How to Get ₹30 Lakh Personal Loan?

A lot of times, you scroll through dream wedding boards, home, renovation, or start-up success stories, but are hit by reality because your budget falls short. We know some dreams need big bucks, and a 30 lakh personal loan might just be your ticket to making your dreams come true. 

But how do you get it, and more importantly, how do you plan for the EMI? What are the eligibility criteria, etc? Get answers to all these questions in this blog. Keep reading!

What is a Personal Loan? 

A personal loan is a typically large amount of money, usually above ₹10 lakh, that is borrowed from a bank or financial institution without giving any collateral. Ranging from 10 lakh to 30 lakh or even more, this personal loan helps you plan for your big day or big ideas without any stress.

Know Your Eligibility for 30 Lakhs Personal Loan

Before you apply, lenders determine if you qualify according to their eligibility criteria. Although various lenders have different requirements, here are the generic 30 lakh personal loan eligibility factors: 

• Age: Usually between 21 and 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 30 lakh loan approval process 

Documentation Required for 30 Lakh Personal Loan

The following table lists all the documents required for getting a 30 lakh personal loan:

Calculate 30 Lakh Personal Loan EMI for 5 years

Follow these steps to calculate your personal loan EMI for 5 years: 

Step 1: Know the loan amount

For example, you’re taking a loan of ₹30,00,000. 

Step 2: Decide the loan tenure

Let us go with five years, which is about 60 months.

Step 3: Determine the interest rate

Pick a rate, let’s say 10%, 12% or 15%

Step 4: Use the EMI formula

The basic formula is: 

EMI: [P *R*(1+R)^N/[(1+R)^N-1]

Where:

P stands for a loan amount

R stands for the monthly interest rate

N stands for loan tenure in months

Step 5: Plug in the values

Step 6: Use an EMI calculator

Solving these problems with maths can be tricky, so using our online EMI calculator is the easiest way to get accurate numbers. 

Compare 30 Lakh Personal Loan Offers From Different Lenders 

Interest rates for personal loans differ from lender to lender, and even a tiny difference can make a big impact when it comes to your overall repayment.

Here is how you can get the best interest rate:

1. Check Online: Compare rates on bank sites or loan comparison websites.

2. Beware of Hidden Charges: Processing fees, prepayment fees, and charges can accumulate in the overall loan cost.

3. Look for Special Offers: Some banks offer lower interest rates for 30 lakh personal loan to salaried personnel whose incomes are regular and who have a good credit history.

Currently, 30 lakh personal loan interest rates 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!

Read also : 7 Tips to Avail a Personal Loan at a Lower Interest Rate

How to Apply for 30 Lakh Personal Loan Online

What if we told you that you can get a 30 lakh personal loan instantly with just a few clicks? Yes, you heard it right? You can get a 30 lakh personal loan instantly; all you have to do is follow these steps: 

1. Visit the lender’s website or use a loan comparison platform.

2. Fill out the application form with your personal and financial details.

3. Upload the needed documents.

4. Wait for approval — some lenders give instant approval!

5. Once approved, the loan amount is transferred to your account within 24 to 48 hours.

Tips to Get Approved for a 30 Lakh 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 timely 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.

Mistakes to Avoid When Applying for a Personal Loan up to 30 Lakhs

Bank vs NBFC for 30 Lakh Personal Loan: Which is Better? 

Here is a comparison depicting the better choice  between banks and NBFCs:

Conclusion

Taking a big loan like ₹30 lakhs can be a big responsibility and life-changing if done smartly. If you need an instant personal loan upto 30 lakh, make sure you understand what comes with it. It brings along monthly EMIS, interest rates and timelines. You can take it for planning a wedding, a medical emergency or business growth. Remember, a loan should support your goals and not create stress, so borrow with care and repay with discipline.

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