₹40,000 Personal Loan Features, Benefits, EMI and Interest Rate
Need ₹40,000 to clear your credit card bills? Take a ₹40,000 personal loan to meet your immediate financial requirements. You can repay the loan in EMIs or Equated Monthly Instalments. But make sure to calculate your loan EMI in advance!
In this blog, you will learn how you can apply and get instant access to funds in detail.
Features and Benefits of a ₹40,000 Loan
Here are some of the features and benefits:
1. 100% Paperless Process
Lenders like Navi offer personal loans in a 100% paperless manner. This saves borrowers from unnecessary paperwork.
2. Instant Disbursal
If you have shared correct personal details with your lender, you can get your money directly credited to your account within minutes. Personal loans usually have a simple loan journey – from loan application to disbursal.
3. Flexible EMI Options
Repayment tenure can range anywhere between 3 months and 7 years. Select your preferred loan tenure and repay the loan as per your convenience.
4. Attractive Interest Rates
If you have a pre-approved loan offer or excellent credit score, you can get loans at lower interest rates.
5. No Collateral Required
Personal loans are unsecured loans, as in, you don’t have to pledge collateral or guarantor.
6. Minimal Documentation
Gone are the days when you had to submit a pile of documents to avail a loan. Most lenders ask for your PAN, Aadhaar and/or income details for KYC verification..
How to Apply for a ₹40,000 Personal Loan?
Follow this step-wise guide for hassle-free application process:
- Step 1
Go to the website or download the personal loan app from Play Store or App Store.
- Step 2
Check your loan eligibility by filling in some details such as name, address and PAN details.
- Step 3
Check the interest rate offered and enter your preferred loan amount and repayment tenure.
- Step 4
Submit or upload the necessary documents and complete your KYC process.
- Step 5
Link your bank account. After successful verification, the loan amount will be directly disbursed to your account. Set up an auto debit to make your loan repayments on time.
Documents Required
You might only need these documents to apply for a ₹40,000 personal loan:
- Aadhaar Card
- PAN Card
- 3-6 months bank statements or salary slips
Also Read
Eligibility Criteria
Check out the eligibility criteria for employed and self-employed individuals for a ₹40,000 personal loan with Navi:
Salaried Individual
| Factors | Eligibility Criteria |
| Age | Between 18 and 65 years |
| Credit Score | 750 or above |
| Employment Stability | Must be employed in a reputed company for a minimum of 6 months |
| Employment Duration | A minimum of 1 year |
Self-employed individual
| Factors | Eligibility Criteria |
| Age | Between 18 and 65 years |
| Credit Score | 750 and above |
| Prior Relationship with the Lender | A minimum of 6 months (to be verified from the lender) |
| Business Turnover | A minimum of ₹15 lakh |
| Profit after Tax Deduction | A minimum of ₹2 lakh |
Interest Rate on a ₹40,000 Personal Loan
Refer to the table below to get an idea of ₹40,000 personal loan fees and charges:
| Interest Rate | 8% p.a. – 36% p.a. |
| Processing Fee | 0% – 4% of the loan amount |
| Loan Amount | Up to ₹40 lakh |
| Loan Tenure | Up to 84 months |
| Prepayment Charges | 0% to 4% |
Please note that the table is for educational purposes only. Navi doesn’t take any responsibility for the accuracy of the data presented in the table.
How to Calculate your Personal Loan EMI on ₹40,000 Loan?
You can manually calculate your EMI by using this formula:
EMI = P × r × (1 + r)n/((1 + r)n – 1)
Here, P is the loan amount, r is rate of interest, and n is tenure or the number of months.
It is quite clear that these manual computations can be extremely time consuming. You can instead use our online personal loan EMI calculator to calculate your monthly repayment obligations. Just enter the loan tenure, amount and interest rate to get the EMI estimate within minutes.
Let’s understand this with an example. Let’s say you have taken a loan of ₹40,000 for a tenure of 3 years at 12% p.a. Upon calculation, your EMI would be ₹6,643.
Calculate Your Personal Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
Various Types of Personal Loan
Here are the types of personal loans:
1. Marriage Loan
No need to compromise on your dream wedding or honeymoon. Apply for instant personal loan for marriage and enjoy your dream wedding without any inhibitions.
2. Travel Loan
Tired of postponing your vacation for a long time due to shortage of funds? Apply for instant personal loan for travel and plan for your trip today!
3. Car Loan
Having a car makes commuting a lot easier. Apply for a instant personal loan for car and travel anywhere in or out of your city hassle-free.
4. Bike Loan
In case you’re planning to buy a bike but don’t have enough funds to make the down payment, you can take a personal loan for two wheeler. Enjoy flexible repayment options and attractive interest rates.
5. Second Hand Bike Loan
Falling short of funds to purchase a second-hand bike? Take a personal loan and purchase a second-hand bike with minimal documentation and enjoy the joyride.
6. Used Car Loan
Not planning to heavily invest in a new car? Purchase a second-hand car. In case you’re falling short on funds, get a personal loan for used car. Enjoy instant disbursal with minimal paperwork.
Final Word
No matter what your financial emergency is, a personal loan is always a convenient option to resort to. Whether you are planning to avail of ₹40,000 loan or a higher amount, it does not require you to pledge assets to obtain that. However, make sure your credit profile remains top-notch to get prompt approval from the lender.
If you want quick access to cash, apply for a Navi Cash Loan. You can get loans up to ₹20 lakh in a 100% paperless manner. Download the Navi app today!
FAQs
Ans: Generally, photocopies of KYC documents are required when you are availing a personal loan. However, to avoid delays or any hassle, it is better to carry the original documents as well. And, if you are applying online, scanned copies of your documents need to be submitted.
Ans: Owing to the unsecured nature, both small ticket and high-value personal loans involve stringent eligibility criteria. Even though the parameters vary across different lenders, you need to meet the basic ones. In case you are failing to do that, here are some tips to improve your chances of availing a personal loan:
1. Pay your dues on time
2. Maintain a high CIBIL score
3. Add a co-applicant
4. Choose a longer repayment tenure
Ans: If you have already assessed your EMI amount beforehand and you think that it will be difficult for you to pay instalments every month, you need to choose different combinations. This means that you should either opt for a lower loan amount or choose a longer repayment tenure. However, keep in mind that going for a longer tenure will inevitably increase the interest outgo.
Ans: Yes, you can always pre-pay your personal loan before the term of your loan comes to an end. You can either make part payments or close the entire loan altogether. Here’s how to calculate personal loan prepayment. However, you must know that some lenders can impose penalty charges for pre-payment of your personal loan.
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