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Availing a loan when you have a steady flow of income and with a good credit score in hand will be easy. Lenders would prefer borrowers who have an income, so unemployed people might have difficulty in getting their loans approved. But that doesn’t mean that they will not qualify for any loans. The interest rates, loan amounts and loan tenures will be different from loans offered to people with an income and good credit history. Taking a secured loan will be one of the best options to get a loan quickly. These kinds of loans can be availed by pledging collateral. When you pledge collateral, the lender will consider your profile as less risky and your loan application will get approved.
If unemployed individuals like housewives need loans, they can pledge their gold jewellery as an asset to take the loan. There are lenders who provide loans at attractive interest rates. There are also government schemes that provide unemployed people who are in need of urgent cash. Schemes like Prime Minister Rozgar Yojana provide loans to unemployed people so that they can start their own businesses. Other government loans like the loan subsidy scheme, cash loans and agricultural loans are also provided.