Personal Loan on Rs.40,000 Salary

How Much Loan Can I Get on 40000 Salary

Loans cater to 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 Rs. 40,000 per month.

There are two ways to calculate the loan amount you will be receiving.

Multiplier Method

The multiplier method is used by many lenders for calculating eligibility for personal loans. Under this method, a predetermined multiple of the applicant's net monthly income is applied to determine the personal loan amount. 

This multiple can range from 10 to 24 times the applicant's monthly income, depending on the lender and monthly income.

The higher the salary and better the status of the company, the greater the chance of receiving a higher loan amount with lower interest rates. 

Moreover, this loan amount is eligible if you don’t have any pre-existing monthly obligations. 

EMI/NMI Ratio

The EMI/NMI ratio is the proportion of your net monthly income (NMI) spent on servicing 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 determined by your net monthly income, tenure, and interest rate.

While you cannot change your monthly income or EMI obligations, you can extend the term of your loan and obtain a personal loan at a lower rate of interest to qualify for a larger personal loan amount. 

So, if you're wondering, ‘How much personal loan can I get on a 40,000 salary’, the answer is that it varies depending on the aforementioned factors. You can receive any amount between Rs. 5,000 and Rs. 10 Lkahs.

Need Urgent Funds?

Flexible Terms, No Hidden Fees, Easy Approvals

5000 Loan

Factors Influencing Personal Loan Eligibility

Personal loan approval depends on various parameters that are unique to each ender. However, be it a bank, online lenders, or financial institutions, some factors are considered common across all blenders. 

Here are the major influencing factors that impact your loan approval rate. 

Income

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. 

Credit Score

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. 

Age

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. 

The above-mentioned factors are a few of the parameters that influence loan eligibility. 

Where can I Get A Loan On a 40000 Salary?

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 Rs. 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 Rs. 40,000, as a borrower, it is important to choose the right lender. Moneyview, India’s best-rated loan app, offers instant loans on flexible terms to anyone looking for a loan.

Moreover, a loan with Moneyview with a salary of Rs. 40,000 is easy to avail.

Top Features and Benefits of Personal Loans through Moneyview

Loan Amount

Attractive Loan Amount

Get loans from Rs.5,000 to Rs.10 Lakh based on your eligibility

Collateral Free Loans

Collateral Free Loans

You can get a personal loan through Moneyview without having to vow any asset or arrange for a guarantor

fats disbursal

Fast Disbursal

The loan amount is disbursed to your bank account within 24 hours of approval

interest rates

Affordable Interest Rates

Interest rates starting from just 14% per annum

Eligibility Criteria for Personal Loans thorugh Moneyview

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

Documents Required for Personal Loan thorugh Moneyview

For a personal loan the bare minimum documentation is as follows:

  • Your PAN number

  • Your mobile number will have to be 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.

Fees and Charges for Personal Loans through Moneyview

Our lending partners provide some of the market's most fair and 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

Personal Loan Calculator

Your monthly EMI is

10,201

per month for 5 months

Total Interest

1,004

Total Amount

51,004

Loan Amount

Min ₹10

Max ₹25,000

Rate of Interest

%

Min 5%

Max 25%

Loan Tenure

Min 3 months

Max 72 months

How to Apply for An Instant Loan in Minutes?

  • 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!

Personal Loan Based on Your Budget

Personal Loan Based on Your Purpose

Personal Loan in Your City

Need Quick Cash?

Conclusion

Securing a loan has become easier than ever. Individuals earning an income of Rs. 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. Moneyview loans, on the other hand, are customized to fit the requirements of the borrowers. 

Get an instant Rs. 10 lakh loan by applying on the Moneyview website or the app.

FAQs

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 Rs. 5,000 to Rs. 10 lakhs. 
Yes. Self-employed and salaried individuals can easily avail Moneyview loans as long as they fulfill the required criteria.
No. As of now, Moneyview only offers loans to individuals who receive their salary directly in their bank accounts.
No. You can only apply for another loan from Moneyview after closing the existing loan.
The entire loan process for Moneyview loans is digitalized. Hence, you can directly upload the relevant documents online without any hassle. 

Trusted by millions

We're present across the nook & corner of the country, making loans accessible, and simple!

Trusted By Users

60 Million+

Happy
Users

TrustMarker Wallet

12000 Cr+

Loan
Disbursed

TrustMarker Map

19000+

Locations
Served

TrustMarker Banner
TrustMarker Banner

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.

Was this information useful?