If you have a fixed monthly salary of Rs. 30,000, then you can easily apply for a personal loan through the best loan app. Most online loan apps require a minimum salary of Rs. 15,000 to approve a quick personal loan. However, some conventional lenders specify the minimum salary requirement as Rs. 25,000. So, depending on your choice of lender, your income, your debt-to-income ratio and several other parameters, your loan eligibility amount may differ.
If you need a small-ticket loan, then you can easily avail an online loan through a reputed loan app. The maximum loan amount offered by these loan apps amount to about Rs. 1.5 lakhs. But if you require a higher loan amount then you can go with conventional lenders. Depending on your salary and loan eligibility factors, they can offer you a much higher loan amount.
How Much Loan Amount Can I Get on a 30000 Salary?
As we have already mentioned, the loan application procedure is now easier and more convenient due to the availability of online loan apps and tools. With tools like a personal loan eligibility calculator, now you can calculate the loan amount that you would qualify for a salary of Rs. 30,000 per month.
The maximum amount that can be allowed depends on the person’s ability to make payments. There are two ways to determine the personal loan’s maximum eligibility for a salary of ₹30,000:
- The Multiplier Method
- Debt-Income Ratio Method
1) The Multiplier Method: This method is also known as Net Monthly Income Method. When an applicant has no ongoing EMIs, no rent, or any other monthly obligations, this technique is employed. This is usually when it’s the borrower’s first time applying for a loan.
2) Debt-Income Ratio Method: When an applicant has on going loans and financial obligations that must be fulfilled each month, this technique is employed. The borrower currently has one or more active loans.
What Are the Eligibility Criteria for a Personal Loan on a ₹30,000 Salary?
When considering a person’s eligibility for a personal loan, their monthly income is important. For personal loans, various lenders have different requirements. To be eligible for a personal loan with an income of ₹30,000, you must meet the following requirements:
- Proof of your Indian citizenship
- The age criteria for eligibility are 21 to 58.
- You should be a salaried employee or a self-employed Individual.
- You should be employed by or working with a private or public sector firm.
- Your credit history should satisfy the lender’s requirements.
What Are the Steps to Apply for a Loan on a ₹30,000 Salary?
If you’re wondering how to get a personal loan with an income of up to Rs. 30,000, follow these easy steps:
1) Check your eligibility
Go to the lending company’s official website or download the best loan app. Use the personal loan eligibility calculator and enter the necessary details, such as your age, employment, and income.
2) Choose a loan plan that suits you the most
When 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. This step is very crucial, so make sure that you do it precisely.
3) Submit all the necessary documentations
Once you have applied for the loan, the lender will ask you to submit some documents for verifying your details. If you are applying online, submit photos of the required documents. If you are applying offline, include the appropriate documents with the loan application form.
4) Wait for Loan Approval and Disbursement
The lender will verify your documents, once the lender is satisfied with your application you will receive notification from your lender regarding the approval. Within a few minutes of approval, your loan amount will be deposited into your respective bank account.
Conclusion
If you have a fixed salary of Rs. 30,000, then you can easily get a personal loan. You can use a personal loan eligibility calculator to estimate the total loan amount you are eligible for. Remember, your loan eligibility will depend on your salary, credit score and ongoing debt obligations. You can increase your loan eligibility limit by improving your credit score and clearing your existing debts.
Even if you qualify for a higher loan amount, always borrow as much as you need to deal with the urgent crisis. A personal loan is a huge liability and you must be very cautious when it comes to borrowing.
