Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation!

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: 

Lender

Range of Interest Rate

Bajaj Finance Limited

14% onwards

Axis Bank

10.49% onwards

PaySense Partners

14% onwards

EarlySalary

24% onwards

Fullerton India

12% to 36%

CASHe

27% onwards

KreditBee

14% onwards

SBFC Finance Private Limited

14.0% to 19.5%

Muthoot Finance

13.75% onwards

Prefer Partners

21% to 36%

YES Bank

10.70% onwards

InCred

18% onwards

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

Documents Required

Particulars

Identity proof

  • Applicants will need to produce their Aadhaar Card, PAN Card, Voter’s ID, etc.

Residence proof

  • Applicant’s Passport, Aadhaar Card, Utility Bills, etc, can provide the resident or address proof.

Income proof (salaried)

  • Applicants will have to give salary slips or bank statements from the last 3 months as proof of income. 

  • An ITR Form or Form 16 of the last financial year is also required.

Income proof (self-employed)

  • Form 26AS, TDS certificate (Form 16A) or Income Tax challan to declare income tax of the business.

  • ITR returns of the last 2 financial years. 

  • Proof of business origination.

Photographs

  • 2 passport size photographs of the applicant .

Frequently Asked Questions

  • ✔️How can I get a ₹40,000 instant personal loan?

    You can get a ₹40,000 instant loan easily by filling up the online application form of the bank or lending institution. If you want to apply for a loan offline then you can also visit the nearest branch of the bank you select and fill out the form there.

  • ✔️ What is the EMI on a ₹40,000 loan?

    The EMI on a ₹40,000 loan will depend upon the interest rate offered by the lender and on the tenure that you select to repay the loan. For example, if you take a ₹40,000 instant loan at the rate of 10.25% p.a., for a period of 1 year, then your monthly instalment, i.e., your EMI, will be ₹3,521.

  • ✔️ What is the interest rate levied on a ₹40,000 personal loan?

    The interest rate of a personal loan can start from as low as 10.25%. However, interest rates levied on a personal loan vary from lender to lender and are subject to government norms that can be revised anytime by the lender.

  • ✔️ What is the eligibility criteria for a ₹40,000 personal loan?

    You need to be a self-employed or salaried citizen of India who is 21 years of age or above and has a minimum monthly earning of ₹15000 or more. Additionally, your credit score should be 650 or higher to qualify for a ₹40,000 personal loan.

  • ✔️Can I get a ₹40,000 loan without collateral?

    Yes, it is possible for an applicant to easily get a ₹40,000 personal loan without putting up any security or collateral with the lender because this is a type of unsecured loan. However, if you have a low credit score, then you may need a guarantor to help process your personal loan.

  • ✔️ Which is the best bank for a ₹40,000 personal loan?

     You can browse the top banking partners on the Bajaj MARKETS platform and compare their loan products and offerings at ease. Remember to check the interest rates, processing fee, documentation, etc, required by various banks and NBFCs before you make the final choice.

  • ✔️What will happen if I default on the ₹40,000 personal loan?

     If any borrower is unable to repay a personal loan, ₹40,000 personal loan for example, then the lender issues a 60-day notice allowing the defaulter to pay all pending dues. However, if the loan is not repaid in this period, then the lender or financial institution has the right to take legal action on the borrower as they deem fit.