Personal Loan for Rs 30,000 Salary

EMI/NMI Ratio

Lenders prefer that your EMI should not exceed 50%-55% limit of your net monthly income. For instance, you applied for a personal loan of Rs 5 lakh, have a salary of Rs 30,000 and have no other EMIs. The lender would prefer to set the personal loan amount and repayment tenure to ensure that your EMI remains around Rs 15,000 to Rs 16,500.

Multiplier Method

In the multiper method, your net monthly income is multiplied by a set number (usually 10 to 24) to calculate your eligible personal loan amount. However, existing EMIs (if any) also plays a crucial role in determining your loan amount.

Stated below are the personal loan amount you can get with a Rs 30,000 income per month based on different multipliers:-

Multipler	Monthly Salary	Estimated Loan Amount
10x	Rs 30,000	Rs 3 lakh
15x	Rs 30,000	Rs 4.5 lakh
20x	Rs 30,000	Rs 6 lakh
25x	Rs 30,000	Rs 7.5 lakh

Below are the tips to improve your loan approval chances if you are earning Rs 30,000 salary per month:-

• Check personal loan offers: Check, compare and apply multiple personal loan offers at Paisabzaaar to know the eligibility criteria and
• Maintain a good credit score of 750 or above: This gives you higher chances of getting your application approved as well as eligibile for lower interest rates.
• Provide additional income proof: If you have any other income like stocks, mutual funds or rent, by disclosing them to the lender, you can make your application profile stronger.
• Add a co-applicant: This lower the credit risk for the lender, if the co-applicant has the higher income and also becomes accountable for the loan repayment.