order, you can get a loan approved within an hour as well. To know more, download the monyeview app.

Usually, a CIBIL score of 550 is not enough to get a loan. You need a minimum CIBIL score of 650 to get a loan from moneyview. But your other eligibility criteria may help you to get a loan even with a score of 550.


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