Having a salaried position is a coveted situation. However, despite this, sometimes there may be a need for some extra money. Thankfully, personal loans can be easily availed.
If you are earning Rs. 30,000 per month and wondering how much personal loan you can get for that amount, then this article will help you.
You can get a personal loan of up to Rs. 10 lakh or even higher depending on multiple factors such as your credit score, debt-to-income ratio, age, and so on.
However, there are two ways of calculating a rough estimate of the loan amount you can get with a Rs. 30,000 salary. These are the ‘multiplier’ method and the ‘fixed obligation to income ratio’ method.
Also known as the net monthly income method, the multiplier method of calculation will be applicable if the borrower has no existing debts. The borrower’s income will determine the maximum loan amount he/she can get. The loan amount will be a multiple of the net monthly income (NMI).
The value of this multiplier varies up to 30 where 30 would be equal to a perfect eligibility.
Based on this calculation, if your monthly income is Rs. 30,000 and the applicable NMI is 21, you will be eligible to get a loan of around Rs. 6.3 lakh.
In this method, the maximum loan amount available will be calculated based on your monthly income after all debts are considered. If you are already repaying a lot of debts with your existing income i.e., your FOIR or debt-to-income ratio is high, then your application may not be approved.
Under this method of calculation, 40% of your monthly income (after expenses are deducted) multiplied by the loan tenure will give you a rough estimate of the loan amount you are eligible for.
So if your question is ‘How much personal loan can I get on 30,000 salary’, your answer is that it can range up to Rs. 10 lakh or even higher depending on your eligibility.
Attractive Loan Amount
Get loans from Rs.5,000 to Rs.10 Lakh based on your eligibility
Collateral Free Loans
You can get a personal loan through Moneyview without having to vow any asset or arrange for a guarantor
Fast Disbursal
The loan amount is disbursed to your bank account within 24 hours of approval
Affordable Interest Rates
Interest rates starting from just 14% per annum
Our lending partners' simple eligibility criteria for borrowers to get an emergency loans are as follows -
The borrower should be between 21 and 57 years of age
They must earn a minimum of ₹25,000 or more monthly
Income must be credited directly to their bank account
They must have a minimum CIBIL score of 650
Your PAN number
Your mobile number will have to be linked to your Aadhaar card for KYC verification
You must also enable the auto-debit facility on your bank account in order to permit automatic withdrawals from your account. Use a debit card, net banking, or a NACH form to finish this quick procedure.
The auto-debit facility will enable you to pay your EMIs automatically each month, eliminating the need for manual intervention.
Interest rates vary from lender to lender. The charges for the personal loan through Moneyview are as follows.
|
Fees and Charges |
Amount Chargeable |
|---|---|
|
Interest Rate |
Starting from 14% per annum |
|
Loan Processing Charges |
Starting from 2% of the approved loan amount |
|
Penal Charges on Overdue EMI |
24% per annum plus applicable taxes, if any |
|
NACH Bounce |
₹500/- each time |
Loan Amount
Min ₹10
Max ₹25,000
Rate of Interest
Min 5%
Max 25%
Loan Tenure
Min 3 months
Max 72 months
1
Assess Your Eligibility
Quickly check if you are eligible on the Moneyview platform in only 2 minutes!
2
Pick Your Repayment Duration
Select the desired loan sum and repayment period from the options provided.
3
Share Your Documents Online
Share only essential documents for profile verification, easily uploading them digitally.
4
Funds Disbursed
Once your application is validated and the loan agreement finalized, funds will be transferred to your bank within 24 hours!
The amount of loan you can get on a Rs. 30,000 loan depends on several factors, such as,
Credit score plays a critical role in determining your loan amount. Lenders use this score to see if you're good at managing money.
The higher your salary, the more amount you might qualify for. Your salary assures the lender of your repayment capacity.
Lenders look at how much you owe compared to how much you earn. If you owe less, you might get a bigger loan.
Lenders assess employment history and stability. A steady job and a longer employment history may positively impact the loan amount.
Longer loan terms might allow for larger loan amounts, but it's important to consider the overall cost and interest paid over time.
Lenders review an applicant's financial history, including past loans and repayment behavior, to assess risk and determine the loan amount.
Need Quick Cash?
How much personal loan can I get on 30,000 salary’ is a commonly asked question. It will be difficult to give an exact number as this will depend on multiple factors. However, there are a few ways to calculate an approximate number.
You can easily get a personal loan of up to Rs. 10 lakh from Moneyview. The application process is hassle-free and the documentation requirements are also minimal.
Visit the website or download the app to apply today.
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