Definition 1 of 1
Literally, "one who loafs around." Person appearing to have copious amounts of time without much of a strategic inclination about how to spend it; used as a term of endearment. The Indian loafer can be loafing from a position of weakness (unemployment etc.) or from a position of strength (son of rich Emdee).
Oy, Loafer! What are you up to?
Added 2011-06-21 by Dishoom Dishoom