Check out how much personal loan you may be eligible for with a salary of ₹30,000 using simple methods and accurate calculations.
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.
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.
Here are the main features and benefits of a personal loan for a ₹30,000 salary available on Bajaj Markets:
Use the loan for various purposes, such as medical emergencies, higher education, weddings, travel, or consolidating existing debts
These loans are unsecured, meaning you don’t need to pledge any assets as security
Get loans of up to ₹50 Lakhs to meet any financial requirements from higher education to event planning for a wedding
Personal loans may be available at interest rates starting from 9.99% p.a., making them affordable for your budget
Choose between fixed EMI loans or flexi loans that allow greater flexibility in repayment
Apply online with ease, and get your loan request reviewed and processed quickly
Submit only a few essential documents to make the application process hassle-free
Once approved, the loan amount could be disbursed into your account within minutes
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.
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 |
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.
Here are some factors that affect your personal loan eligibility and the amount you can get with a ₹30,000 salary-
You must be an Indian citizen to qualify for a personal loan
Your monthly income should be at least ₹10,000, and a salary of ₹30,000 increases your chances of qualifying for higher loan amounts
A minimum of one year of work experience, either as a salaried employee or self-employed professional, is often required
Both salaried and self-employed individuals are eligible, provided they meet the specific requirements of the lender
Applicants must be at least 18 years old at the time of applying for the loan
A credit score of 600 or higher is generally expected to demonstrate your creditworthiness. A higher score may lead to better loan terms.
Lenders assess your repayment ability by evaluating your monthly obligations and disposable income
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:
Submit any one of the following documents for identity verification:
PAN Card
Aadhaar Card
Voter ID
Passport
Driving Licence
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)
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
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.
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:
Start by clicking on the ‘Check Eligibility’ option available on the Bajaj Markets
Fill out the online application form with your basic personal information, such as your name, contact details, and employment information
Specify the loan amount you require and choose your preferred repayment tenure that suits your financial plan
Complete the form and submit it for verification. Ensure all details are accurate to avoid delays in processing.
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.
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.
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.