BAJAJ FINSERV DIRECT LIMITED

₹40,000 Personal Loan

A personal loan of ₹40,000 helps you cover short-term financial requirements such as emergency expenses or planned needs. At Bajaj Markets, you can apply for a ₹40,000 loan and benefit from interest rates starting at 14% p.a.

Your Personal Loan EMI
₹ 3,591
Total Interest Amount
₹ 3,098
Principal Amount
₹ 40,000
Total Payable Amount
₹ 43,098
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
- +
Min value reached
Max value reached

You can make instant comparisons between loan offers from multiple personal loan providers on Bajaj Markets. 

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You can also evaluate the total interest amount and overall payable amount for better financial planning and budgeting. 

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Overview

In case you require instant funds, a personal loan of ₹40,000 can prove to be a useful option. As an unsecured credit option, it does not require collateral and is suitable for various personal purposes. 

For example, taking a ₹40,000 loan with a 3-year tenure at an interest rate of 14% per annum results in a monthly EMI of approximately ₹1,367. Over the entire tenure, the total interest payable amounts to around ₹9,215, taking the total repayment amount to ₹49,215. 

This flexible repayment structure ensures lower monthly outgoings while helping you meet your financial goals. However, a shorter tenure, such as 1 year, increases the EMI to approximately ₹3,591 but reduces the total interest payable to around ₹3,097. 

With convenient repayment options and a straightforward application process, personal loans are structured to meet your financial requirements.

Compare ₹40,000 Personal Loan Interest Rates by Various NBFCs

Personal loan offers from multiple NBFCs allow you to compare and choose the best deal for your needs. With competitive interest rates, flexible repayment options, and fast approvals, here are some lenders offering ₹40,000 instant loans:

Available Offerings

Max. Loan Amount

Min. Interest Rate

Max. Tenure 

Processing Fees

Kissht Personal Loan

₹4 Lakhs

14% p.a.

24 Months

3% to 5% of the loan amount

KreditBee Personal Loan

₹5 Lakhs

14% p.a.

24 Months

Up to 3% of the loan amount

PaySense Personal Loan

₹5 Lakhs

14% p.a.

60 Months

2% to 2.5% of the loan amount + GST or ₹500 + GST

Finnable Personal Loan

₹10 Lakhs

15.95% p.a.

60 months

Up to 3% of the loan amount

InCred Personal Loan

₹10 Lakhs

16% p.a.

60 Months

2% to 5% of the sanctioned amount

Moneyview Personal Loan

₹10 Lakhs

16% p.a.

60 months

Starts from 2% of the approved loan amount

MoneyTap Personal Loan

₹5 Lakhs

18% p.a.

36 Months

5% to 10% of the loan amount

Upwards Personal Loan

₹5 Lakhs

18% p.a.

36 months 

Up to 4% of the loan amount

Zype Personal Loan

₹5 Lakhs

18% p.a.

12 Months

2% to 6% of the loan amount

Olyv Personal Loan

₹1 Lakh

18% p.a.

12 Months

2% to 12% of the loan amount

mPokket Personal Loan

₹45,000

24% p.a.

3 Months

₹50 to ₹200 + 18% GST (maximum APR of 48%)

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

₹40,000 Personal Loan EMI for Different Tenures

The instalment amount for your ₹40,000 personal loan is affected by the tenure you choose. For instance, consider a loan of ₹40,000 with an interest rate of 14% p.a. So, the EMI amount will differ depending on the tenure you select, as shown in the table below:

Tenure

EMI Amount

Interest Rate

Total Interest Payable

Total Repayment Cost

₹40,000 Loan for 1 year 

₹3,591

14% p.a. 

₹3,098

₹43,098

₹40,000 Loan for 3 years 

₹1,367

14% p.a. 

₹9,216

₹49,216

₹40,000 Loan for 5 years 

₹930

14% p.a. 

₹15,843

₹55,843

₹40,000 Loan for 8 years 

₹694

14% p.a. 

₹26,706

₹66,706

Disclaimer: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

₹40,000 Personal Loan: Fees and Charges

Various banks, financial institutions, and partner issuers provide a personal loan of ₹40,000 without collateral. These loan options come with a competitive interest rate and flexible tenure. Below are some ₹40,000 instant loan offers from Bajaj Markets and partner lenders. 

Fees and Charges

Details

Processing Fees

Up to 12% of the loan amount

Foreclosure Charges

Up to 5% of the outstanding loan amount

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

How to Calculate Your Personal Loan EMI

Calculating your personal loan EMI helps you plan your repayments and avoid financial strain. It depends on factors like loan amount, interest rate, and tenure. Here is how you can calculate your personal loan EMI for variable tenures: 

EMI = P x r x (1 + R)^N] / [(1 + R) ^ N-1]

Here,

  • P stands for principal amount

  • R for interest rate

  • N for loan tenure

For instance, if you take a personal loan for ₹40,000 for 30 months at an interest rate of 14%. Your EMI becomes ₹1,588 per month with a total interest payable of ₹7,638 and a total payable amount of ₹47,638. 

Eligibility & Documents Required for a Personal Loan of ₹40,000

Before applying for a personal loan of ₹40,000, you need to ensure that you meet the lender’s basic eligibility criteria. These conditions help assess your repayment capacity and influence the likelihood of approval. 

  1. You should be an Indian citizen 

  2. You should be salaried or self-employed 

  3. Your minimum age limit must be 18 years or older 

  4. You must have a minimum monthly income of ₹10,000  

  5. You must have a minimum of 1 year of work experience 

  6. CIBIL score should be 600 or more 

To apply for a personal loan of ₹40,000 successfully, you will also need to provide some valid documents. These documents assist lenders in determining your eligibility and repayment capability. They include: 

Identity Proof (Any one of the following)

Address Proof (Any one of the following)

Income Proof (Any one of the following)

PAN card Voter ID Bank statement
Aadhaar card Aadhaar card Salary slips of the last 3 months
Voter ID Passport  
Passport Driving licence  
Driving licence Electricity bill  
  Telephone bill  

Please note that these document requirements can differ from lender to lender. So, it is best to check the precise list with your selected financial institution before applying.

How to Apply for a Personal Loan of ₹40,000

Follow these easy steps to apply for a personal loan online:

  1. Click here to apply for the loan

  2. Enter your basic personal details in the online form

  3. Mention the required loan amount and desired repayment tenure

  4. Submit the form for review

After submission, a representative will get in touch to guide you through the remaining steps of your application.

Amortisation Table for a Personal Loan of ₹40,000

If you plan to get a personal loan of ₹40,000 for 6 months at a competitive interest rate of 14% p.a., here is the EMI breakdown for your tenure:

Month

Payable Amount

Principal

Interest  

Balance

Month 1

₹ 6,942

₹ 6,475

₹ 467

₹ 33,525

Month 2

₹ 6,942

₹ 6,550

₹ 391

₹ 26,975

Month 3

₹ 6,942

₹ 6,627

₹ 315

₹ 20,348

Month 4

₹ 6,942

₹ 6,704

₹ 237

₹ 13,644

Month 5

₹ 6,942

₹ 6,782

₹ 159

₹ 6,861

Month 6

₹ 6,942

₹ 6,861

₹ 80

₹ 0

Disclaimer: These are approximate values and are meant for illustration only. For actual EMI values, reach out to the lender.

Impact of Pre and Post-Personal Loan Approval on CIBIL Score

Before and after your personal loan approval, your CIBIL score plays a crucial role. Before loan approval, lenders assess it to determine your repayment capacity.

  • Pre-approval Impact

A CIBIL score is essential for personal loan approval, as these loans are unsecured. Lenders conduct a hard enquiry before approving your loan application, which can sometimes negatively impact your score. 

  • Post-approval Impact

Once your loan is approved, timely repayments influence your credit score. Consistently paying on time helps maintain stability, while missed or late payments lower your score. This can overall lead to a reduction in future loan eligibility. 

Uses of a Personal Loan of ₹40,000

With a personal loan amount of ₹40,000, you can cover various expenses such as medical emergencies, travel, or home improvements.

  • Medical Expenses

You can use personal loan funds to cover urgent medical expenses, including hospitalisation and medication bills.

  • Wedding Expenses

Personal loan funds can help you manage wedding-related costs, such as venue booking, decoration, and catering.

  • Relocation or Shifting Expenses

You can cover your relocation or shifting expenses, including rental deposits and moving charges, with loan funds.

  • Travel Expenses

Personal loan funds can finance your travel expenses, such as accommodation, transportation, and meals.

  • Educational Expenses

You can manage educational expenses, including tuition fees and books, with personal loan funds.

  • Electronic Appliance Purchases

You can use ₹40,000 in loan funds to purchase or replace essential electronic appliances, such as a refrigerator, television, or laptop.

Disclaimer

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.

Frequently Asked Questions

40000 Rupees Personal Loans
How can I get an instant personal loan of ₹40,000?

You can apply for an instant ₹40,000 loan on Bajaj Markets. Just click on the ‘Apply for a personal loan’ option on this page and provide your basic details to get started.

You can get a ₹40,000 loan without collateral by opting for a personal loan. Personal loans are unsecured loans that do not require you to submit any collateral.

You can choose from various tenures, usually ranging from 3 months to 5 years, to repay your loan.

Yes. Apply for the loan on Bajaj Markets and get a personal loan of ₹40,000 with minimal documents.

Usually, having a CIBIL score of 600 or more is considered to be ideal for a personal loan of ₹40,000. However, this requirement may differ depending on the lender you choose. Therefore, it is essential to reach out to your loan provider for accurate details before applying.

To get a personal loan of up to ₹40,000 through Bajaj Markets: 

  • You must be an Indian resident

  • You must be a salaried or self-employed individual

  • Your age must be above 18 years

  • You must have a minimum income of ₹10,000 per month

  • You must have a minimum work experience of 1 year

  • Your CIBIL score must be above 600

However, you must note that the eligibility for various other banks and lenders can vary. 

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