Get a Personal Loan on a Salary of ₹40,000 with Quick Approval
If you are an individual with a monthly salary of up to ₹40,000 and are looking for financial assistance to fulfil personal goals, then Poonawalla Fincorp’s Personal Loan is the best choice for you. We offer Personal Loans at attractive interest rates with minimal documentation. You can avail of our Personal Loans for various purposes, such as wedding planning, travel, home renovation, higher education, emergency medical expenses, etc. Apply now!
If you are an individual with a monthly salary up to ₹40,000, Poonawalla Fincorp’s Personal Loan is the best choice for you. Our 100% digital process makes it convenient for individuals who are busy with their professional as well as personal commitments. You can click on the ‘Apply Now’ button and quickly apply for a Personal Loan.
Personal Loan EMI Calculator for ₹40,000 Salary
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Interest Rates and Charges on Personal Loan on a ₹40,000 Salary
With Poonawalla Fincorp, you can apply for a collateral-free Personal Loan on a ₹40,000 salary at attractive interest rates, starting from just 9.99% per annum. For details on other applicable charges, please see the table below:
| Personal Loan Interest Rates | 9.99%* p.a onwards |
| Loan Amount | ₹1 Lakh to ₹50 Lakh |
| Loan Processing Fees | Up to 3% |
| Lowest EMI Per Month | Starting from ₹2,124* per Lakh for 60 months |
| Loan Tenure | 12-84 months |
| Prepayments/Foreclosure Charges | 0%* If paid from own sources & 4% If paid from other sources |
| Default Interest | 2% per month |
| Repayment Instrument Dishonour Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| Other Hidden Charges | Nil |
₹40,000 Salary Personal Loan EMI for Up to 5 Years
Suppose you are applying for a ₹2 Lakh Personal Loan on a ₹40,000 monthly salary. The value of the ₹2 Lakh Personal Loan EMI will vary according to the repayment period. If we calculate the EMI for each tenure at approximately 9.99% interest rate, it will be as mentioned below:
- ₹2 Lakh Loan for 2 years - ₹9,228*/month
- ₹2 Lakh Loan for 3 years - ₹6,452*/month
- ₹2 Lakh Loan for 5 years - ₹4,248*/month
To apply for a Personal Loan with Poonawalla Fincorp, you need to meet the eligibility criteria for an instant loan of ₹2 Lakh. Once you meet the eligibility criteria, you can submit all the documentation online. Once the verification process is successfully complete, your loan amount will be disbursed directly to your bank account.
| Tenure | Approximate EMI at 9.99% interest rate |
| 2 years | ₹9,228*/month |
| 3 years | ₹6,452*/month |
| 5 years | ₹4,248*/month |
Eligibility Criteria to Get a Personal Loan on a Monthly Salary of Up to ₹40,000
Before you apply for a Personal Loan with Poonawalla Fincorp, you need to meet all the below-mentioned eligibility criteria:
Age
Monthly Income
Employment
Work Experience
- Age – The loan applicant should be between 21 and 60 years.
- Monthly Income – The borrower should have at least ₹30,000 monthly income.
- Employment – He/she should be employed on a full–time basis with a company at a central government, PSU, MNC, Listed, Unlisted Public Ltd., Private Limited Company, LLP, or companies which are listed internally to get a Poonawalla Fincorp Personal Loan.
- Work Experience – The applicant should be in current employment for a minimum of 1 month and should have a minimum of 12 months of total work experience.
Documents Required
Below is the list of required documents that you need to submit while applying for a Personal Loan:
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KYC Documents
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Address Proof
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Income Documents
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Employment Proof
- KYC documents like PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport
- Current address proof (Passport/Utility bills/Rent Agreement)
- Latest salary slips for the last 3 months and salary credit bank statements from the last 3 months
- Proof of employment, such as official mail ID confirmation /Emp. ID Card
Features and Benefits of Personal Loan on a ₹40,000 Salary
Individuals with a monthly salary up to ₹40,000 can easily apply for Personal Loan with Poonawalla Fincorp through our swift online application process. Other major features and benefits of our Personal Loan include:
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Minimal Documentation
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No Collateral Requirement
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Attractive Interest Rates
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Quick Disbursal
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No Hidden Charges
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No End Usage Restrictions
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Flexible Repayment Tenure
How to Apply for ₹40,000 Salary Personal Loan Within 5 Minutes
Poonawalla Fincorp provides the comfort and convenience of applying for a Personal Loan from anywhere and anytime. To apply online for a Personal Loan on a ₹40,000 salary, you can follow the steps mentioned below:
Apply
Online
Apply Online
Click on ‘Apply Now’ and complete the application form
Personal
Details
Personal Details
Enter your DOB, qualification, and residential details
Verification
Verification
Submit and upload all details for verification and assessment
Post successful verification, you will receive a confirmation of loan approval. Simply authorize the disbursal of your loan amount directly to your bank account.
Frequently Asked Questions on ₹40,000 Salary Personal Loan
Once you meet the eligibility criteria set by Poonawalla Fincorp, you can avail of a Personal Loan of up to ₹50 Lakh. However, the exact loan amount will depend on different factors like your debt repayment history, income level, CIBIL score, relationship with the lender, etc.
You can apply for a Personal loan on a ₹40,000 salary by visiting our website, checking your loan eligibility, filling out the application form, and uploading the required documents. Once the details are verified, your loan amount will be disbursed directly to your bank account.
Our eligibility criteria for a Personal Loan on a ₹40,000 salary includes:
- Age – The applicant’s age should be between 21 to 60 years.
- Monthly Income – The borrower should have at least ₹30,000 monthly income.
- Employment – He/she should be full-time employed with a company at a central and state govt., PSU, MNC, Listed, Unlisted Public Ltd., Private Limited Company, LLP, schools and colleges, or companies which are listed internally to get a Poonawalla Fincorp Personal Loan.
- Work Experience – The applicant should be in current employment for a minimum of 1 month and should have a minimum of 12 months of total work experience.
If you are applying for a Personal Loan with Poonawalla Fincorp, you must match the minimum income requirement of ₹30,000 monthly salary. Therefore, it is important to go through the eligibility criteria carefully before applying for the loan.
*Terms & Conditions Apply
