Personal Loan for ₹30,000 Salary

You can easily apply for a personal loan on Bajaj Markets with a monthly salary of ₹30,000. The loans are available at affordable rates starting from 9.99% p.a. with flexible tenure up to 96 months. Besides, the application process is easy and completely digital. 

You can utilise these loans to cover several expenses such as family events, medical emergencies, travel, or education, without putting pressure on your savings.

Before applying, it is better to check eligibility, and understand the factors that influence the loan amount you can get with a salary of ₹30,000.

Here are the main features and benefits of a personal loan for a ₹30,000 salary available on Bajaj Markets:

Flexible Usage

Use the loan for various purposes, such as medical emergencies, higher education, weddings, travel, or consolidating existing debts

No Collateral Required

These loans are unsecured, meaning you don’t need to pledge any assets as security

Attractive Interest Rates

Personal loans are available at interest rates starting from 9.99% p.a., making them affordable for your budget

Flexible Loan Options

Choose between fixed EMI loans or flexi loans that allow greater flexibility in repayment

Convenient Online Application

Apply online with ease, and get your loan request reviewed and processed quickly

Minimal Documentation

Submit only a few essential documents to make the application process hassle-free

Fast Disbursement

Once approved, the loan amount could be disbursed into your account within minutes

Transparent Charges

Bajaj Markets provides complete clarity on fees and charges, with no hidden costs

The amount of personal loan you may be eligible for with a ₹30,000 salary depends on your financial profile and the lender's evaluation criteria. The two common methods for assessing loan eligibility are the Multiplier Method and the Fixed Obligation to Income Ratio (FOIR) Method.

Multiplier Method

This method involves multiplying your Net Monthly Income (NMI) by a specific factor, usually ranging between 10 and 24. The actual multiplier varies based on the lender's policies, your financial health, and credit profile.

Example Calculation:

• Monthly Salary (NMI): ₹30,000

• Assumed Multiplier: 15

• Eligible Loan Amount: ₹30,000 × 15 = ₹4,50,000

Estimated Personal Loan Eligibility for Salaries up to ₹30,000

Fixed Obligation to Income Ratio (FOIR) Method

The FOIR method evaluates your loan eligibility based on your monthly obligations relative to your income. Lenders prefer that total monthly obligations, including the proposed loan EMI, do not exceed 50-55% of your NMI.

Example Calculation:

• Monthly Salary (NMI): ₹30,000

• Maximum Allowable Obligations (50% of NMI): ₹30,000 × 50% = ₹15,000

• Existing Monthly Obligations: ₹5,000

• Available for New Loan EMI: ₹15,000 - ₹5,000 = ₹10,000

Based on the available EMI amount of ₹10,000, lenders will determine the loan amount you are eligible for by considering the interest rate and tenure.

To get a personal loan with a ₹30,000 monthly salary, lenders typically expect a minimum CIBIL score of 650. A higher score not only improves your chances of approval but may also help you secure lower interest rates.

If your score is below the preferred range, you can improve it by paying your EMIs and credit card bills on time, limiting your credit utilisation, and avoiding multiple loan applications in a short period. It also helps to review your credit report regularly to spot and fix any errors that may be affecting your score.

To apply for a personal loan with a monthly income of ₹30,000, you’ll need to meet the following criteria:

• You must be an Indian citizen.
  

• You should be salaried or self-employed with a steady source of income.
  

• You must be at least 18 years old.
  

• You should have at least 1 year of total work experience.
  

• Your CIBIL score should generally be 650 or above. You can check your credit score online with a few easy steps. It only takes a few minutes and helps you stay loan-ready.

Here are some factors that affect your personal loan eligibility and the amount you can get with a ₹30,000 salary:

Minimum Income

Your monthly income should be at least ₹10,000, and a salary of ₹30,000 increases your chances of qualifying for higher loan amounts

Work Experience

A minimum of one year of work experience, either as a salaried employee or self-employed professional, is often required

Employment Type

Both salaried and self-employed individuals are eligible, provided they meet the specific requirements of the lender

Age Requirement

Applicants must be at least 18 years old at the time of applying for the loan

CIBIL Score

A credit score of 650 or higher is generally expected to demonstrate your creditworthiness. A higher score may lead to better loan terms.

Repayment Capacity

Lenders assess your repayment ability by evaluating your monthly obligations and disposable income

Employer Reputation

If you are employed with a reputed company, it could positively influence the lender's decision. Stability in employment is an additional factor.

When applying for a personal loan with a salary of ₹30,000, here are some documents you will need to submit:

Note: Document requirements may vary across lenders. It’s advisable to check the exact list with your chosen financial institution before applying.

You can apply for a personal loan in just a few simple steps:

1. Start your application by clicking here
   
   

2. Select your profession from the list of options
   
   

3. Enter your mobile number and PIN code
   
   

4. Read and accept the terms and conditions, then click ‘Proceed’
   
   

5. On the next page, fill in key details such as:
   
   

   • PAN card number
     
     

   • Full name (as per PAN)
     
     

   • Date of birth
     
     

   • Net monthly income
     
     

   • Employer type and company name
     
     

   • Email address and gender
     
     

   • Mode of salary credit (Bank or Cash)
     
     

6. Click ‘Submit’ after filling in all fields
   
   

7. You’ll then see eligible loan offers
   
   

8. Select an offer that suits your needs, choose your repayment tenure, and proceed
   
   

9. You’ll be redirected to the lender’s website to complete KYC, e-mandate, and disbursal steps

Note: If you’re self-employed, you’ll be asked for additional business details like monthly turnover on a different form. Make sure to follow the instructions shown.