How much Loan can I get on a ₹30,000 salary?

Whether unexpected or planned financial requirements, banks and NBFCs offer loans for all your urgent expenses. You can get a personal loan to cover all such costs, including:

• Wedding expenses
• Medical emergency 
• Unplanned or planned vacations
• Cost of higher education 
• Big-ticket purchases
• Home renovation, etc.

A few other reasons why personal loans are growing in demand include: 

• Versatility
• Easy accessibility
• No need to pledge collateral
• No lengthy paperwork
• Hassle-free approval

Read on to know how unsecured loans, like a loan on salary, allow you to access funds hassle-free without risking your valuable assets.

Eligibility Criteria for a Loan on a ₹30,000 Salary

• The parameters differ from one lender to another and you must check before applying for credit. 
• Fulfilling the minimum eligibility requirements helps boost your likelihood of getting loan approval on suitable terms.
• In terms of salary, most lenders require a minimum monthly salary of ₹25,000 to sanction a loan. 
• You may qualify with ease if you have a monthly income of ₹30,000.

Besides the income, here are the other parameters to note:

• You must be an Indian resident 
• You must be between 21 years and 55 years of age

Benefits of Getting a Loan on a ₹30,000 Salary

Here are some advantages you can enjoy:

Ample Funding

The maximum loan amount approved by the lender depends on many factors, as follows: 

• Your monthly income
• Employment type
• Past credit behaviour
• Repayment capacity and much more 

Some lenders offer ₹5 lakhs or even higher, depending on your income. 

Value for Money

Loans on salary provide affordability in various ways. They have competitive interest rates because of the low-risk component and you can choose your payback term to fit your budget. 

Flexible Repayment Period

You can choose the repayment tenure that fits your finances and convenience. Furthermore, this allows you to customise your loan EMIs per your monthly budget.

Loan Without Security

Since personal loans are unsecured forms of credit, there’s no need to pledge any of your valuable assets as collateral. This way, you need not fear about losing your assets.

Quick Loan Processing

These forms of credit are quickly processed because they require little paperwork and formalities and do not need lengthy eligibility checks. Some lenders approve and sanction your loan within minutes, saving you valuable time in emergencies.

Convenience

You can apply for a loan from your home using your computer or smartphone. The eligibility criteria are straightforward and the documentation needs are minimal. You can complete the loan application online, including the KYC process, eliminating the need to visit the lender’s branch. 

Boosts Credit Scores 

Another benefit of such loans is that they can improve your credit score. Pay your EMIs on time and improve your credit score. This helps you stand out as a responsible borrower and creates a positive impact on your credit scores. They also help you diversify your credit, which helps enhance your credit score even more.

Application Process for a Loan with a ₹30,000 Salary 

Here is the process to apply for a loan with a ₹30,000 salary

• Step 1: Check your eligibility on the lender’s website 
• Step 2: Apply on the lender’s website or app for approval
• Step 3: Submit the required documents once you get approval 
• Step 4: Complete the formalities and sign the documents
• Step 5: Receive funds in your bank account after the loan disbursal

Note that your income plays a crucial role in your loan approval process. In addition, it helps the lender determine your repayment capacity, which further helps determine how much loan they are willing to give you.

That said, you can easily apply for ₹5 lakhs on Fibe without any end-use restrictions. Choosing Fibe allows you to leverage your ₹30,000 salary to get affordable interest rates starting from 2% per month. 

Moreover, a simple and hassle-free application process is another advantage you can enjoy when you opt for a Fibe Personal Loan. Simply download Fibe’s Instant Loan App or visit the official website to apply now!

FAQs About Loan on a ₹30,000 Salary

How much loan can I get if my salary is ₹30,000?

The maximum amount depends upon various factors, such as:

• Lender’s eligibility requirements
• Credit history and behaviour
• Your existing debts
• Your age
• Monthly income 
• Your credit score 

What is the credit card limit for a ₹30,000 salary?

• Most financial institutions offer a range between 1.5 and 3 times of your monthly salary. 
• You can get approval between ₹45,000 to ₹90,000 with a salary of ₹30,000, as decided by the card issuer.
• Maintain an optimal credit score to increase your probability of getting a card with exclusive benefits