A personal loan can be a reliable solution to such needs, even if you’re earning a modest monthly income. If your salary is ₹30,000 per month, you might wonder whether you’re eligible for a personal loan and how much you can actually borrow. 

The good news is: Yes, you can get a personal loan for 30,000 salary, but there are a few factors to keep in mind.

Understanding Personal Loans

A personal loan is an unsecured loan that doesn’t require any collateral. Lenders offer it based on your income, credit score, employment stability, and repayment capacity. 

Because it’s unsecured, the interest rates are generally higher than secured loans like home loans or car loans. However, they offer quick disbursement, flexible repayment tenures, and minimal paperwork.

Are You Eligible for a Personal Loan with a ₹30,000 Salary?

Most banks and Non-Banking Financial Companies (NBFCs) offer personal loans to individuals with a minimum salary starting at ₹15,000–₹25,000 per month. So if you’re earning ₹30,000, you’re already above the minimum salary threshold for most lenders.

Here are a few basic eligibility criteria that most lenders follow:

• Age: Typically between 21 and 60 years.
• Employment Type: Salaried employee of a private company, public sector enterprise, or a government organization.
• Work Experience: Minimum 1 year of total experience, with at least 6 months in the current job.
• Credit Score: A credit score of 700 or above is preferred.

How Much Can You Borrow?

The loan amount you can get depends on your monthly income and your existing financial obligations. 

Most lenders follow a rule where your total EMI (Equated Monthly Installment) outgo shouldn’t exceed 40–50% of your monthly salary. That means if you earn ₹30,000 per month, your EMI should ideally be within ₹12,000–₹15,000.

Tips to Improve Your Chances of Approval

If you’re earning ₹30,000 monthly, here are a few tips to increase your chances of getting a personal loan approved:

1. Maintain a Good Credit Score: Pay your credit card bills and EMIs on time. A good score (700+) improves your credibility.
2. Choose the Right Lender: Some NBFCs and fintech lenders are more flexible than traditional banks. Compare offers online.
3. Keep Your Debt Low: Avoid multiple loans or high credit card balances.
4. Opt for a Lower Loan Amount: Start with a smaller loan amount that fits well within your EMI capacity.
5. Add a Co-applicant: If possible, include a family member with a stable income as a co-applicant to improve your eligibility.

Final Thoughts

Earning ₹30,000 per month doesn’t disqualify you from getting a personal loan. With a stable job, good credit score, and responsible financial behavior, you can get access to funds when you need them the most. Always compare loan offers from multiple lenders, check interest rates, processing fees, and prepayment charges before making a decision.