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How much Loan can I get on a ₹30,000 salary?
- Updated on: 31 Jul 2023
- Published on: 21 Dec 2021
Highlight: With a ₹30,000 income, you may wonder, “How much can I get as a loan?”. Read on to know the loan sanction you can expect with a salary of ₹30,000.
Loans are unsecured forms of credit that can be used for both unexpected and planned financial requirements. You can get these loans through banks and NBFCs and you can access these loans with ease.
As per the RBI’s published data, personal loan borrowing has recently experienced a great surge. A reason behind their growing demand is that it is easily accessible due to its nominal requirements. For one, you don’t have to pledge collateral and most lenders have reasonable income requirements.
As such, unsecured loans, like a loan on salary, allow you to access funds hassle free without risking your valuable assets.
Getting approval on a loan with a ₹30,000 salary depends on many factors. Firstly, you must check the eligibility requirements before applying to check if you make the cut. In most cases, lenders require a minimum salary of ₹25,000 to get approval.
So, if you earn ₹30,000 it is likely that you will qualify with ease. Aside from the income, here are the other parameters to note:
Remember that these parameters can vary from one lender to another.
These loans provide speed, convenience, and affordability, making them an ideal solution for your financial demands. Understanding the advantages of personal loans can help you determine what to look for when selecting a lender and how to get the most out of it.
Here are the advantages that you get to enjoy when you opt for these loans:
1. High Loan Amount: The loan amount that the lender approves depends on many factors, such as your monthly income, employment type, past credit behaviour, ability to repay the loan and much more. Some lenders offer ₹5 lacs or even higher, depending on your income.
2. 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.
3. Flexible Repayment Period: With this form of credit, you can choose the repayment tenure according to your finances and convenience. This allows you to repay your loan EMIs based on your financial situation and repayment capacity.
4. Loan Without Security: They are unsecured loans, meaning you do not have to pledge any of your valuable assets as security. The lender approves your loan by considering several factors, such as your eligibility, past credit behaviour, financial standing and more.
5. 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 in minutes, saving you valuable time in emergencies.
6. 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.
7. Boosts Credit Scores: Another benefit of such loans is that they can improve your credit score. You can quickly repay your EMIs on time and improve your credit score because you choose your EMI schedule based on your budget and repayment capabilities. 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.
Here is the process to apply for a loan with a ₹30,000 salary.
1. Eligibility Check: The first step in the application procedure is determining your eligibility. Go to the lender’s official website for loan eligibility, enter the essential information required, such as age, occupation, and income, and check eligibility instantly.
2. Choose a Loan as per Your Requirement: Once you’ve determined your loan eligibility limit, choose the loan plan that best suits your needs. Examine the terms and conditions, as well as the interest rate and other charges. Make sure to consider the loan duration carefully.
3. Easy Document Submission: Upload copies of the supporting documents in case of online application. In case you are applying in the offline mode, attach the documents with your application form. Apart from the basic KYC documents, the lender may also ask for any additional documents to verify other information.
4. Loan Approval and Fund Disbursal: Once you submit the documents, the lender assesses and verifies your application and your documents. If you get approved for the loan, the lenders will transfer the amount to your bank account.
So, 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.
Unlock the possibilities of getting a personal loan with a ₹30K salary and use it towards your planned or unplanned expenses. At Fibe, you can benefit from a personal loan with a ₹30K salary at affordable interest rates starting from 2% per month.
A simple and hassle-free application process and minimal documentation are a few other advantages you can enjoy when you opt for a Fibe Personal Loan. Apply for an Instant Loan by downloading Fibe’s Instant Loan App or by visiting the official website.
The exact loan amount you can get on your monthly income of ₹30,000 depends upon various factors like your eligibility, past repayment behaviour, etc. At Fibe, you can get a maximum loan amount of up to ₹5 lakhs.
Generally, with a salary of ₹30,000, you can expect to get a credit card limit that goes up to ₹1 lakh. However, opting for a Fibe Personal Loan can help you avail up to ₹5 lakhs at affordable interest rates, helping you minimise the overall borrowing costs.
