If you earn a monthly salary of ₹30,000 and are wondering, “How much personal loan can I get?”, you’re not alone. This is one of the most frequently asked questions among individuals exploring personal loans in India. The encouraging news is that a salary of ₹30,000 is often sufficient to apply for a personal loan through trusted banks and NBFCs. With the right lender and eligibility profile, you can access the funds you need, whether it’s for an emergency, home renovation, or any personal expense.  

Key Factors That Decide Your Personal Loan Amount  

1. Monthly Salary & Income Stability

• Your monthly salary is the most important factor in determining personal loan eligibility. Higher salaries generally result in higher loan amounts.
• Salaried employees with a stable income have an advantage over self-employed individuals, as most lenders view them as lower risk. 
• To prove financial stability, self-employed individuals are asked to provide proof of income, such as ITR and bank statements.
• DMI Finance offers personal loans to salaried employees, self-employed individuals, and workers from informal sectors without requiring salary slips or ITR. Anyone who earns a minimum of ₹25,000 per month is eligible to apply for a personal loan with DMI Finance.  

2. Multiplier Method: Lenders Use to Calculate Loan Amount

Many lenders use a multiplier method to determine the maximum personal loan amount an applicant can borrow.

• Formula: Loan Amount = Net Monthly Salary × Loan Eligibility Multiplier.
• Lenders often use the multiplier method to determine a borrower’s eligibility for the maximum loan amount. This approach calculates the loan amount based on the applicant’s net monthly income. According to this method, the loan amount can range from 10 to 24 times the applicant’s monthly income, depending on the lender and the applicant’s income level. 

3. Debt-to-Income Ratio (DTI) & Your Existing EMIs

• The debt-to-income ratio is the most important factor in deciding the loan amount. It is the percentage of your monthly income that goes towards debt.
• The Debt-to-Income Ratio (DTI) is calculated as total EMIs (current and the expected EMI of the loan you applied for)  / Net Monthly Income × 100.
• Most lenders prefer a maximum EMI to NMI ratio of up to 60% to reduce the chances of EMI default.

4. Tenure of Your Loan

• The loan tenure plays a key role in deciding your loan’s EMI, and thus, it impacts your debt-to-income ratio for the eligible loan amount.
• A short tenure results in a large EMI amount, while a longer tenure yields a smaller EMI amount. Although you pay more interest over a longer tenure than in a shorter tenure.
• Personal loan tenures generally range from 12 to 60 months.

Also read: Can you take multiple personal loans?

Personal Loan Amount for ₹30,000 Monthly Income

Here are the calculations of the maximum loan amount you can get if your salary is ₹30,000. We have used multiple methods lenders use to calculate the eligible loan amount for you, as per your income.   

Multiplier Method:

If your monthly salary is ₹30,000 and the lender allows 10 times the loan amount to be equal to the salary, your maximum loan amount eligibility is ₹3,00,000.

Debt-to-Income Ratio:

Suppose your salary is ₹30,000, you are paying an EMI of ₹4,000, and the EMI of the new loan will be ₹8000. So, your debt-to-income ratio would be 40%. You can get a loan where the EMI doesn’t increase your total monthly debt to more than 50% of your income.

Note: The actual loan amount varies based on credit history, employer profile, existing debts, and the lender’s policy.

Calculation for Personal Loan Amount Eligibility

Formula to Calculate Loan Amount: Loan Amount = Net Salary × Loan Multiplier.

Example Calculation:

• If the monthly salary is ₹30,000.
• And the lender offers 10x salary.
• Maximum Loan = ₹ 30,000 × 10 = ₹3,00,000.

It is recommended to use an online loan eligibility calculator to estimate the loan amount based on your income and financial obligations.

How to Increase Your Loan Amount Eligibility?

• Opt for a Longer Tenure: Choosing a longer loan tenure reduces the EMI burden, making it easier to get a higher loan amount, but it also increases the total interest payout.
• Clear Existing Debts: Paying off existing EMIs or credit card dues reduces the debt-to-income ratio, increasing the chances of approval for a higher loan amount.
• Add a Co-Applicant: Applying with a spouse, parent, sibling, or friend can increase loan eligibility, as lenders consider the total income of both applicants in joint loan applications.

Your monthly salary plays a major role in determining your personal loan eligibility. By understanding how lenders calculate loan amounts, keeping your debt-to-income ratio low, and opting for a longer repayment tenure, you can boost your chances of qualifying for a higher loan amount, even with a ₹30,000 salary.

By maintaining a good credit score, keeping your debt-to-income ratio in check, and choosing the right lender, you can increase your chances of getting a personal loan in India that fits your needs.

If you’re planning to apply, consider DMI Finance for a smooth, fast, and paperless personal loan application process. With flexible eligibility criteria and quick approvals, getting the funds you need has never been easier.

Frequently Asked Questions (FAQS)

1. Can I get a personal loan with a salary of ₹30,000 per month?

Yes, many lenders offer personal loans to individuals earning ₹30,000 per month, provided they meet other eligibility criteria such as a good credit score and stable employment. DMI Finance offers personal loans to individuals with a minimum monthly income of ₹25,000.  

2. What is the maximum personal loan amount I can get on a ₹30,000 salary?

The loan amount depends on your income, credit score, existing EMIs, and lender policies. Generally, you may be eligible for a personal loan ranging from ₹50,000 to ₹3 lakhs.

3. What should be my credit score to get a personal loan on a ₹30,000 salary?

A credit score of 750 and above is generally preferred by lenders. A higher score can help you get a bigger loan amount and better interest rates. DMI Finance offers personal loans to individuals with a minimum credit score of 700.

Also read: Top factors that affect your credit score

4. How is my loan eligibility calculated on a ₹30,000 salary?

Lenders usually calculate eligibility based on your repayment capacity and debt-to-income ratio. Other influential factors are credit score, employment stability, etc.

5. Can I improve my loan eligibility if my salary is ₹30,000?

Yes, you can improve your eligibility by:

• Maintaining a good credit score
• Reducing existing EMIs or debt
• Opting for a longer tenure
• Adding a co-applicant, if possible

6. Can I get a personal loan without collateral on a ₹30,000 salary?

Yes, personal loans are typically unsecured, which means you don’t need to provide any collateral, even if your salary is ₹30,000. DMI Finance offers personal loans without collateral.

7. Which lenders offer personal loans to ₹30,000 salary earners?

Lenders like DMI Finance offer personal loans to eligible applicants with a minimum monthly income of ₹25,000, subject to credit and documentation checks.

8. What should be my ideal EMI if my salary is ₹30,000?

Most lenders recommend that your total EMI burden should not exceed 50–60% of your monthly income. Therefore, all your EMIs should not be more than ₹15,000.

9. How fast can I get a personal loan on a ₹30,000 salary?

With NBFCs like DMI Finance, you can get personal loans with minimal paperwork and quick disbursal, often within 24 to 72 hours of approval.

10. Is a longer tenure better if my salary is low?

Yes, a longer loan tenure helps reduce your EMI, which makes your loan more affordable on a ₹30,000 salary. However, it may also increase the total interest payable.

11. Can I combine my salary with my spouse’s income to get a higher loan?

Many lenders allow you to apply for a personal loan with a co-applicant (such as your spouse, parent, or sibling) to increase eligibility for the total loan amount.