Discover the personal loan amount you may be eligible for with a ₹40,000 salary using simple calculations.
A personal loan on a salary of ₹40,000 is a convenient financing option to cover expenses such as medical emergencies, weddings, travel, or education. This unsecured loan does not require any collateral, enabling you to get a high loan amount.
With competitive interest rates starting at 9.99% p.a. and repayment tenures of up to 96 months, these loans are designed to be manageable. However, personal loan eligibility for a ₹40,000 salary will depend on factors like your credit score, income stability, and the lender’s policies.
Refer the table below:-
| Partner Name |
Min Interest Rate |
Max Tenure |
Processing Fee |
|---|---|---|---|
| Bajaj Finance Limited |
10% p.a. |
96 months |
Up to 3.93% of the loan amount |
| CASHe |
2.79% p.m. |
18 months |
Up to 5.5% of the personal loan amount + GST |
| Federal Bank |
11% p.a. |
48 months |
0.70% to 2.80% of the loan amount + 18% GST |
| Fibe |
14% p.a. |
36 months |
Up to 2% of the loan amount |
| Finnable |
15.95% p.a. |
60 months |
Up to 3% of total loan amount |
| IIFL Finance |
18% p.a. |
42 months |
2% to 6% of the loan amount + GST |
| InCred |
16% p.a. |
60 months |
2%-5% on the sanctioned amount |
| Kissht |
14% p.a. |
24 months |
3% - 5% of the loan amount |
| Kotak Mahindra Bank |
10.99% p.a. |
72 months |
Up to 1.10% - 1.50% of the loan amount + GST |
| KreditBee |
14% p.a. |
24 months |
Up to 3% of the loan amount |
| L&T Finance |
12% p.a. |
48 months |
Up to 2% of loan amount + GST |
| MoneyTap |
18% p.a. |
36 months |
5% to 10% of the loan amount |
| moneyview |
1.33% p.m. |
60 months |
Starting from 2% of the approved loan amount |
| mPokket |
24% p.a. |
90 days |
₹50 to ₹200 + 18% GST (depending on the loan amount with a maximum APR of 48%) |
| Muthoot Finance |
14.50% p.a. |
60 months |
2% to 4% of the loan amount |
| Olyv |
18% p.a. |
12 months |
2% - 12% of the loan amount |
| PaySense Partners |
15% p.a. |
60 months |
2% - 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher) |
| Privo |
9.99% p.a. |
60 months |
1%-3% of the loan amount +GST |
| SMFG India Credit |
12% p.a. |
60 months |
0% - 6% of the loan amount |
| Upwards |
18% p.a. |
36 months |
Up to 4% of the loan amount |
| YES BANK |
12.50% p.a. |
72 months |
Up to 2.75% of the loan amount |
| Zype |
18% p.a. |
12 months |
2% to 6% of the loan amount |
*Disclaimer: The mentioned rates are as of 28th December 2024. These are subject to change at the lender’s discretion.
Borrow up to ₹50 Lakhs to cover a variety of financial needs, such as medical expenses, education, or home renovation.
Benefit from interest rates starting at 9.99% p.a., making these loans an affordable borrowing option.
Use the loan amount for any purpose, be it travel, weddings, debt consolidation, or unforeseen emergencies.
These loans are collateral-free, so you do not need to pledge any assets to access funds.
Choose between a term loan with fixed EMIs or a flexi loan for added flexibility in repayments.
The digital application process allows for quick submission and verification, saving time and effort.
With a streamlined process, only a few basic documents, such as identity and income proof, are required to apply.
Once approved, the loan amount may be credited to your account within minutes, ensuring prompt access to funds.
Bajaj Markets ensures complete transparency with no hidden charges, providing clarity on all costs involved.
The loan amount you may qualify for with a personal loan on a ₹40,000 salary depends on your financial profile and the lender’s evaluation methods. Most lenders either use the multiplier method or the Fixed Obligation to Income Ratio (FOIR) method to determine your eligibility.
Under this method, lenders calculate the eligible loan amount by multiplying your net monthly income (NMI) by a specific multiplier, which usually ranges from 10 to 24. The exact multiplier varies based on your credit profile, repayment capacity, and lender policies.
Example Calculation:
Monthly Salary (NMI): ₹40,000
Assumed Multiplier: 20
Eligible Loan Amount: ₹40,000 × 20 = ₹8,00,000
As per this calculation, you could qualify for a loan amount of up to ₹8 Lakhs based on a salary of ₹40,000. However, do note that the loan amount offered to you is subject to the lender’s policies and your financial health.
The FOIR method assesses your loan eligibility by calculating the proportion of your monthly income that is already committed to existing obligations (such as EMIs or rent). Lenders typically prefer that your total obligations, including the EMI for the new loan, do not exceed 50-55% of your NMI.
Example:
Monthly Salary (NMI): ₹40,000
Maximum Allowable Obligations (50% of NMI): ₹40,000 × 50% = ₹20,000
Existing Obligations: ₹5,000
Repayment Capacity: ₹20,000 - ₹5,000 = ₹15,000
Based on this, lenders will calculate the loan amount you may qualify for, considering the applicable interest rate and repayment tenure.
The table below provides an estimate of personal loan amounts for various monthly salaries up to ₹40,000:
| Monthly Income |
Estimated Loan Amount |
|---|---|
| ₹20,000 |
₹3,00,000 |
| ₹25,000 |
₹3,75,000 |
| ₹30,000 |
₹4,50,000 |
| ₹35,000 |
₹5,25,000 |
| ₹40,000 |
₹8,00,000 |
*Disclaimer: Calculations assume a multiplier of 20 and no pre-existing financial obligations or ongoing loan repayments.
The FOIR method assesses your loan eligibility by calculating the proportion of your monthly income that is already committed to existing obligations (such as EMIs or rent). Lenders typically prefer that your total obligations, including the EMI for the new loan, do not exceed 50-55% of your NMI.
Example:
Monthly Salary (NMI): ₹40,000
Maximum Allowable Obligations (50% of NMI): ₹40,000 × 50% = ₹20,000
Existing Obligations: ₹5,000
Repayment Capacity: ₹20,000 - ₹5,000 = ₹15,000
Based on this, lenders will calculate the loan amount you may qualify for, considering the applicable interest rate and repayment tenure.
Your CIBIL score significantly influences personal loan approvals, particularly if your monthly income is ₹40,000. Most lenders prefer applicants with a CIBIL score of at least 650, reflecting strong financial discipline and reliable repayment history. Ideally, maintaining a score of 700 or above positions you better—offering higher loan amounts, quicker approval processes, and attractive interest rates. If your current score falls below 700, consistent and timely payments on existing loans or credit card bills can gradually enhance your rating, increasing your chances of securing favourable personal loan terms.
When applying for a personal loan for a salary of ₹40,000, here are the key eligibility criteria to consider:
Applicants must be Indian citizens to be eligible for a personal loan.
Both salaried and self-employed individuals can apply, provided they meet the lender’s requirements for income and job stability.
The minimum age to apply is 18 years, while the maximum age limit depends on the lender's policies.
A minimum monthly income of ₹10,000 is typically required to qualify for a personal loan.
Lenders often prefer applicants with at least one year of work experience to demonstrate financial stability.
A CIBIL score of 750 or higher is generally necessary to showcase creditworthiness and improve approval chances. Know your credit score beforehand to assess your credit eligibility.
Ensuring you meet these criteria before applying can streamline the approval process and increase your eligibility for higher loan amounts.
To apply for a personal loan on a ₹40,000 salary, you will need to provide the following:
| Document Type |
Accepted Documents |
|---|---|
| Identity Proof |
- PAN Card- Aadhaar Card- Voter ID- Passport- Driving Licence |
| Address Proof |
- Aadhaar Card- Passport- Voter ID- Driving Licence- Utility bills (electricity, water, or telephone) |
| Income Proof |
- Last 3 months’ salary slips- Last 3 months’ bank statements showing salary credit |
| Photographs |
- Two recent passport-sized photographs |
Providing these documents accurately will help speed up your loan approval process and minimise any delays. Ensure that all documents are current and valid before submission.
Follow these steps to apply for a personal loan for ₹40,000 salary on Bajaj Markets:
Go to the Bajaj Markets personal loan application webpage.
Choose your employment type from the given dropdown list.
Enter your mobile number along with your area’s PIN code.
Read and accept the terms and conditions displayed.
Click the ‘Proceed’ option to move ahead.
On the following screen, provide or select the required details:
PAN number
Complete name (as stated on PAN card)
Birth date
Net monthly income
Employer’s category
Company or employer name
Valid email address
Gender
Salary mode (Bank transfer or Cash)
After filling out the details, click ‘Submit’.
Review the personalised loan offers presented based on your profile.
Select the loan offer that best meets your needs.
Submit any extra details or documents requested by the lender.
Finish the KYC verification, set up the e-mandate, and complete the loan disbursement directly through the lender’s portal.
Once submitted, your application will be reviewed. Following this, loan providers will contact you to further process your loan application. On approval, the loan amount will be disbursed directly to your bank account.
The maximum loan amount depends on the lender but can range from about ₹6 Lakhs to ₹10 Lakhs. However, the exact loan amount offered depends on your overall eligibility for the loan and the lender’s policies.
A CIBIL score of 750 or more is generally preferred to get a personal loan at favourable terms.
Yes, you can still qualify for a personal loan with an existing loan, but your eligibility depends on your debt-to-income ratio. Lenders assess your ability to repay all outstanding obligations. Keeping existing EMIs low and maintaining a good credit score increases your chances of approval.
When applying for a personal loan, you will generally need to provide proof of identity (such as Aadhaar or PAN card), proof of address, and income verification (like recent salary slips or bank statements). Additionally, some lenders may ask for a passport-sized photo and a completed application form.
The approval and disbursement process can vary depending on the lender, but personal loans are typically processed within a few business days if all required documents are in order. The time may increase if additional verification or documents are required, so it’s best to submit complete details at the outset.