How to Get ₹30 Lakh Personal Loan?

Have you ever dreamed of a grand wedding, revamping your home, or finally starting your own business? If you are nodding yes, I get it! Big dreams need huge funds, and a ₹30 lakh personal loan might be just the key to turning those dreams into reality. But here comes the real question—how do you secure a ₹30 lakh personal loan? And most importantly, will the ₹30 lakh personal loan EMI for 5 years fit comfortably within your budget?

No need to stress! In this blog, we will walk you through the entire process of getting a ₹30 lakh personal loan. We have got you covered from eligibility criteria to EMI calculations and even pro tips to boost approval chances. You will be ready to make a smart financial move by the end!

Step 1: Check If You Are Eligible for a ₹30 Lakhs Personal Loan

Before you apply, lenders determine if you qualify according to their eligibility criteria. Although various lenders have different requirements, the following are some general ones:

• Age: Usually between 21 to 65 years
• Income: At least ₹25,000 per month (dependent on the lender)
• Credit Score: A credit score over 750 greatly enhances the chances of approval
• Employment Type: Both salaried and self-employed professionals can apply
• Existing Loans: Having too many loans can lower your chances of approval

For example, Ramesh, a marketing manager makes ₹75,000 a month. He has a credit score of 780 and no outstanding loans. His possibility of getting a ₹30 lakh personal loan? High!

But if someone is making a lower salary or has an average credit score (650-700), they will still get the loan, but probably at a slightly higher interest rate.

Pro Tip: When your credit score is low, begin by repaying outstanding loans and credit card debt. Doing this will help improve your score before application!

Step 2: Compare Interest Rates from Different Lenders

Interest rates for personal loans differ from lender to lender, and even a tiny difference can make a huge difference in your overall repayment.

Here is how you can get the best interest rate:

• Check Online: Compare rates on bank sites or loan comparison websites.
• Beware of Hidden Charges: Processing fees, prepayment fees, and charges can accumulate in the overall loan cost.
• Look for Special Offers: Some banks offer lower interest rates to salaried personnel whose incomes are regular and who have a good credit history.

Currently, interest rates for personal loans in India range from 10% to 24% per year. A slight variation makes a difference in your EMI.

For Example, Ramesh borrows from Bank A at an interest rate of 12%. His EMI will be greater than if he borrows from Bank B, which charges 10.5% interest.

Always research around with several lenders and read the fine print carefully before making a decision. A few minutes of research today will save you thousands tomorrow!

Step 3: Calculate ₹30 lakh personal loan EMI for 5 years

Before applying for a loan, you must be aware of your yearly EMI( Equated Monthly Installment). This is to avoid unwanted stress and to plan finances.

The formula for calculating EMI is as follows

EMI = ( P x R x( 1 R) N)/(( 1 R) N- 1)

Where P = Loan size (₹)

R = Yearly Interest Rate( Annual rate/ 12)

N = Loan term in Months( for a period of 5 years, this is 60 months)

For Example

For 10 interest, EMI = ₹ 63,742 per month;

at 12 interest, EMI = ₹ 66,733 per month;

at 15 interest, EMI = ₹ 71,317 per month.

Indeed a little change in interest rates can have a significant impact on your EMI. Use an online EMI calculator to get an exact amount based on your loan information to simplify the process.

Step 4: Documents Required for a ₹30 Lakh Personal Loan

Having the right documents in place can make your loan application process quick and smooth.

For Salaried Individuals

• Identity Proof: PAN Card & Aadhaar Card
• Income Proof: Salary slips( last 3- 6 months)
• Bank Statements: Last 6 months
• Address Proof: Electricity bill, passport, or any valid government document
• Employment Certificate: Proof of job & employer details

For Self-employed individuals

• Business Proof: GST registration, business license, etc.
• Income duty Returns( ITR): Last 2- 3 years
• Bank Statements: Showing business transactions
• Identity Proof: PAN Card & Aadhaar Card
• Lenders may ask for more documents, so always check before applying!

Step 5: How to get ₹30 Lakh Personal Loan

Applying for a loan is now easier than ever! You can do it online in just a few steps.

• Visit the lender’s website or use a loan comparison platform.
• Fill out the application form with your personal and financial details.
• Upload the needed documents.
• Wait for approval — some lenders give instant approval!
• Once approved, the loan amount is transferred to your account within 24 to 48 hours.

For Example

Ramesh applied online and got approval within 24 hours. The bank transferred the loan amount into his account in just a few hours! If he had applied offline, the process would have taken 5- 7 days.

Applying online saves time and effort, making it the fastest way to secure a loan!

Mistakes to Avoid for a ₹30 Lakh Personal Loan

Taking a ₹30 lakh personal loan is a major financial decision. Avoid these common mistakes

• Not Checking Your Credit Score – A low score can lead to rejection or high interest rates.
• Ignoring Loan Comparisons – Different banks offer different terms; always compare before deciding.
• Borrowing More Than Needed – Higher loans mean higher EMIs and more interest payments.
• Ignoring Hidden Charges – Processing fees and penalties can add up; read the terms precisely.
• Choosing a Short Tenure Without Planning – Shorter tenure = advanced EMIs; ensure affordability.

Tips to Get Approved for a ₹30 Lakhs Personal Loan

Important strategies to improve your chances of securing approval for a ₹30 lakh personal loan.

1. Maintain a High Credit Score( 750)

A credit score shows how good you are at repaying loans. A score above 750 makes it easier to get a loan with better interest rates. Pay your EMIs and credit card bills on time to keep your score high.

2. Have a Stable Job or Business Income

Banks prefer lending to people with a steady income. However, your chances of getting a loan increase, If you have a permanent job or a profitable business.

3. Keep a Low Debt- to- Income Ratio( under 40)

Make sure your monthly loan payments are below 40 of your income. However, getting a new one may be difficult, If you already have too many loans.

4. Choose a Longer Tenure for Lower EMI

A longer repayment period leads to a smaller monthly EMI. This makes it easier to manage. But you may end up paying more interest.

5. Apply with a Co-applicant to boost Eligibility

Adding a family member, like a spouse or parent, can improve your approval chances. Their income and credit score help strengthen your loan application.

Conclusion

A ₹30 lakh personal loan can provide significant help when used wisely. It can help you tackle big goals. You can plan your dream wedding, manage medical expenses, or grow your business. But taking a loan is a big responsibility and needs careful planning.

Check your finances first. Make sure you can manage the EMI without strain for five years. If the monthly payments seem too high, consider borrowing less. You could also choose a longer repayment term to ease your budget. The RBI and financial experts agree. Responsible borrowing is crucial for a good credit score and financial stability.

The key to making the most of a personal loan is smart borrowing and responsible repayment. A loan should work for you, not against you. Borrow after careful consideration, pay on time, and ensure your loan benefits you!

Also read: Why is Applying for a Personal Loan a Good Choice in 2025?