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₹ 30 Lakh Personal Loan

Apply for Rs. 30 Lakh Personal Loan

Last Updated 18th Oct 2021

  • A personal loan of ₹ 30 Lakh is available for salaried and self-employed people and can be used for any personal or business expense.
  • If you wish to avail ₹ 30 Lakh personal loan, you can apply online with MyLoanCare or at the lender`s website. For applying for a personal loan online, you need to visit the bank branch.
Interest rate10.25% p.a Check Best Offers
ProfessionSalaried employees and Self-employed professionals
Age18 years to 65 years
Processing FeesUp to 3% of the loan amount
Required CIBIL Score650 and above
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Get ₹ 30 Lakh Personal Loan Online

Banks and NBFcs offer ₹ 30 Lakh personal loans for various purposes such as debt consolidation, managing unexpected expenses, paying for medical bills, buying consumer durables, going on a vacation etc. The loan can be availed online as well as offline at a minimum interest rate of 10.25% pa. Salaried and self-employed people can avail of a ₹ 30 Lakh personal loan; however, the eligibility criteria is different for both. If you wish to check how much EMI you will have to pay for a ₹ 30 Lakh Personal Loan, you can use a personal loan EMI calculator available at an online marketplace like MyLoanCare.

Eligibility Criteria for Personal Loan of ₹ 30 Lakh

To get a personal loan of ₹ 30 Lakh, you need to fulfil the following eligibility criteria:-

  • Indian Citizen : Only residents of India can get a personal loan of ₹ 30 Lakh.
  • Age : For a ₹ 30 Lakh loan scheme, a salaried individual should be of minimum 18 years and maximum 65 years. The minimum age of a self-employed individual should be 23 years and maximum 65 years.
  • Credit Score : To avail of a personal loan, your credit score should be above 650. Higher the credit score, lower the interest rate and vice versa. Also, if your credit score is low, there are chances that your loan application might get rejected.
  • Work Experience : You must have work experience of more than three years if you are working for the private sector. A self-employed business age should be of 3 years and above.
  • Salary : A self-employed person should earn a minimum ₹ 5 Lakh annually, and a salaried employee’s salary should be more than ₹ 25,000 to avail a personal loan.

Best Interest Rates for ₹ 30 Lakh Personal Loan

Bank NameInterest RateProcessing Fee
SBI
Compare
9.60%1.00%
ICICI Bank
Compare
10.25%Upto 2.25% of Loan Amount
Bajaj Finserv
Compare
12.99%Starting from 1.50%, Up to 3%
Axis Bank
Compare
10.49%Rs.4,999
Tata Capital
Compare
10.49%Upto 2.50% of Loan Amount
Fullerton India
Compare
11.99%2%
IndusInd Bank
Compare
10.49%Min 0.75% to Max 1.75%
RBL Bank
Compare
14.00%Upto 3.5%
IIFL
Compare
24.00%2%
HDB Financial
Compare
30.00%Upto 3% of Loan Amount
IDBI Bank
Compare
12.00%1.00%
Karur Vysya Bank
Compare
9.40%0.40%
Muthoot
Compare
14.00%2.5-3.5%
Yes Bank
Compare
10.70%Upto 2.50%
Union Bank of India
Compare
8.90%0.5%, Min Rs. 500
Canara Bank
Compare
12.40%0.50%
Bank of Maharashtra
Compare
9.45%1.00%, Min Rs. 1,000
Andhra Bank
Compare
8.90%Case to Case
Allahabad Bank
Compare
9.05%1.06%, Min Rs. 1068
Federal Bank
Compare
10.49%0.5%, Min Rs. 500
Syndicate Bank
Compare
12.40%0.5%, Min Rs. 500
Bank of Baroda
Compare
9.75%2%, Min Rs. 250
PNB
Compare
8.70%1.8% + Taxes
Indian Overseas Bank
Compare
10.80%upto 3% of the loan amount
Indian Bank
Compare
9.05%N.A
Corporation Bank
Compare
8.90%1.5%, Min Rs. 500
Axis Finance
Compare
13.00%2%

Documents Required to Apply ₹ 30 Lakh Personal Loan

You need to submit these documents to avail of a ₹ 30 Lakh personal loan:-

  • Personal loan application form with passport size photos
  • Identity proof: PAN card, Voter Id card, Aadhar card or Driving license
  • Address proof: Passport, Voter Id card, Electricity/Telephone bill (last three months) or Driving license
  • Income proof: Last six months bank statement, last three months salary slip, and form 16 (Salaried).
  • Bank account statements of last six months, balance sheet, P&L statement/previous year ITR (self-employed)
  • Business proof (only for self-employed): Trade license, registration certificate by RBI, a copy of the partnership deed and documents related to Sales tax, VAT and Service tax.

₹ 30 Lakh Personal Loan EMI with Different Tenors

The EMI for up to ₹ 30 Lakh personal loans is different for every tenure and interest rate. Personal loan EMI is dependent on factors such as loan amount, interest rate and tenure. Here is the EMI calculation for loan amount up to ₹ 30 Lakh for different tenures of one, three and five years at the lowest personal loan interest rate of 10.25% pa.

Loan Amount (in ₹)EMI when Tenor is 1 year (in ₹)EMI when Tenor is 3 years (in ₹)EMI when Tenor is 5 years (in ₹)
₹ 10 Lakh₹ 46,260₹ 18,652₹ 13,354
₹ 15 Lakh₹ 69,391₹ 27,978₹ 20,031
₹ 25 Lakh₹ 1,15,651₹ 46,630₹ 33,385
₹ 30 Lakh₹ 1,38,781₹ 55,956₹ 40,062

How to Apply for a ₹ 30 Lakh Loan?

You can apply for a personal loan by visiting the bank’s official website or walking to the nearest bank branch. You can also apply with MyLoanCare by following these steps:-

  • Step 1: Visit the official website of MyLoanCare or fill this form.
  • Step 2: Fill in required information like name, income, number, residence
  • Step 3: Click on ‘Get Quote’
  • Step 4: Enter the OTP
  • Step 5: Click on ‘Submit’
  • Step 6: Now, fill in more information about existing loans, why you need a loan etc.
  • Step 7: Further, you will be redirected to the offers page, displaying offers as per your eligibility.
  • Step 8: To help with the further process, the MyLoanCare executive will call you.

FAQs

Which bank is best for a Personal Loan of ₹ 30 Lakh?

Axis Bank, IndusInd Bank, and Federal Bank are the best banks to avail personal loans of ₹ 30 Lakh. Currently, these banks are charging the lowest interest rate of 10.49%, 10.49% and 10.49%, respectively. Lower interest rates will help you bring down the EMI. In addition to that, based on average customer rating, IIFL provides the best customer service for ₹ 30 Lakh personal loan with a rating of 4.8/5.

Can I get Lowest Interest Rate on a ₹ 30 Lakh Personal Loan?

Yes, you can get the lowest interest rate on a ₹ 30 Lakh personal loan if you have a credit score above 650. In addition, you earn more than ₹ 25,000, and if you meet other eligibility criteria, then there are chances that you can get a lower interest rate. Apart from meeting these conditions, ensure that you compare personal loan offers from top lenders to know the lowest personal loan rate on ₹ 30 Lakh personal loans.

Can I avail ₹ 30 Lakh Loan without Income Proof?

You can avail ₹ 30 Lakh loan without income proof if you have a great credit history. Also, you can apply with a co-applicant who has income proofs to show and has a good credit score. In addition to that, you can avail of this loan from your existing bank where you maintain a salary or a current account, as the bank is well aware of the income to expenses ratio and might not ask for additional income proofs.

What is the interest rate for SBI ₹ 30 Lakh Loan?

SBI personal loan ₹ 30 Lakh interest rate starts from 9.60%. However, the rate for salaried and self-employed varies as they are dependent on various other factors such as annual turnover, monthly income and work experience.

What are the factors that can affect ₹ 30 Lakh Personal Loan EMI?

Factors like loan amount, interest rate, and loan tenure impact the EMI for a personal loan of ₹ 30 Lakh. The higher the personal loan amount, the higher will be the EMI and the lower the interest rate, the lower will be the EMI.

What will be the EMI for a ₹ 30 Lakh Personal Loan?

The EMI for a ₹ 30 Lakh personal loan is dependent on loan tenure and interest rate. For example, if the tenure is five years and the interest rate is 12%, then EMI will be ₹ 55,611. Similarly, if tenure is three years and the interest rate is 15%, EMI will be ₹ 86,663.


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Personal Loan News - Oct 2021
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  • 2021-10-07 : Bank of Baroda Decreases Personal Loan Rates
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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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