40 Lakh Personal Loan

Below are some of the top banks and NBFCs in India that offer a personal loan of Rs. 40 Lakhs, along with their key features:

Some benefits of a 40 Lakh personal loan are:

• Low interest rates: A 40 lakh loan interest rates are significantly lower as compared to a credit card loan or credit card repayment. This is especially true in the case of bigger loan amounts.
• Freedom of usage: Funds received via this loan can be used for almost all legitimate purposes, including funding an international trip, purchasing a gadget, repaying your friend, and so on.
• Debt consolidation: One of the best ways of using a personal loan is consolidating all your existing debts. Paying off smaller high-interest debts (such as education loans, credit cards, etc.) by opting for a lower-interest personal loan is a great idea.
• Improving credit score: A personal loan of Rs. 40 Lakhs can help you improve your CIBIL score by adding variety to the types of loan accounts you hold.
• Emergency fund creation: If you find yourself living pay cheque to pay cheque, without saving any funds, it is wiser to get a personal loan to create an emergency fund rather than waiting for an emergency to occur.
• EMI calculator option: You can easily find a 40 Lakh EMI calculator online to calculate your 40 Lakh loan EMI before applying for the loan.

You can calculate your 40 Lakh loan EMI for 10 years or any tenure using the online personal loan EMI calculator. Below is the table of EMI calculation for a personal loan of Rs. 40 Lakhs for 10 years tenure at an interest rate of 10% p.a.:

40 Lakh Personal Loan EMI for 5 Years

Here's the detailed breakdown for a ₹40 Lakh personal loan over 5 years at a 10% interest rate:

• Loan Amount: ₹40,00,000
• Rate of Interest: 10% p.a.
• Tenure: 5 years
• EMI: ₹84,988
• Total Interest: ₹10,99,291
• Total Repayment: ₹50,99,291

40 Lakh Personal Loan EMI for 10 Years

Here's the detailed breakdown for a ₹40 Lakh personal loan over 10 years at a 10% interest rate:

• Loan Amount: ₹40,00,000
• Rate of Interest: 10% p.a.
• Tenure: 10 years
• EMI: ₹52,860
• Total Interest: ₹23,43,235
• Total Repayment: ₹63,43,235

Lenders use a formula as mentioned below to calculate the 40 Lakhs loan EMI:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Here, 

• P means the Principal loan amount
• N means Tenure in months
• R means the Monthly rate of interest

The EMI for a personal loan of Rs. 40 Lakhs may vary depending on the interest rate and repayment tenure.

For example, Rs. 40 Lakh loan EMI for 5 years tenure will be Rs. 84,988 at 10% p.a. interest rate. However, the EMI for the same loan amount and tenure, at an 11% p.a. interest rate will be Rs. 86,970.

This 40 Lakh EMI calculation can be done with ease using the Personal Loan EMI Calculator available online on our website.

To be eligible for a 40 Lakh loan, you will be required to meet the following basic criteria:

• Minimum age for application: 21 years
• Nationality: Resident of India
• Occupation: Either salaried or self-employed 
• Income: At least Rs. 15,000 per month 
• Credit score: Minimum 700

The list of documents required to apply for a 40 Lakh personal loan is mentioned below:

Documents Required for Salaried Applicants

• Proof of identity & address: Voter ID Card/ Aadhaar Card/ Passport/ Ration Card/ Driving License/ PAN Card/ Utility Bills of last 3 months
• Proof of income: Statements of salary bank account for the last 6 months, salary slips of the last 3 months, and ITR/Form 16

Documents Required for Self-employed Applicants

• Proof of identity & address: Voter ID Card/ Aadhaar Card/ Passport/ Ration Card/ Driving License/ PAN Card/ Utility Bills of last 3 months
• Proof of business: Form 26 AS, Income Tax Challan/ TDS certificate (Form 16A) for income tax declared
• Proof of income: Bank account statements of the last 3 years, ITR of the last 2 years with Profit & Loss Account Statement, balance sheet & income computation of the last 2 years

Following are the steps to apply for a personal loan of Rs. 40 Lakhs online:

• Go to the personal loan page available on our website and choose a personal loan partner. 
• Check your loan eligibility and document requirements.
• Then click the ‘Apply Now’ button and fill in the application form by mentioning some basic details.
• After your eligibility pre-assessment by the lender, you will have to upload some documents to complete your loan application.
• After successfully verifying the provided details, the lender will approve your loan request. 
• The approved loan amount will be disbursed to your bank account.