₹30 Lakh Personal Loan

Instant financial support through a personal loan of ₹30 Lakhs helps you manage expenses without affecting your savings. Whether it is a sudden medical emergency, a destination wedding, or a business investment, this loan provides the liquidity required.

For example, at an interest rate of 10% p.a., a 3-year loan of ₹30 Lakhs results in an EMI of ₹96,801, with a total interest payout of ₹4,84,856 .

Extending the tenure to 5 years lowers the EMI to ₹63,741 while increasing the total interest payable to ₹8,24,468.

With fast approvals, minimal paperwork, and flexible repayment options, you receive funds when needed and repay them through fixed monthly EMIs.

Several lending partners on Bajaj Markets provide personal loans of ₹30 Lakhs at low interest rates with flexible repayment options. Compare various lenders, review their loan terms, and select the offer that aligns with your financial requirements in the most effective manner.

The EMI of your personal loan of ₹30 Lakhs is usually affected by the interest rate levied by the lender and the tenure you choose. While you do not have much power over the former, it is important to choose the repayment tenure wisely. 

Let’s assume that you secured a ₹30 Lakh loan at 10% p.a. The table provided below shows how a change in tenure will affect the EMI amount:

Apart from the interest, you may have to bear a few additional charges when taking a personal loan on Bajaj Markets. These include: 

You can calculate your personal loan EMI either by using an online EMI calculator or by applying the manual formula. Here is how you can calculate it manually:

EMI = [P × R × (1+R)^N] / [(1+R)^N–1]

Where:

• P = Loan amount

• R = Monthly interest rate (Annual interest rate/12/100)

• N = Loan tenure in months

Consider this example:
You take a personal loan of ₹30 Lakhs at an interest rate of 10% per annum for a tenure of 60 months. Your EMI comes to ₹55,577. The total interest payable amounts to ₹10,01,580, which brings the total repayment amount to ₹40,01,580.

Checking your eligibility before applying for any credit can help you ensure that the application process is smooth. It further increases the chances of your loan approval. Although the criteria may vary from lender to lender, here are some basic requirements you are usually asked to fulfil:

1. Must be an Indian citizen

2. Should be a salaried or self-employed individual

3. Minimum age: 18 years

4. Monthly income of at least ₹10,000

5. At least 1 year of work experience

6. A model CIBIL score for a ₹30 Lakh personal loan is generally considered 750 or higher. Ensure that you check your CIBIL score online regularly to get updates within minutes.

Furthermore, having all the requested documents handy can speed up the process. Here is a list of the documents you need to furnish at the time of application:

After checking your eligibility, you can follow these steps to apply for a loan online:

1. Click here to go to the loan application page.
   

2. Pick your profession from the dropdown options.
   

3. Input your mobile number and your area’s PIN code.
   

4. Carefully read and agree to the terms and conditions.
   

5. Hit the ‘Proceed’ button to move forward.
   

6. Enter your personal and employment information — including PAN, full name, date of birth, monthly salary, employer details, email, gender, and how you receive your salary.
   

7. Click ‘Submit’ to check the loan offers available to you.
   

8. Choose an offer that suits you, set your loan tenure, and complete the application process.

A representative will contact you shortly to guide you through the next steps of your application process.

Suppose you take a loan of ₹30 Lakhs at an interest rate of 10% per annum and a tenure of 6 months. Here is the amortisation breakdown:

Personal loans can affect your CIBIL score and overall financial profile. Here’s how:

Pre-Approval Impact

When you apply for a personal loan, the lender conducts a credit report check, known as a hard inquiry. This can reduce your CIBIL score by a few points for a short period.

Post-Approval Impact

Once the loan is approved, your repayment behaviour begins to influence your CIBIL score. Consistently making payments on time helps maintain a strong score, while missed or defaulted EMIs can have a negative effect.

You can use a personal loan of ₹30 Lakhs for various purposes. Here are some of the common uses of this loan:

Home Renovation or Buying a New House

Use this loan to renovate your existing home or purchase a new property. It provides the funds required for repairs, upgrades, or home buying. This helps you avoid dipping into your savings for large expenses.

Medical Expenses

Medical emergencies may occur at any time and often involve high costs. A personal loan enables you to pay for hospitalisation, medicines, and surgical procedures. This ensures timely and proper treatment for you or your family.

Education

Use this loan to fund higher education or professional development. It can cover tuition fees, books, and study materials. This financial support allows you or your children to pursue academic and career objectives.

Debt Consolidation

Repaying multiple loans or credit card bills can become overwhelming. Use a personal loan to clear those high-interest debts in one go. Then repay a single loan every month, usually at a lower interest rate.

Wedding Expenses

Weddings in India often involve significant costs for venues, catering, décor, and attire. This personal loan provides the necessary funds to manage all such expenses. You can plan the ceremony as desired, without financial burden.

Travel and Vacations

Plan an international trip or a long-awaited holiday using this loan. Use the funds for air tickets, accommodation, transport, and sightseeing. This ensures you enjoy the journey without financial concerns.

A ₹30 Lakhs personal loan offers financial flexibility for major expenses. Here’s how you can use it:

Higher Education in India or Abroad

A substantial loan amount can cover tuition fees, accommodation, travel, and other academic expenses for studying in India or overseas. This is helpful if you want to avoid liquidating savings or investments.

Expanding Your Business

If you are a business owner, you can use a ₹30 Lakhs loan to fund expansion plans, purchase new equipment, boost inventory, or manage operational costs.

Luxury Home Renovation

For major home renovations like modular kitchens, imported fixtures, or smart home automation, a personal loan can provide the required funds without dipping into your savings.

Debt Consolidation

If you have multiple outstanding debts with varying interest rates, you can use a ₹30 Lakhs loan to consolidate them into a single loan with a manageable EMI. This simplifies repayments and may reduce overall interest costs.

Medical Treatments and Surgeries

High-end medical treatments like organ transplants, advanced cancer care, or long-term hospitalisation can be costly. A personal loan can help cover medical expenses not included in health insurance policies.

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.