Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation! Apply Now

A personal loan for individuals earning ₹30,000 per month serves as a valuable financial support. You may find loans with interest rates starting at 9.99% p.a., repayment terms extending up to 96 months, and an amount reaching as high as ₹50 Lakhs.

This type of loan could be used to address various financial needs, such as funding any course fee, covering medical expenses, or renovating your home. With easy repayment options and a simple application process, Bajaj Markets helps you connect with lenders and find loans that align with your financial goals.

Personal Loan Lenders Available on Bajaj Markets

Partner Name

Min Interest Rate

Max Tenure

Processing Fee

Bajaj Finance Limited

10% p.a.

96 months

Up to 3.93% of the loan amount

CASHe

2.79% p.m.

18 months

Up to 5.5% of the personal loan amount + GST

Federal Bank

11% p.a.

48 months

0.70% to 2.80% of the loan amount + 18% GST

Fibe

14% p.a.

36 months

Up to 2% of the loan amount

Finnable

15.95% p.a.

60 months

Up to 3% of total loan amount

IIFL Finance

18% p.a.

42 months

2% to 6% of the loan amount + GST

InCred

16% p.a.

60 months

2%-5% on the sanctioned amount

Kissht

14% p.a.

24 months

3% - 5% of the loan amount

Kotak Mahindra Bank

10.99% p.a.

72 months


Up to 1.10% - 1.50% of the loan amount + GST

KreditBee

14% p.a.

24 months

Up to 3% of the loan amount

L&T Finance

12% p.a.

48 months

Up to 2% of loan amount + GST

MoneyTap

18% p.a.

36 months

5% to 10% of the loan amount

moneyview

1.33% p.m.

60 months

Starting from 2% of the approved loan amount

mPokket

24% p.a.

90 days

₹50 to ₹200 + 18% GST (depending on the loan amount with a maximum APR of 48%)

Muthoot Finance

14.50% p.a.

60 months

2% to 4% of the loan amount

Olyv

18% p.a.

12 months

2% - 12% of the loan amount

PaySense Partners

15% p.a.

60 months

2% - 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher)

Privo

9.99% p.a.

60 months

1%-3% of the loan amount +GST

SMFG India Credit

12% p.a.

60 months

0% - 6% of the loan amount

Upwards

18% p.a.

36 months

Up to 4% of the loan amount

YES BANK

12.50% p.a.

72 months

Up to 2.75% of the loan amount

Zype

18% p.a.

12 months

2% to 6% of the loan amount

*Disclaimer: The mentioned rates are as of 28th December 2024. These are subject to change at the lender’s discretion.

Features and Benefits of Personal Loan on Bajaj Markets

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

High Loan Amount

Get loans of up to ₹50 Lakhs to meet any financial requirements from higher education to event planning for a wedding

Attractive Interest Rates

Personal loans may be 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

How Much Personal Loan Can I get on ₹30,000 Salary

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

Monthly Income (₹)

Estimated Loan Amount (₹)

₹20,000

₹3,00,000

₹21,000

₹3,15,000

₹22,000

₹3,30,000

₹23,000

₹3,45,000

₹24,000

₹3,60,000

₹25,000

₹3,75,000

₹26,000

₹3,90,000

₹27,000

₹4,05,000

₹28,000

₹4,20,000

₹29,000

₹4,35,000

₹30,000

₹4,50,000

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.

Other Factors Influencing Eligibility & Personal Loan Amount for ₹30,000 Salary

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

  • Indian Citizenship

You must be an Indian citizen to qualify for a personal loan

  • 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 600 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.

Documents Required for ₹30,000 Salary Personal Loan

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

  • Identity Proof

Submit any one of the following documents for identity verification:

  • PAN Card

  • Aadhaar Card

  • Voter ID

  • Passport

  • Driving Licence

  • Address Proof

Provide any one of the following documents to confirm your residential address:

  • Aadhaar Card

  • Passport

  • Voter ID

  • Driving Licence

  • Recent utility bills (electricity or telephone)

  • Income Proof

To verify your income, you need to submit:

  • Salary slips for the last three months

  • Bank statements showing salary credits for the past three months

  • Photographs

2 recent passport-sized photographs are mandatory for processing the application.

Providing these documents ensures that your application for a personal loan is processed efficiently and without unnecessary delays.

How to Apply for Personal Loan with ₹30,000 Salary on Bajaj Markets

To apply for a personal loan with a ₹30,000 salary is a hassle-free process on Bajaj Markets. Here’s what you need to do:

  1. Start by clicking on the ‘Check Eligibility’ option available on the Bajaj Markets

  2. Fill out the online application form with your basic personal information, such as your name, contact details, and employment information

  3. Specify the loan amount you require and choose your preferred repayment tenure that suits your financial plan

  4. Complete the form and submit it for verification. Ensure all details are accurate to avoid delays in processing.

  5. Once your application is submitted, a representative will get in touch with you to guide you through the remaining steps. They will assist with the verification process and finalise your loan application.

By following these steps, you can seamlessly apply for a personal loan on Bajaj Markets and access funding tailored to your financial requirements.

FAQs

What is the maximum amount of personal loan one can get on ₹30,000 salary?

The maximum personal loan amount you may be eligible for with a ₹30,000 salary depends on the lender’s evaluation methods and your financial profile. Using the Multiplier Method, you could qualify for up to ₹4.50 Lakhs, assuming a multiplier of 15. However, the exact amount varies based on your credit score, repayment capacity, and lender policies.

What is the CIBIL score required for a personal loan with ₹30,000 salary?

A minimum CIBIL score of 600 is generally required to qualify for a personal loan with a ₹30,000 salary. However, a higher score improves your chances of approval and may result in better loan terms, such as lower interest rates or higher loan amounts.

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