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.
Here are some of the features and benefits:
Lenders like Navi offer personal loans in a 100% paperless manner. This saves borrowers from unnecessary paperwork.
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.
Repayment tenure can range anywhere between 3 months and 7 years. Select your preferred loan tenure and repay the loan as per your convenience.
If you have a pre-approved loan offer or excellent credit score, you can get loans at lower interest rates.
Personal loans are unsecured loans, as in, you don’t have to pledge collateral or guarantor.
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..
Follow this step-wise guide for hassle-free application process:
Go to the website or download the personal loan app from Play Store or App Store.
Check your loan eligibility by filling in some details such as name, address and PAN details.
Check the interest rate offered and enter your preferred loan amount and repayment tenure.
Submit or upload the necessary documents and complete your KYC process.
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.
You might only need these documents to apply for a ₹40,000 personal loan:
Check out the eligibility criteria for employed and self-employed individuals for a ₹40,000 personal loan with Navi:
|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|
|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|
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.
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.
Rate of Interest (P.a)
Loan Tenure (Years)
Here are the types of personal loans:
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.
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!
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.
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.
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.
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.
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!
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.
Axis Bank Personal Loan Interest Rates April 2023Axis Bank Personal Loan interest rates are currently starting at 10.49% p.a. for loans of ₹25,000... Read More »
No Credit Check Loans in IndiaWhat is No Credit Check Loan? A ‘no credit check loan’, as the name suggests, does not... Read More »
Instant Cash Loan in 1 Hour Without DocumentsInstant Cash Loan in 1 Hour Are you in any emergency cash crisis and in need of an instant cash ... Read More »
Personal Loan on PAN Card – Check Your Eligibility & Apply Now!Do you need urgent cash to pay for an unexpected expense, a pending bill, or a medical emergency? A... Read More »
What are Short Term Loans? – Key Features and BenefitsShort Term Loan A short term loan provides urgent assistance for an individual’s financial req... Read More »
Interest Rate on NBFC Personal LoanNBFC Personal Loan Non-Banking Financial Companies (NBFCs) are becoming increasingly popul... Read More »
How to Apply for a Pre Approved Personal Loan?Pre Approved Personal Loan Pre-approved loans are instant personal loans that are offered by ban... Read More »
Personal Loan Disbursal ProcessA personal loan is an unsecured loan which you can avail to deal with any type of financial emergen... Read More »
Unsecured Loan – Types, Benefits, Interest Rate & EligibilityWhat is an Unsecured Loan? An unsecured loan is a type of loan that doesn't require any collater... Read More »
Small Cash Loan on Aadhaar Card without PAN CardSmall cash loans are type of personal loans offered by banks and NBFCs to meet short-term financial... Read More »
Personal Loan for Low CIBIL Score Applicants – Eligibility Criteria and How to ApplyOverview - Personal Loan With Low CIBIL Score Be it for a medical emergency, a sudden business o... Read More »
What is a Fast Loan – Features, Interest Rates and How to Apply Online?What is a Fast Loan? A fast loan is an instant personal loan that allows you to borrow money wit... Read More »
Top 10 Chit Fund Schemes in India in 2023Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »
10 Best Gold ETFs in India to Invest in April 2023Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »
10 Best Demat Accounts in India for Beginners in 2023Creation of Demat accounts revolutionised the way trades were conducted at the stock exchanges. It... Read More »
20 Best Index Funds to Invest in India in April 2023What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »
Best Arbitrage Mutual Funds to Invest in India in April 2023Arbitrage funds are hybrid mutual fund schemes that aim to make low-risk profits by buying and sell... Read More »
10 Best SIP Plans in India to Invest in April 2023What is SIP? SIP or Systematic Investment Plan is a method of investing a fixed amount in ... Read More »
10 Best Corporate Bond Funds in India to Invest in April 2023Corporate bond funds are debt funds that invest at least 80% of the investment corpus in companies ... Read More »
10 Best Bank for Savings Account in India [Highest Interest Rate 2023]Savings account is a type of financial instrument offered by several banks. It lets you safely depo... Read More »