Several times unemployed people get into any urgent requirement of money due to any particular reason. But, unfortunately, most banks do not agree to provide them any loan amount because they don’t have any fixed amount to repay. But here we are providing you some of the sources that can help you get a loan even if you are unemployed. These loans are best for people who get into an urgent requirement of financial help.
There could be several ways of applying for a loan. The first one is visiting the lender’s website or the preferred mobile application. You can also meet the lender physically by visiting the bank or the branch. Best lender for an emergency loan is banks that are verified and some government schemes. Several times it has been seen that unemployed people get into the trap of illegal loan providers and faces huge financial losses.
Some Best Government Schemes For Unemployed People-
- Schemes Started By The Prime Minister
These are the special schemes started by the prime minister of the country, especially for the unemployed youth. In India, a scheme named by Prime Minister Rozgar Yojana has been started in which employment is provided to unemployed people by helping them financially to start their own business. A loan of rupees 2-5 lakhs is provided to the person thinking of starting their own business. The loan amount can vary according to the size of the business and the idea behind the startup.
- Cash Loans For The Unemployed Citizens
Many cash loan schemes are started by several countries and also in some different states. The amount of cash that is provided is different for different cities and States. The main aim of providing this cash loan for unemployed citizens is to provide them financial help for growing. Usually, people who have nothing to submit in the bank get this kind of loan if they have the proper Idea and team for starting a business. Starting a business with this amount is mandatory because this is usually considered a business loan only.
- Loan For Starting Agriculture Projects
Agriculture students who are unemployed and thinking of starting their own business get a loan from the prime minister or the chief minister of the country or state. The main aim behind providing this loan is to start an agricultural project that can benefit the country in the coming future. Nowadays, the Government of India is paying more attention to new style agriculture; this is why they are funding these students for growing well without any limitations. Therefore, agricultural loans are the most important kinds of loans that are famous nowadays due to their growing hype.
- Loans For Enterprise Development
People who are thinking of starting their own business or firm require money for starting it. Therefore they are provided with enterprise or entrepreneur development loan which comes under a governmental scheme. This scheme was started in some states of India and other countries with some other names. People who require money for starting their own business are provided with 25% of the startup cost to have their employment. Then, according to the size of the project and the people involved in it, the money given to the project is decided.
- Microfinance Scheme
This is a financial scheme which is started for women of NGOs and self-help groups. These schemes are started to help women to start their small businesses. The loan amount provided in this business is not too high, but it is good for women who are thinking of growing on their own. The loan amount that is provided under this loan is up to 50,000. The firm’s interest rate for providing the loan is 5% per annum, which is quite low compared to banks and other fields.
These were some of the great financial help provided by different kinds of legal lenders for emergencies or for starting a business. The main purpose of all these loans is to provide finance for a person to become self-dependent. The unemployment condition in many countries, especially in India, is to growing abruptly. Thus there was an urgent requirement for such schemes.