You enjoy a stable job and receive a monthly salary of Rs. 30,000. But urgent and unexpected financial shortfalls can disturb your entire budget. Although these shortcomings are best handled through a personal loan, ‘how much personal loan can I get on Rs 30,000 salary’ always remains a question. Thankfully a personal loan eligibility calculator can help you answer this question with certainty.
Note: Check Lenders of Personal Loan for Low Salary
The availability of online financial tools has made the loan process simpler and hassle-free. A personal loan eligibility calculator helps the prospective borrower get an accurate answer for his ‘how much personal loan can I get on Rs 30,000 salary’ question.
This awareness cuts down the risk of loan application rejection which harms the credit score gravely. But how does a personal loan eligibility calculator work? Well, a personal loan eligibility calculator performs a comprehensive assessment of the candidate’s profile. The maximum amount that can be approved is linked to the repayment capacity of the individual.
The maximum eligibility of the personal loan for Rs. 30,000 salary can be calculated using two methods:
The maximum amount of personal loan that an individual is eligible for will be higher if the applicant has no ongoing liabilities or fixed commitments. Thus, the personal loan eligibility will be a multiple of the net monthly income (NMI). The value of the multiplier is between 27 and 30. The multiplier used is linked to the applicant’s profile. For instance, if the applicant meets the lender’s eligibility conditions perfectly, he’ll be eligible for a higher loan with an NMI multiple of 30.
Therefore for a person with Rs. 30,000 monthly salary, the maximum loan eligibility will range between Rs. 8.10 lakh and 9 lakh for a loan tenure of 60 months.
How much personal loan can I get on Rs. 30000 salary? Well, if you have existing monthly obligations, the maximum loan that can be approved will be calculated based on your monthly income post all expenses are honoured. If your debt-income ratio is already higher than 50%, your loan application will not be approved. Thus, the lower the FOIR of the debt-income ratio, the higher will be the loan eligibility.
Under the FOIR method, the lending companies provide 40% of the monthly income post expenses multiplied by the loan term as the amount of loan that the applicant is eligible for.
The table below shows the personal loan eligibility calculated for different amounts of fixed monthly obligations:
|Monthly Salary||Loan Eligibility (Loan Term of Months)|
|Existing Fixed Obligations @ Rs. 3,000||Existing Fixed Obligations @ Rs. 5,000||Existing Fixed Obligations @ Rs. 7,500||Existing Fixed Obligations @ Rs. 10,000||Existing Fixed Obligations @ Rs. 15,000|
|Rs. 30,000||Rs. 6.48 Lakh||Rs. 6 Lakh||Rs. 5.4 Lakh||Rs. 4.8 Lakh||Not Eligible|
Every lending company has pre-set conditions to check the eligibility of its applicants. The applicant needs to meet all conditions to be eligible for the maximum amount of personal loan that too at the most favourable loan terms.
|General Requirements||Conditions and Limits|
The age of the borrower must be between 21 and 65 years.
The maximum loan term for which the loan will be approved will depend upon the age of the borrower, as the personal loan should be repaid within the productive years of the applicant.
Anyone can avail of a personal loan. However, every category of applicants has different eligibility criteria.
Applicant’s work experience is mandatory. The work experience may range between 2-5 years for salaried and self-employed respectively.
The last 1 year should be with the existing employer or in the same profession.
Salaried Individuals - Minimum monthly income of Rs. 15,000
Self-employed individuals - Minimum monthly income of Rs 20,000
Minimum credit score - 600
Recommended Credit Score - 750
|Fixed Obligation To Income Ratio||Debt-Income Ratio must be below 50%. It is used to gauge the repayment capacity of the applicant.|
Any one of the following
· Aadhaar Card
Any one of the following
The best personal loan interest rates available in India are:
|Name of Lending Company||Rate of Interest||Processing Fee|
|Best Bank Personal Loan Interest Rate and Charges|
|SBI Bank||08.50% p.a. onwards||1% of the loan amount subject to a minimum of Rs. 1,000 and a maximum of Rs. 10,000 (GST extra)|
|UCO Bank||1% of the loan amount + GST, subject to a minimum of Rs. 750|
|IDFC First Bank||10.49% p.a. onwards||3.5% of the loan amount + GST|
|ICICI Bank||10.50% p.a. onwards||Up to 2.5% of the loan amount + GST|
|HDFC Bank||10.50% p.a. onwards||Up to 2.5% of the loan amount + GST, subject to a maximum of Rs. 25,000 for salaried individuals|
|Kotak Mahindra Bank||10.75% p.a. onwards||Up to 2.5% of the loan amount + GST|
|Yes Bank||13.99% p.a. onwards||Up to 2.5% of the loan amount + GST, subject to a minimum of Rs. 999 + GST|
|Best NBFC Personal Loan Interest Rate and Charges|
|Tata Capital||10.99% p.a. onwards||2.75% of the loan amount + GST|
|Aditya Birla Finance||11% p.a. onwards||1% of the loan amount + GST|
|Fullerton India||11.99% p.a. onwards||Between 0% and 6% of the loan amount|
|Bajaj Finance||13.00% p.a. onwards||Up to 4% of the loan amount + GST|
|IIFL Finance||13.00% p.a. onwards||Up to 2% of the loan amount + GST|
|India Bulls||13.99% p.a. onwards||3% of the loan amount + GST|
Looking for how to avail a personal loan with a salary up to Rs. 30,000, here are simple steps to guide you through:
To improve your loan eligibility, one needs to fulfil all the eligibility conditions set by the lender. This will enable the borrower to get the personal loan approved on favourable terms and conditions. The ways to improve your eligibility for a personal loan are:
The amount of personal loan you are eligible for on Rs. 30,000 salary is:
Multiplier Method – No ongoing liability
On an Rs. 30,000 monthly salary, the maximum loan eligibility will range between Rs. 8.10 lakh and 9 lakh for a loan tenure of 60 months.
FOIR Method – With existing liability (Loan term 60 months)
SBI Bank levies the lowest rate of interest @ 08.50% p.a. on a personal loan for Rs. 30,000 salaries. It is followed by UCO Bank charging 10.05% p.a. onwards for women applicants and 10.30% p.a. onwards for male applicants.
The best way to improve personal loan eligibility is to build and maintain a high credit score.
You can use a personal loan eligibility calculator to check your loan eligibility. The calculator is available online at both bank websites and third-party aggregator websites.
To avail a personal loan on Rs. 30,000 salaries, the eligibility conditions are: