Can I Get a Personal Loan on ₹30,000 Salary?

Earning ₹30,000 a month and thinking if you can take a personal loan? Don’t worry. You’re not the only one with this question in mind.

In our country, it’s quite common to see people planning loans for marriage, health problems, travel, or even to close other loans. And yes, even if your income is ₹30,000 per month, many banks and NBFCs will still consider you for a personal loan.

In this blog post, I’ve explained everything in very simple way—how much loan you can get, who gives it, how to calculate EMI, and small tips to increase your chances.

Let’s begin step by step

What is a Personal Loan?

Before we jump into numbers, let’s understand the meaning first.

A personal loan is a type of loan where you don’t need to give anything as security. No gold, no land, nothing. It is called unsecured loan.

You get this loan based on your income, job stability, and credit score.

Some common reasons people take personal loan:

• Marriage
• Travel or honeymoon
• Hospital bills or health problems
• Paying other loans or credit cards
• Buying phone, laptop or furniture
• Children’s education

Am I Eligible for Personal Loan if My Salary is ₹30,000?

Yes, definitely! Many banks and NBFCs offer loans to people with salary even less than ₹30,000.

Here’s what most lenders usually ask for:

Criteria	What they Expect
Monthly Salary	₹15,000–₹20,000 minimum (₹30,000 is good)
Age	Between 21 to 60 years
Job Stability	Minimum 6 to 12 months in same job
Work Experience	1 year or more is good
Credit Score	Above 700 is preferred
Location	Tier 1 and Tier 2 cities better
Job Type	Salaried – Govt, PSU or Private job

So if you have ₹30,000 salary and job is stable, you can get personal loan.

How Much Loan Can You Get on ₹30,000 Salary?

Let’s go straight to the main part.

Simple Answer:

Banks usually follow something called FOIR – Fixed Obligation to Income Ratio. It means your monthly EMI should not cross 40% to 50% of your salary.

So calculation will look like this:

₹30,000 x 50% = ₹15,000 (Max EMI allowed)

Now based on ₹15,000 EMI, 11% interest and 5 years repayment, you can get around:

EMI	Tenure	Interest Rate	Possible Loan Amount
₹15,000	5 Years	11%	₹6.8 to ₹7 Lakhs

So yes, with ₹30,000 salary, you can get around ₹6–7 lakh loan if your credit score is good and no other EMIs going on.

How EMI and Loan Eligibility is Calculated (Step-by-Step)

This part is for people who want to understand the calculation clearly. Let me break it into simple steps.

Step 1: FOIR Calculation

Check how much EMI you can afford.

Let’s say you already pay ₹5,000 EMI for bike loan. Then:

New EMI limit = ₹15,000 – ₹5,000 = ₹10,000

Step 2: Use EMI Formula or Online Calculator

You can use this formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]

But don’t worry if this looks hard . You can use free online EMI calculators on websites like SBI, HDFC, BankBazaar etc.

Step 3: Back-Calculate Loan Amount

If you want ₹10,000 EMI for 5 years at 11% interest, loan amount will be around ₹4.6 lakh.

---

What Affects Your Loan Eligibility Apart from Salary?

In India, salary is not the only thing banks check. Let me explain some extra points:

A. Credit Score

Very important!
750+ is best. Below 650, chances reduce.

B. Job Type

Govt and PSU employees are preferred.
Private job is okay if company is stable.

C. Existing EMIs

If you already have other EMIs, loan amount will reduce.

D. Where You Stay

Living in metro or big city is better for faster approval.

E. Bank Relationship

If you have salary account in same bank, it helps a lot.

---

Tips to Get Higher Loan on ₹30,000 Salary

Even with a small income, you can increase your loan eligibility. Here’s how:

• Choose longer repayment time – EMI becomes small
• Try to improve credit score – Pay credit card bills on time
• Close other small loans – Your eligibility will go up
• Add co-applicant – Like spouse or parent
• Try NBFCs also – They are more flexible than banks

---

---

Best Banks and NBFCs for ₹30,000 Salary

Here are some options that give personal loans even if your salary is modest:

Bank/NBFC	Minimum Salary	Loan Range	Interest
HDFC Bank	₹25,000	₹50,000 – ₹40 Lakh	10.75% – 21%
Axis Bank	₹15,000	₹50,000 – ₹15 Lakh	10.49% – 21%
ICICI Bank	₹17,500	₹50,000 – ₹20 Lakh	10.50% – 22%
Bajaj Finserv	₹20,000	₹30,000 – ₹25 Lakh	11% – 30%
EarlySalary	₹18,000	₹8,000 – ₹5 Lakh	18% – 36%
KreditBee	₹15,000	₹5,000 – ₹3 Lakh	14% – 30%

Note: Actual amount depends on your credit report and existing loans.

Smart Tips Before Applying

Follow these to increase your approval chances:

• Keep job stable, avoid changing company too often
• Use your salary account bank for faster process
• Don’t apply in many banks at once (it lowers your credit score)
• Mention all income sources (incentives, side jobs)
• Avoid bounced cheques and keep savings stable

Things to Avoid (Very Important!)

• Don’t take more loan than you really need
• Don’t hide existing EMIs or debts
• Don’t go for very short tenure—it will make EMI too high
• Don’t fall for “0% interest” traps—many have hidden fees
• Don’t apply to 10 lenders together—it damages your credit report

Final Thoughts: Plan Smart, Don’t Rush

So friends, now you know the full answer to “Can I get loan on ₹30,000 salary?” – and the answer is yes, you can.

But take loan only if really needed. Don’t go for big loan just because you are eligible. Look for affordable EMI, not just big amount.

And always remember: Loan is a help, not a habit.

Frequently Asked Questions