Loans are available for the needs of the employed and unemployed, rich and poor, old and young alike. However, the terms and conditions of the loans vary depending on the applicant's profile.
In this article, we will look at all the loan options available to individuals earning an income of ₹40,000 per month.
There are two methods to estimate the loan amount you will be receiving. These methods are given below:
The multiplier method is used by many lenders for calculating eligibility for personal loans. In this method, the personal loan amount is calculated by multiplying the applicant's net monthly income by a fixed factor.
The eligible loan amount is typically 10 to 24 times the applicant's monthly income, varying by lender and salary.
A higher salary often leads to a higher loan amount and lower interest rates.
Example: With a monthly salary of ₹40,000 and a 10x multiplier, the eligible loan amount is ₹4 Lakhs.
This loan amount estimation method is only valid if the applicant has no existing monthly financial obligations.
The EMI/NMI ratio is the proportion of your net monthly income (NMI) spent on your existing EMIs, as well as the EMI of the new loan.
Typically, lenders prefer applicants with an EMI/NMI ratio of less than 50%.
Your EMI/NMI ratio is based on your net monthly income, tenure, and interest rate.
For a monthly income of ₹40,000, total monthly EMIs (including the new loan) should be below ₹20,000.
To qualify for a larger personal loan amount, you can extend the loan term or secure a loan at a lower interest rate, as monthly income and existing EMI obligations cannot be changed.
Personal loan approval depends on various factors, which are unique to each lender. However, be it a bank, online lenders, or financial institutions, some factors are considered common across all lenders.
Here are the major influencing factors that impact your loan approval rate.
Your income reflects your ability to repay the loan. Accordingly, lenders customize their loans based on your salary. High-wage earners often get higher loan amounts, while individuals in the lower-income bracket have difficulty attracting higher loans.
The credit score is the sum of your credit behavior, such as your repayment history, credit utilization ratio, loan inquiries, credit card usage, and more. The three-digit score plays a significant role in determining your loan approval.
The age of the borrower is another important factor that influences the likelihood of securing a loan. Lenders set a minimum and maximum age limit for credit depending on the risk associated.
Note: The above-mentioned factors are a few of the parameters that influence loan eligibility.
A person earning a monthly salary of ₹40,000 is eligible for loans from any lending institution in India since they qualify for the minimum requirements.
Moreover, people earning less than ₹40,000 per year can also access instant personal loans via online lending apps and credit websites.
While most lenders offer a loan on an income of ₹40,000, as a borrower, it is important to choose the right lender. Moneyview, India’s best-rated digital lending app, offers instant loans on flexible terms to anyone looking for a loan.
Moreover, a loan through Moneyview with a salary of ₹40,000 is easy to avail.
Attractive Loan Amount
Get loans from Rs.5,000 to Rs.10 Lakh based on your eligibility
Collateral Free Loans
You can get a personal loan through Moneyview without having to vow any asset or arrange for a guarantor
Fast Disbursal
The loan amount is disbursed to your bank account within 24 hours of approval
Affordable Interest Rates
Interest rates starting from just 14% per annum
Our lending partners' simple eligibility criteria for borrowers to get a personal loan are as follows -
The borrower should be between 21 and 57 years of age
They must earn a minimum of ₹25,000 or more monthly
Income must be credited directly to their bank account
They must have a minimum CIBIL score of 650
For a personal loan, the bare minimum documentation is as follows:
Your PAN number
Your mobile number, which is linked to your Aadhaar card for KYC verification
You must also enable the auto-debit facility on your bank account in order to permit automatic withdrawals from your account. Use a debit card, net banking, or a NACH form to finish this quick procedure.
The auto-debit facility will enable you to pay your EMIs automatically each month, eliminating the need for manual intervention.
Our lending partners provide some of the market's fairest and most affordable interest rates. The fees for personal loans are -
|
Fees and Charges |
Amount Chargeable |
|---|---|
|
Interest Rate |
Starting from 14% per annum |
|
Loan Processing Charges |
Starting from 2% of the approved loan amount |
|
Penal Charges on Overdue EMI |
24% per annum plus applicable taxes, if any |
|
NACH Bounce |
₹500/- each time |
Loan Amount
Min ₹10
Max ₹25,000
Rate of Interest
Min 5%
Max 25%
Loan Tenure
5
months
Min 3 months
Max 72 months
1
Assess Your Eligibility
Quickly check if you are eligible on the Moneyview platform in only 2 minutes!
2
Pick Your Repayment Duration
Select the desired loan sum and repayment period from the options provided.
3
Share Your Documents Online
Share only essential documents for profile verification, easily uploading them digitally.
4
Funds Disbursed
Once your application is validated and the loan agreement finalized, funds will be transferred to your bank within 24 hours!
Need Quick Cash?
Securing a loan has become easier than ever. Individuals earning an income of ₹40,000 per month can find credit easily if their credit score is high and if they satisfy the eligibility criteria of the lender.
However, not all lenders offer loans on suitable terms. Loans through Moneyview, on the other hand, are customized to fit the requirements of the borrowers.
Get an instant ₹10 Lakh loan by applying on the Moneyview website or the app.
While salary is a deciding factor for personal loans, there are several other parameters lenders consider before approving the loan. At Moneyview, you can get any amount from ₹5,000 to ₹10 Lakhs.
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Disclaimer
The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.
This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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