How Much Personal Loan Can I Get On 30000 Salary?

How Much Personal Loan Can I Get On 30000 Salary?


A personal loan is an unsecured loan that you can avail to fulfil all your financial needs. Since they are unsecured loans, you do not need to provide any kind of collateral or guarantee to get these loans. When you apply for a salary loan, then lenders determine your personal loan eligibility based on your salary, credit score and several other parameters. But it is your salary that plays the most significant role in determining your loan amount eligibility.

Many lenders have a specific set of criteria that you must fulfil to avail these personal loans. Most lenders, including the online loan apps, have a minimum salary requirement of Rs. 15,000 to avail a loan. The higher your salary, the higher is your loan amount eligibility.

Read on to know more about your personal loan amount eligibility on a monthly salary of Rs. 30000.

How Much Personal Loan Can I Get On 30000 Salary?

Different lenders have different methods to calculate your loan amount eligibility. The most common methods are the multiplier method and the FOIR method.

According tothe Multiplier Method, if your salary is Rs. 30,000 per month, then you would be eligible for a salary loan of worth Rs. 8.10 lakhs for loan tenure of 60 months. This method is used to estimate your loan amount eligibility if you do not have any on-going monthly obligations, like rent or EMIs. This is perfect for first time borrowers.

In the multiplier method, your personal loan eligibility amount is calculated by multiplying your net monthly income (NMI) by a value anywhere between 27 and 30. This number differs from lender to lender and borrower to borrower. Depending on your other eligibility parameters, like age, employment status, etc. this number can vary.

Another method is the Fixed Obligation to Income Ratio (FOIR)method. This approach is used when the applicant has on going loans or other financial obligations. In this method, the lender checks that your total monthly obligations. You loan amount eligibility will be higher if you have a low FOIR. Most lenders specify that your total monthly obligations should not exceed 50 % of your total monthly income. That means if you have a monthly salary of Rs. 30,000 then your total monthly EMIshould not exceed Rs. 15,000.

What Personal Loan Amount Can I Afford with INR 30,000 salary?

Your personal loan affordability depends on your monthly income and your fixed monthly obligations. Ideally, your monthly EMI including your credit card bills should not exceed 50 per cent of your monthly income. It is very important to keep your debt low in order to manage your finances well.

If you have a monthly salary of Rs. 30,000, then you can easily apply for online loan through loan apps. Loan apps are ideal for small-ticket loans ranging from Rs. 10,000 to Rs. 1.5. lakhs. They are easy to apply, have minimal document requirements, simple eligibility criteria and quick disbursal process.

However, if you need a high ticket salary loan, for costly medical expenses or home renovation, then you can apply through the conventional lenders. Depending on your monthly expenses, your employer, years of service left, and credit score, your loan amount eligibilitycould vary.

Eligibility Requirements for Personal Loans with a Salary of INR 30,000

Every lending institution has pre-established guidelines for determining an applicant’s eligibility. The applicant must fulfil all requirements to qualify for the maximum personal loan possible with the best loan terms.

  1. Age

The borrower should be between 21 and 65

  1. Work Profile
  • Salaried
  • Self-employed non-professionals
  • Self-employed professional
  • Student
  • Retired officer
  1. Job Experience 
  • Salaried individuals must earn at least INR 15,000 each month.
  • Self-employed people must earn INR 20,000 minimum monthly income
  1. Credit Score

Having a high credit score is very important when you apply for a salary loan. It reflects your credit worthiness and your lender determines your loan eligibility, loan amount, interest rate and several other crucial parameters based on this score.

Applying for a Personal Loan with a Salary of Up to 30,000 Rupees

If you’re wondering how to get a personal loan with an income of up to Rs. 30,000, follow these easy steps:

  1. Checking your eligibility is the first thing you need to do before applying for a personal loan. Use a personal loan eligibility calculator and enter the necessary details, such as age, employment, and income. The calculator will tell you the maximum loan amount that you qualify for.
  2. Once you are aware of your loan eligibility limit, choose the loan option that best suits your needs. Review the terms and conditions, interest rate, and other fees. Pick the loan period carefully.
  3. Submit the necessary documents in the correct format as specified by your lender. If you are applying offline, include the appropriate documents with the loan application form. If you are applying online, submit the scanned copy of your documents. Recheck your documents for minor errors or discrepancies before submitting.
  4. Your loan will be approved once the document verification is finished and the lender is satisfied with your application. After the approval and verification, the loan will be disbursed shortly.


When applying for a salary loan, your income is a crucial factor. It aids the lender in determining how much loan amount the lender should grant you. This amount strictlydepends on their assessment of your ability to repay.

Make sure to mention all your details correctly when applying for a loan. Irrespective of the loan amount that you qualify for, you must access your own affordability. Even if you are qualified for a higher loan amount, you should apply for the amount that you absolutely need to meet the crisis. Keeping your loan amount low will help you save on interest, complete the repayment early and gain eligibility for future finances soon.

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