Managing life’s uncertainties and meeting financial obligations are made easier with personal loans. A personal loan can be beneficial for managing finances for a variety of purposes, including education, marriage, travel, property, hospitals, and so on. Because of the acceptance of user-friendly instant loan apps and websites, submitting a loan application is no longer a lengthy and time-consuming process. Now, the question arises: How Much Personal Loan Can I Get On 30000 Salary?
The response to this question varies depending on the lender and the eligibility criteria you meet. typically for a salary of Rs. Small cash loans for 30,000 borrowers range from Rs. 15,000 to Rs. 2 lakh. This can be used to pay off debts and cover immediate cash needs. The likelihood of obtaining a larger loan amount is increased by the company’s reputation and a good salary range.
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How Much Personal Loan Can I Get On 30000 Salary?
The availability of online financial tools makes the loan application process much simpler and less stressful. The question “how much personal loan can I get on Rs 30,000 salary” can be answered accurately by a personal loan eligibility calculator.
A personal loan eligibility calculator evaluates the candidate’s profile thoroughly. The individual’s ability to repay is correlated with the maximum amount that can be approved.
The maximum eligibility of the personal loan for Rs. 30,000 salary can be calculated using two methods:
- The Net Monthly Income (NMI) Method, also known as the Multiplier Method, is applied when the applicant does not have any ongoing fixed obligations, such as rent or other monthly obligations. The borrower is making their first loan application. If an applicant does not have any fixed obligations or ongoing liabilities, their maximum loan amount will be higher. As a result, the net monthly income (NMI) will be multiplied by the eligibility for a personal loan. The multiplier has a value between 27 and 30. The profile of the applicant is linked to the multiplier that is used. For instance, if the borrower meets all of the lender’s eligibility requirements, he will be eligible for a loan with a higher NMI multiplier of 30.
Therefore, for someone who has Rs. 30,000 monthly salary, the maximum amount that can be borrowed is Rs. 8.10 lakh and 9.10 lakh for a 60-month loan.
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2.The Fixed Obligation to Income Ratio (FOIR) or Debt-Income Ratio is used when a borrower has ongoing loans and monthly financial obligations to meet. The borrower currently owes at least one loan.
The maximum loan amount that can be approved will be based on your monthly income after all expenses have been paid if you already have monthly obligations. Your loan application will not be approved if your debt-to-income ratio is already higher than 50%. Therefore, loan eligibility will rise in proportion to the FOIR of the debt-to-income ratio.
The loan amount that an applicant is eligible for under the FOIR method is 40 percent of the applicant’s monthly income after expenses, multiplied by the loan term.
Read: Debt to income ratio: Why is it important and how to calculate?
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The personal loan eligibility calculated for various fixed monthly obligations amounts are shown below:
Existing Fixed Obligations @ Rs. 3,000 – Loan Eligibility Rs. 6.48 Lakh
Existing Fixed Obligations @ Rs. 5,000 – Loan Eligibility Rs. 6 Lakh
Existing Fixed Obligations @ Rs. 7,500 – Loan Eligibility Rs. 5.4 Lakh
Existing Fixed Obligations @ Rs. 10,000 – Loan Eligibility Rs. 4.8 Lakh
Existing Fixed Obligations @ Rs. 15,000 – Not Eligible
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Conclusion
Therefore, your income plays a crucial role in your loan approval process. Hence, a personal loan with low income salary becomes challenging. But you need not worry, Download the Money Club App to get money in times of need. The Money Club is an online chit fund platform. Its community banking app aims to make saving, investing, and borrowing money more efficient. When you invest in chits, you earn a higher return than other financial intermediaries, and when you borrow money, you pay less interest.
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