Get Personal Loan with ₹30,000 Salary – Apply Online
3–4 minutes
Have you ever wondered if earning ₹30,000 per month is enough to get a personal loan?
If yes! You are not alone. Most salaried individuals are looking for additional funds to meet certain conditions like emergencies, travel, weddings, and other personal needs, but are concerned about the eligibility of their current salary for a loan.
Good news for you? You can take a personal loan of ₹30,000 monthly salary.
In this WeCredit blog, we’ll show you how, step by step.
Is It Possible to Get a Personal Loan on a ₹30,000 Salary?
Yes, many banks and NBFCs (Non-Banking Financial Companies) in India offer personal loans to individuals earning ₹25,000 to ₹30,000 per month. However, the loan amount, interest rate, and tenure may vary based on your credit score, existing liabilities, and the lender’s internal policies.
Eligibility Criteria
A ₹ 30,000- yet another low salary may thus mean that, in general, you may have to fulfil the following:
- Age: 21 to 60 years
- Monthly Income: The basic salary required is ₹25,000 (depends on lender)
- Employment Type: Salaried (current job should be in existence for a minimum of 6 months to 1 year)
- Credit Score: Optimal score is 700 and above
- Residence: Residency and citizenship in India with a reasonably stable residential address.
A few lenders may take into consideration your place of residence because the eligibility criteria depend a lot on the distinctions between metro and non-metro cities.
Document required
The standard legal documents that will be demanded of you include:
- KYC Documents: Aadhaar Card, PAN Card
- Income Proof: Salary slips for 3 – 6 months
- Bank Statement: Last 3 to 6-month statements
- Employment Proof: Offer letter/employment certificate
- Proof of Address: Utility bill, rent agreement, etc.
How Much Loan Can You Get with a ₹30,000 Salary?
This is generally, you will give a loan amount that corresponds to your capacity to pay back that loan. The lenders have the FOIR (Fixed Obligations to Income Ratio), which is used to assess this factor. Usually, the monthly EMI is not to exceed 40-50% of the net monthly income.
Sample Calculation:
- Net Monthly Salary: ₹30,000
- 50% FOIR Available for an EMI: ₹15,000
- Based on that, you can get a loan of ₹ 1.5 lakh to ₹3 lakh with respect to the other variables like tenure and interest rate.
Tips to Improve Your Chances of Loan Approval
- Maintain Good Credit: A CIBIL score of above 700 makes your chances much brighter.
- Limit Existing Debts: Keep credit card usage and EMIs under manageable limits.
- Select a Smaller Loan Amount: When a smaller loan is requested, your chances of getting approved are heightened.
- Add a Co-Applicant: Having a spouse or family member as a co-borrower increases the chances of approval.
- Opt for a Longer Loan Tenure: It decreases the monthly EMI amount and makes repayment quite easy.
How to Apply for a Personal Loan
Below is the stepwise procedure:
- Compare Lenders: Check eligibility using loan aggregator platforms.
- Check Your Credit Score: Make use of free CIBIL check services.
- Gather Documents: Get ready with both digital and physical copies.
- Apply Online or Offline: Most lenders allow an instant application online.
- Verification & Approval: The lender checks your documents and your credit history.
- Loan Disbursal: Funds are credited if approved, within 24-72 hours.
Conclusion
If a salary of ₹30,000 seems modest, it is sufficient to qualify for a personal loan if you meet the right eligibility criteria and approach the right lenders. Important tips are: maintain a good credit profile; minimise other financial obligations; choose a loan amount and tenure according to one’s paying capacity.
This streamlined approach should help with either sustaining or borrowing against a personal loan if you require urgent funds without stress on your budget. Consistently compare offers and read the fine print accurately; go for the one that you can repay.
