Zigwheels Home

Car loans for the Unemployed

by Ravi Ved1,718 Views1 Comments

Unemployed but wish to buy a car? Looking a loan? Read on to know the finance options available

undefined

 

Owning a car is gradually becoming a basic need for everyone. While it is easy for self-employed/salaried car buyers to get a loan, it is comparatively difficult for unemployed people. That being said, loan options are available for someone who does not have a regular source of income.


To this day, regulation norms for car loans have been designed to help anyone who wants to buy a car on loan. Loans for unemployed are possible as banks provide secured loans loan against any form of mortgage, like property, securities et al (mutual funds, shares). The minimum value of security has to be Rs one lakh, and one can get a loan of around 50 per cent of the value of the securities, but these terms and conditions may vary according to the bank. For example, if your mortgage/securities are worth Rs 2 lakh, you can get a loan of up to Rs 1 lakh.


It can sometimes get difficult for an unemployed person to get a loan, as employment proof is one of the primary demands of the bank. In such cases you can consider plan B, and also look at gold loans. These are loans in which you give gold as security for the loan amount at an interest rate of 12-14 per cent.

Post Your Comment

Do you like this story?

Lenders offer lower EMIs on car loans

by ET

After financial institutions reducing the equated...

How to get the best loan deal for your dream car

by ET

Here are a few tips to help you get the best...

Negotiate with the bank on auto loans

by Muntaser Mirkar

Interest rates are not written in stone....


 
 
FEATURED SLIDESHOWS

Maruti Ciaz front static  2014 Mahindra Reva e2o T2 Review Gallery Maruti Ciaz Datsun mi-DO 2015 Renovo Coupe all-electric sports coupe 2014 Renault Duster 4x4 2014 Mercedes Benz CLS 350 diamond silver car driving India Renault Duster 4x4 2014 Hyundai Elite i20 Zigwheels pictures

 
TOP VIDEOS

Mercedes-Benz GT AMG: Preview Video

Mercedes-Benz will take the wraps off its SLS AMG successor on September 9 at the 2014 Paris Motor...

2015 Volvo XC90: A new beginning

Volvo has revealed the next generation XC90 that's a major design and technology leap from the...

 

Read Next Story