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₹ 40,000 Personal Loan

Apply Personal Loan of ₹ 40,000 Online

Last Updated 06th Dec 2021

  • Banks and NBFCS offer ₹ 40,000 Personal Loan to salaried as well as a self-employed individual at a competitive interest rate.
  • You can instantly avail of a personal loan with MyLoanCare by submitting a few documents.
Interest rate10.25% p.a Check Offers
ProfessionSalaried employees and Self-employed professionals
Age 18 to 65 years
Processing FeesUp to 3% of the loan amount
Required CIBIL Score650 and above
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Get a Personal Loan Online of ₹ 40,000

If you want to take a 40,000 Personal Loan, you can get a competitive interest rate for up to 10.25% pa. Lenders offer personal loans online and offline, for up to 84 months with a flexible personal loan tenure. Personal loan tenure has a significant impact on EMI; the shorter tenure the higher the EMI, whereas a longer tenure means a lower EMI.

Eligibility Criteria to get Best Personal Loan of 40000 Rupees Online

Salaried and self-employed can avail personal loan of ₹40,000 by fulfilling the following eligibility criteria:-

  • You must be an Indian citizen living in India.
  • If you work in a government or a private company and receive a salary, you must be in an age range of 18years- 65 years.
  • Similarly, if you are self-employed, you should be between 23 years and 65 years.
  • If you are a salaried employee, your income should be a minimum of ₹ 25,000.
  • If you are self-employed, you must earn a minimum ₹ 40,000
  • You must work for at least three years if you are a salaried employee, and if you are self-employed, then the business must be running for at least three years.
  • To avoid loan rejection, your credit score must be 650 and above.

Interest Rates, Processing Fee and Other Charges on Rs. 40,000 Personal Loan

Bank NameInterest RateProcessing FeePre Payment Charges
Cashe33.00%1.50%-2% of loan amount, upto Rs. 1200Not allowed
MoneyTap13.00%2% + GST3%-5% foreclosure charges
Paysense15.96%Rs. 500 + GSTNot allowed
Early Salary24.00%Rs. 399, 50% off on Processing fees Max 300 off, Validity till 31st October 2021Not allowed

40K Personal Loan EMI with Different Tenors

Check how much EMI you will have to pay for different tenure if you get a loan at the lowest personal loan interest rate of 10.25% pa..

TenureLoan amountInterest rateEMI
EMI for 1 year₹ 40,00010.25%₹ 3,521
EMI for 2 year₹ 40,00010.25%₹ 1,850
EMI for 3 year₹ 40,00010.25%₹ 1,295
EMI for 4 year₹ 40,00010.25%₹ 1,019
EMI for 5 year₹ 40,00010.25%₹ 855

Documents Required to Apply Instant Personal Loan of Rs.40,000

Submit the following documents to apply instant personal loan of ₹ 40,000

  • Personal loan application form with two passport size photos attached.
  • Identity proof: PAN card, Aadhar card
  • Address proof: Driving license, PAN card, Passport, Voter Id card, Electricity/Telephone bill(last three months) or Driving license
  • Income proof: Last three months salary slip, and form 16, Last six months bank statement (Salaried)
  • Bank account statements of last six months, balance sheet, P&L statement/previous year ITR (self-employed)
  • Business proof: Trade license, registration certificate by RBI, a copy of the partnership deed and documents related to Sales tax, VAT and Service tax as business proof. (Self-employed)
  • Credit report

Steps to Apply Personal Loan of ₹ 40,000 Online

You can apply for 40000 Personal Loan Online using the MyLoanCare website or the MyLoanCare app. Perform the following steps to apply with us:-

  • Step 1: Fill in the personal loan application form with required details like name, income, phone number, residence, among others.
  • Step 2: Click on ‘Get Quote’.
  • Step 3: Enter the OTP, which you receive on the entered mobile number.
  • Step 4: Click on ‘Submit’.
  • Step 5: A new page will open up where you will be asked for more information like existing loans, why you need a loan, Are you paying current EMI’s etc.
  • Step 6: Now, you will be redirected to the offers page, offers will be displayed as per your eligibility.
  • Step 7: To help with the further process, after sometime the MyLoanCare executive will call you.


Which bank is best for a Personal Loan of ₹ 40,000?

The best banks for ₹ 40,000 personal loan are, Bank of India, MoneyTap, and Indifi.You can save on EMIs if you apply for a loan with these banks because they offer loans at the lowest interest rate. The interest rate of these banks is 11.60%, 13.00% and 15.00%, respectively.

Can I get a Personal loan of ₹ 40,000 without collateral?

Yes, you can quickly get a personal loan without collateral or security because it is an unsecured loan. However, even though it is an unsecured loan, you might need a guarantor if you have a low credit score.

What are the factors that affect the EMI of ₹ 40,000 Personal Loan?

Personal loan EMI on ₹ 40,000 is dependent on factors such as loan amount, interest rate and tenure. The larger the tenure, the smaller will be the EMI and vice versa.

I need a ₹ 40,000 rupees loan urgently. Should I apply for a Personal loan or a gold loan?

If you need 40,000 rupees for any reason, you must apply for an instant personal loan. Lenders credit loan amount of instant personal loan within a few hours. However, this is possible only if all the documents are submitted. A gold loan is also a good option, but you might have to give up on your gold jewellery if you cannot repay the loan on time. Further, the gold evaluation process could take time which can lead to delay in gold loan.

Can I get a personal loan of ₹ 40,000 rupees if I don’t have a bank account?

No, it is not necessary to have a bank account if you want to avail a personal loan. However, it will always benefit you if you have it; otherwise, you might have to pay a higher interest rate, which means higher EMI.

Do I need a guarantor to take a personal loan of ₹ 40,000?

A few banks and NBFCs may ask for a guarantor, especially if you have a low credit score. A guarantor is required to prove the authenticity of a borrower.

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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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