₹30,000 Personal Loan Features, Benefits, EMI and Interest Rate
Need a loan of ₹30,000 urgently? Thanks to tech-driven advancements in the lending sector, you can now get an instant ₹30,000 personal loan. You can use the loan to meet any financial requirements such as buying a new gadget, paying medical bills, funding your trip, etc.
In this blog, you will get all the necessary details on how to avail a ₹30,000 personal loan and factors you need to consider.
Feature & Benefits of a ₹30,000 Loan
Here are some features and benefits of ₹30,000 loan:
1. 100% Paperless Process
Lenders like Navi offer cash loans or personal loans in a 100% paperless manner. This helps save time and eases the customer journey.
2. Instant Disbursal
Personal loans usually have a simple application process. If you have shared correct personal details with your lender, you can get your money directly credited to your account within minutes.
3. Flexible EMI Options
Personal loans come with flexible repayment options up to 84 months. Select your preferred loan tenure and repay as per your convenience.
4. Attractive Interest Rates
Enjoy attractive interest rates, especially if you have a pre-approved loan offer or an excellent CIBIL score. Note that the final rate offered would depend on your credit score and repayment capabilities, among other factors.
5. No Collateral Required
Personal loans are unsecured loans, as in, you don’t have to pledge collateral or guarantor.
6. Minimal Documentation
Most lenders ask for minimal documents like PAN, Aadhaar and/or income details for KYC verification.
Interest Rate on a ₹30,000 Personal Loan
Refer to the table below to get an idea of ₹30,000 personal loan fees and charges:
| Interest Rate | 8% p.a. – 36% p.a. |
| Processing Fee | 0% – 4% of the loan amount |
| Loan Amount | Up to ₹40 lakh |
| Loan Tenure | Up to 84 months |
| Prepayment Charges | 0% to 4% |
Please note that the table is for educational purposes only. Navi doesn’t take any responsibility for the accuracy of the data presented in the table.
How to Apply for a ₹30,000 Personal Loan?
Follow the steps below to apply for ₹30,000 loan:
- Go to the lender’s website or download the cash loan app from Play Store or App Store.
- Check your loan eligibility by filling in some details such as name, address and PAN details.
- Check the interest rate offered and enter your preferred loan amount and repayment tenure.
- Submit or upload the necessary documents and complete your KYC process.
- Link your bank account. After successful verification, the loan amount will be directly disbursed to your account. Set up an auto debit to make your loan repayments on time.
Documents Required
These are the documents you will need to apply for a ₹30,000 personal loan:
- Pan Card
- Aadhar Card
- 3-6 months bank statements or salary slips
Eligibility Criteria
Here are the eligibility criteria for employed and self-employed individuals for a ₹30,000 personal loan:
Salaried Individual
| Factors | Eligibility Criteria |
| Age | Between 18 and 65 years |
| Credit Score | 750 or above |
| Employment Stability | Must be employed in a reputed company for a minimum of 6 months |
| Employment Duration | A minimum of 1 year |
Self-employed Individual
| Factors | Eligibility Criteria |
| Age | Between 18 and 65 years |
| Credit Score | 750 and above |
| Prior Relationship with the Lender | A minimum of 6 months (to be verified from the lender) |
| Business Turnover | A minimum of ₹15 lakh |
| Profit after Tax Deduction | A minimum of ₹2 lakh |
Also Read
How to Calculate your Personal Loan EMI on ₹30,000 Loan?
Given below is the mathematical formula for manual calculation of EMI:
EMI = P × r × (1 + r)n/((1 + r)n – 1) where P is the loan amount, r is rate of interest, and n is tenure or the number of months.
However, manual calculations are strenuous and have chances for errors. As a viable alternative, you can use a personal loan EMI calculator. Such calculators are extremely easy-to-use and give accurate results in a matter of seconds. All you need to do is enter the loan tenure, amount and interest rate to check your EMI obligations.
Let’s understand this with an example. Suppose you have taken a personal loan of ₹30,000 for a tenure of 3 years at 12% p.a. Upon calculation, your EMI would be ₹2,665.
Calculate Your Personal Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
Various Types of Personal Loan
Here are some of the types of personal loans:
1. Marriage Loan
Thinking of canceling your destination wedding due to shortage of funds? You can instead apply for a instant personal loan for marriage and enjoy your wedding stress-free.
2. Travel Loan
Shortage of funds shouldn’t interfere with your bucket list. Apply for an instant personal loan for travel and book your tickets to your favourite destination today!
3. Car Loan
Now get the car you need without having to wait with a personal loan. Apply for an instant personal loan for car and repay your loan in easy EMIs.
4. Bike Loan
Need a bike immediately and don’t have the time to wait for the lengthy bike loan approval process? An excellent alternative would be getting personal loan for two wheeler to arrange funds.
5. Second Hand Bike Loan
Planning to buy a second hand bike? Apply for a personal loan and purchase a second-hand bike today.
6. Used Car Loan
If you are falling short of funds to buy a car, go for a second hand car. Get 100% financing with a personal loan for used car.
Final Word
Now that you know the necessary details for applying for ₹30,000 personal loan, you can take care of financial emergencies promptly. Personal loans require minimum documentation, and most banks offer immediate disbursal (subjective to eligibility) for instant access to required funds. However, you might consider assessing your financial obligations beforehand to avoid any inconvenience later on.
Navi offers instant cash loans up to ₹20 lakh in a 100% paperless manner. Apply via the Navi app and enjoy instant disbursal!
FAQs
Nowadays, many banks and NBFCs offer personal loans at attractive rates of interest. However, while applying for an urgent loan of ₹30,000, you need to consider how much time it will take for approval. For paperless application and fast disbursement, you can apply with Navi who also offer instant personal loans with interest rates starting from 9.90% p.a.
The interest rate on your loan can differ depending on your CIBIL score, income, occupation, age, repayment tenure, EMI amount, etc. If you have a good financial and employment profile, you will enjoy a lower interest rate.
A CIBIL score between 300 and 650 is considered bad and means you will face difficulty in obtaining a loan. To improve your credit score, you need to pay off your dues. After that, you must plan your finances so that you do not default on the loan repayment.
Yes, borrowers might incur additional costs, like processing fees while applying for a personal loan. All personal loan providers impose different fees, but individuals need to keep in mind that all these charges remain non-refundable.
No, it is not possible to apply for a personal loan if you do not have a bank account. Upon processing your loan request, a personal loan provider will transfer the borrowed amount to your bank account.
Even though most financial institutions try to be as lenient as possible with regard to their requirements, sometimes your loan request can get declined. This can be because your credit score is too low, or you have a high debt-to-income ratio. It is also possible that you tried to borrow more than what you can afford to repay.
Yes, you can prepay the loan amount of your personal loan. This will also help to cut down the high-interest outflow of your loan. However, make sure to know if your lender levies any charges for prepayment.
Yes, if your personal loan amount is lower than Rs. 50,000, you can apply without a PAN card. However, this varies from one lender to another.
No, you do not need to put up collateral or security to get a personal loan. Personal loans are unsecured loans that are offered on the basis of your credit score and financial history.
Manual calculation for EMIs can get hectic and has room for errors. You can use the EMI calculators available online to get faster and more accurate results. Most EMI calculators require the following details:
– Loan amount
– Interest rate
– Repayment tenure
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