How much loan can I get on salary of 30000

How much personal loan can be availed for 30,000 Salary: You hold a stable job and get a monthly salary of Rs.30,000. But sometimes financial crunch can spoil your entire budget. While these drawbacks can be best handled through personal loans, the question of ‘how much personal loan can be availed with salary of Rs 30,000’ remains. Thankfully, a personal loan eligibility calculator can definitely help you answer this question.

The availability of online personal loans has made the loan process simple and hassle free. Personal loan eligibility calculator helps in getting the answer of how much personal loan one can get at a salary of Rs.30,000.

Personal loan eligibility calculator minimizes the risk of loan application rejection preventing it from seriously damaging the credit score. But how does the Personal Loan Eligibility Calculator work? Well, the Personal Loan Eligibility Calculator gives a comprehensive assessment of the candidate’s profile. The maximum amount that can be sanctioned is linked to the repayment capacity of the individual.

The maximum eligibility for personal loan against salary of 30,000 can be calculated in two ways:

  • Net Monthly Income Method (NMI) – This method is used when the applicant has no fixed liabilities i.e. no ongoing EMIs, no rent or other monthly EMIs and the individual is applying for the loan for the first time. Is.

  • Income Ratio (FOIR) – This method is used when the applicant has financial commitments every month. The individual already has one or more active loans.

Monthly Income Method or Multiplier Method

The maximum personal loan amount that an individual is eligible for will be higher if the applicant does not already have any loans. Thus, the personal loan amount will be a multiple of the monthly income. The value of the multiplier lies between 27 and 30. The multiplier used is linked to the applicant’s profile. For example, if the applicant fulfills the eligibility conditions of the bank, he/she will be eligible for a higher loan with an NMI multiple of 30.

Thus for an individual with a monthly salary of 30,000, the maximum loan eligibility would be between Rs.8 lakh to Rs.9 lakh. The loan can be availed with a repayment tenure of 60 months.

Loan-Income Ratio (FIR)

If you have existing loans, the maximum loan that can be sanctioned will be calculated based on your monthly income. If your loan-income ratio is already more than 50%, then your loan application will not be approved. Thus, lower the FOIR of loan-income ratio, higher will be the loan eligibility.

Under the FOIR method, the lending companies provide 40% of the monthly income multiplied by the loan tenure as the loan amount to the applicant.

Eligibility Criteria to get Personal Loan against Salary of Rs 30000

Every lending company has pre-determined conditions to check the eligibility of its applicants. To be eligible for the maximum amount of personal loan the applicant needs to fulfill all the conditions –

General Requirements terms
Age

The age of the borrower should be between 21 to 65 years.

The maximum loan tenure for which the loan will be sanctioned will depend on the age of the borrower

job profile
  • salaried
  • self employed professional
  • self-employed non-professionals
  • student
  • retired officer

Any individual can avail personal loan. However, there are different eligibility criteria for every category of applicants.

Work experience

Applicant’s work experience is mandatory. The work experience for the salaried and self-employed can range between 2-5 years respectively.

Must be in the current employer or in the same profession for the last 1 year.

revenue

Salaried Individuals – Minimum Monthly Income Rs 15,000

Self Employed Individual – Minimum Monthly Income Rs.20,000

credit score

Minimum Credit Score – 600

Recommended Credit Score – 750

Fixed Liability to Income Ratio The loan-to-loan ratio should be less than 50%. It is used to measure the repayment capacity of the applicant.

Documents required to get personal loan

identity proof

Mandatory

  • pan card

any one of the following

  • Aadhar card
  • Indian passport
  • voter id card
  • driving license
Address proof

any one of the following

  • Aadhar card
  • Indian passport
  • voter id card
  • Utility bills (electricity, water, gas) not older than 2 months
  • driving license
income proof

salaried

  • 3 Months Salary Details
  • 3 months bank account statement showing salary credit
  • 2 year ITR copy

Self employed

  • 3 months bank account statement of business account
  • 2-year ITR
  • 2-Year Balance Sheet and Profit and Loss Account Audited by CA

Best Personal Loan Interest Rate 2022 in India

name of the lending company Rate of interest processing fee
Bank personal loan interest rate and other charges
SBI Bank 08.50% p.a. 1% of the loan amount Minimum Rs. 1,000 and a maximum of Rs. 10,000 (GST extra)
UCO Bank
  • 10.05% p.a. for female applicants
  • 10.30% p.a. for male applicants
1% of loan amount + GST, minimum Rs. 750
IDFC First Bank 10.49% p.a. 3.5% of loan amount + GST
ICICI Bank 10.50% p.a. Up to 2.5% of the loan amount + GST
HDFC bank 10.50% p.a. Up to 2.5% of the loan amount + GST, subject to a maximum of Rs. 25,000 for salaried individuals
Mahindra Bank 10.75% p.a. Up to 2.5% of the loan amount + GST
Yes Bank 13.99% p.a. Up to 2.5% of the loan amount + GST, minimum Rs. 999 + GST
Best NBFC Personal Loan Interest Rates & Other Charges
Tata Capital 10.99% p.a. 2.75% of loan amount + GST
Aditya Birla Finance 11% per annum 1% of loan amount + GST
fullerton india 11.99% p.a. Between 0% to 6% of the loan amount
Bajaj Finance 13.00% p.a. Up to 4% of loan amount + GST
IIFL Finance 13.00% p.a. Up to 2% of loan amount + GST
Indiabulls 13.99% p.a. 3% of loan amount + GST

Steps to avail personal loan for salary up to Rs.30,000

If you are looking for a way to get a personal loan with salary up to Rs 30,000, here are simple steps to guide you:-

  • Eligibility Check – The process of personal loan starts with eligibility check. Visit the official website of the lending company from which you want to take the loan. Use the personal loan eligibility calculator and enter the required information about age, occupation and income etc. Once you submit the information, the personal loan eligibility amount will appear on the screen.

  • Choose a loan plan – Once you know the loan eligibility limit, choose the loan plan that works best for you. Read the terms and conditions, interest rate and other charges. Choose loan tenure wisely

  • Documents – List of documents required to process the selected loan scheme will appear on the screen. If you are applying online, upload the images of the required documents and if you are applying offline, attach the required documents with the loan application form. If needed, the lending company may ask for additional documents.

  • Loan Approval and Disbursement – ​​Once the document verification is complete and the lending company is satisfied with the loan application, your loan will be sanctioned. You will get information about this. Loan disbursement will happen after loan approval. The loan amount will be deposited in the bank account.

How can I improve my eligibility for a personal loan?

In order to improve your loan eligibility, it is necessary to fulfill all the eligibility conditions prescribed by the bank. This will enable the borrower to sanction a personal loan on favorable terms and conditions. The ways to improve your eligibility for personal loan are:-

  • Improve Credit Score – The higher your credit score, the better will be your loan eligibility. Strive towards building a good credit score.

  • Apply for a loan after thorough research – Apply for a loan only after you have read all the rules of the bank. Every rejection of loan application lowers your credit score.

  • Apply for one loan at a time – Applying for multiple loans at a time is considered ‘loan hunger’. This is not liked by the lenders and hence leads to loan rejection which further causes a drop in the credit score.

  • Keep Documents Ready – The information used for checking eligibility should be validated through proper documents. Keep your documents ready before applying for the loan.

  • Monthly Income – Higher the income, higher will be the loan eligibility. Personal loan eligibility depends on the repayment capacity of the applicant. So, to be eligible for a higher loan amount, add up the income from all other sources. However, keep supporting documents ready to validate your position.

  • Apply with a co-applicant – A co-applicant with a good credit score can help improve personal loan eligibility.

  • Opt for Lower Principal – Higher the principal amount, higher will be the chances of loan rejection. Use the Personal Loan Eligibility Calculator to find out how much personal loan one can get with a salary of Rs 30000.

  • Provide Guarantee – Personal loans are unsecured loans, but applying for a personal loan with a guarantor can improve eligibility.

How much personal loan can I get for 30,000 salary?

On 30,000 monthly salary, the maximum loan will be between Rs 8.10 lakh and Rs 9 lakh. Loan can be taken with a repayment tenure of 60 months.

How can I improve my eligibility for a personal loan?

The best way to improve personal loan eligibility is to build and maintain a high credit score.

How can I check my loan eligibility?

You can use the Personal Loan Eligibility Calculator to check your loan eligibility. The calculator is available online both on the Bank’s websites and third-party aggregator websites.

What are the eligibility conditions for availing Personal Loan against Salary 30,000?

Following are the eligibility conditions for availing Personal Loan against Salary 30,000:-
Age – Between 21 – 65 Years
Salaried or self
-employed For salaried employees last 1 year with the same employer At least 2 years work experience in
the same profession Self-employed with at least 5 years of work experience in the last 1 year with
credit score above 750
loan-income ratio less than 50%

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