₹40,000 Personal Loan

Personal loans are very versatile in nature as they can be used to fulfil a variety of needs like paying marriage expenses, planning holiday, and clearing credit card debts, to name a few. These types of loans are usually collateral-free in nature because of which it is ideal for most borrowers as they can repay the loan at a tenure that suits their financial planning. 

Many factors are considered by lenders when a loan application is submitted by an applicant, and it would be wise to know the eligibility criteria, application process and the process in advance to get faster approval and disbursal. You can always keep a tab on your credit report and ensure that you have a good credit score (650 or higher) to be eligible for personal loans.

If you are applying for a ₹40,000 loan online, browse around and get quotations from top banks and NBFCs before you make your final decision.

Purpose of ₹40,000 Personal Loan

There are many requirements that an individual can meet instantly with a ₹40,000 personal loan as instant loans of this type can help you arrange funds quickly and easily. 

1. Emergency payment- If there is a medical emergency or a family member is hospitalised, and there are bills you need to clear, you can easily apply for a ₹40,000 loan online and handle such payments.
2. Vacation expenses – A ₹40,000 personal loan can come in very handy if you are off on a trip with your family and need to carry extra cash for unforeseen payments.
3. Credit card dues – With the help of a ₹40,000 instant loan, you can easily clear credit card dues and avoid the mounting interest. Moreover, the longer your credit card bills are unpaid, the more it affects your credit score. Hence, paying them off with a personal loan could be your way out. 

Be it a marriage in the family or needing extra funds for a rainy day, a personal loan can come in handy for all of this and more.

Interest Rates for ₹40,000 Personal Loan 

Take a look at the interest rates for ₹40,000 personal loan offered by some of the well-known banks and NBFCs in India: 

Interest rates mentioned in the above table can vary from one lending partner to the other and are subject to change.

Eligibility Criteria for ₹40,000 Personal Loan 

If you want to apply for a ₹40,000 personal loan, then here’s the basic eligibility criteria that most banks and lending institutions follow: 

• Applicant must be an Indian national

• Age of the applicant must be 21 years or above

• Applicant must be self-employed or a salaried individual with a minimum monthly earning of ₹15,000

• Credit score of 600 or above makes it easier for loan applications to be processed. If the applicant has no loan history, NTC score should be above 150.

How to Apply for ₹40,000 Personal Loan 

Here’s a step-by-step guide that you can follow if you want to apply for a ₹40,000 personal loan:

• Step 1: Compare interest rates, EMI, processing fees, etc of different lenders before you make the final decision.

• Step 2: Once you have selected the lender, visit their website or download their mobile app and go to their ‘Personal Loan’ section.

• Step 3: Fill out the application form for a ₹40,000 loan, select tenure, calculate your EMIs and keep the necessary documents ready.

Once you have submitted your personal loan application, the lending institution or bank’s representative will reach out to you to take it from there. If you want to apply for a personal loan offline, then you can also visit the nearest branch of the bank and fill out the form in person.

Documents Required to Avail ₹40,000 Personal Loan 

Here is the list of basic documents that you will need while applying for an instant personal loan: