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  • Can I take a loan from my bank?

    If you are not a regular employee and you are looking for a bank loan, check out the possibilities with our experts.

    I am not an employee. I want to buy a computer on loan from my bank. My parents said I cannot do that since I am not an employee. I want to earn through computer because that is the only talent i have now to earn.

    Can anyone explain me in detail how to get a loan? And please tell me if there are any rules to be followed like surity and something else.
  • Answers

    3 Answers found.
  • Well, it could be a tough thing to get a loan without having an employment. Even when you have a secure employment, you are forced to go through tedious procedures and subsequent verification process to be successful getting a loan. Generally, banks will not grant a loan to an unemployed person.
    However, there are a few institutes that provide loans for the unemployed.

    1. If you can pledge an asset, you can obtain an unsecured loan. These carry a very high rate of interest and different repayment schedules.

    2. Secured loans for unemployed can be obtained with a collateral security. You need to mortgage your asset. The amount of loan depends on the value of the asset.

    One of the government loan that can be availed is Prime Minister's Rozgar Yojana. This has been specially designed for the unemployed youth. It is aimed at helping them start their own venture. A loan of upto Rs. 2 lakhs for the business and a loan of upto Rs. 5 lakhs for industry sector can be availed.

    As for your plan of getting loan for buying a computer could not be an easy task without having a valid co signer.

    Live....and Let Live!

  • There are different types of loan and for each type of loans you need some sort of collateral to show to pay it back.

    For example, when it comes to home loan, person needs to have either business or job in order to qualify for the loan. You need minimum 3 years of IT return and sufficient salary and savings to show the bank that you can pay the loan back.

    Vehicle loans are on the basis of the salary and the savings. Some finance companies give loan on basis of salary slips only. And if not paid they take the vehicle away from you.

    In case of loans for objects that makes money for you for example machinery, computers, electronics, you need to apply for business loan. In order to get this loan you again need collateral to show. If you are not working for any company then it'd be hard to ask for such loan. Also you don't have Pvt ltd or LLP company which makes asking for business loan even harder.

    My suggestion: Work for some company and save the salary in recurring deposit. And after it reaches the threshold for computer purchase amount, go ahead and purchase the machine.

    Another option: Get loan from people you know and pay them back. Or use the computer of friend, earn some money from the projects or the way you normally earn. And then purchase the computer from that earning.

    Unfortunately no bank or person gives the loan unless he or the organization see some collateral in case if you failed to pay them back.

  • In case you are having some fixed deposit (FD) with your bank, you can take a loan against that. Rate of interest is also only one percent above the interest you are getting on the FD. Banks give loan up to 90% of the FD amount.

    In case you don't have a FD in your name, pursue your parents in case they have some FD.

    There is a RBI scheme called 'DRI Scheme' for people whose annual income is less than 18000/- per year in rural and 24000/- per year in urban areas. They can get loan under this scheme up to 15000/- at low interest rate of 4% p.a.

    Apart from this, Non Banking Financial Institutes (NBFC) like Bajaj Finserv, or Microfinance Institutes (MFI) like Bandhan Financial Services Ltd etc give collateral free loans up to 50000/-, but charge a relatively high rate of interest.

    Hope this helps.

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