Get ₹40,000 Personal Loan Urgently
When a financial emergency occurs, availing of a 40000 loan can be a great way to get funds immediately. Such emergencies could be medical, marriage, higher education, travel, home renovation or other expenses. If you have a regular source of income and a good credit background, you can easily take a short-term loan of ₹40,000 online or offline to meet your sudden funding requirement.
Top 10 Instant Loan Apps for ₹40,000 Loan
If you need a ₹40000 personal loan instantly, here is the list of the top 10 personal loan apps available in India:
| App | Loan Amount | Rate of Interest | Tenure |
|---|---|---|---|
| Cholamandalam | Up to ₹35 Lakhs | 10% - 28% p.a. | Up to 5 years |
| FlexSalary | ₹500 - ₹3 Lakhs | 18% - 36.5% p.a. | Up to 36 months |
| KreditBee | ₹1,000 - ₹5 Lakhs | 17% - 29.95% p.a. | 6 to 60 months |
| Kissht | Up to ₹5 Lakhs | Up to 36% p.a. | 3 months - 5 years |
| Olyv (SmartCoin) | ₹1,000 - ₹5 Lakhs | 18% - 30% p.a. | 2 to 24 months |
| Freo (MoneyTap) | ₹3,000 - ₹5 Lakhs | 13% - 18% p.a. | 2 to 36 months |
| mPokket | Rs. 500 - Rs. 50,000 | 0% - 4% per month | 61 days to 120 days |
| Navi | ₹10,000 - ₹20 Lakhs | 9.90% p.a. | 3 to 72 months |
| Kundan Finance | ₹5,000 - ₹5 Lakhs | 1.5% - 2.92% per month | 90 - 365 days |
| FatakPay | ₹30,000 to ₹5 Lakhs | 12% to 35.95% p.a. | 3 months - 3 years |
Features & Benefits of ₹40,000 Personal Loan
A 40k loan for personal purposes has the following features and benefits:
- Complete online process through a mobile app/ website, from application to disbursal.
- Instant eligibility check and direct funds disbursal to the bank account on approval.
- Instant loan apps require minimal paperwork.
- You do not need to provide any collateral to obtain a ₹40,000 loan, as it is an unsecured loan.
- Flexible tenure makes EMI payments affordable.
- With the 40000 loan app, you can apply from anywhere at any time using your phone/laptop.
- Many personal loan apps allow first-time borrowers to take a loan, including students, freelancers, etc. These applicants usually do not have a credit history.
- A 40,000 loan can fund many needs, including marriage expenses, gadget purchases, business cash flow, medical emergencies, and so on.
- With timely repayments, these loans help in building or improving your credit score.
Eligibility Criteria for a ₹40,000 Instant Loan
The common eligibility criteria for a 40000 instant loan are given below:
- Age: Above 21 years and less than 60 years.
- Citizenship: Indian residents.
- Occupation: Most lenders offer a ₹40000 personal loan to salaried individuals. However, some also consider self-employed applicants.
- Income: A minimum salary of at least ₹15,000.
- Credit Score: A minimum of 600.
Documents Required for a ₹40k Loan
Below are the documents required for a 40,000 personal loan:
Salaried Applicants
- Proof of identity & address: Passport/ PAN Card/ Aadhar Card/ Voter ID Card/ Ration Card/ Driving License/ Utility Bills of last 3 months (any one).
- Proof of income: Salary account statements for the last 6 months, last 3 months’ salary slips, and ITR/Form 16.
Self-employed Applicants
- Proof of identity & address: Passport/ PAN Card/ Aadhar Card/ Voter ID Card/ Ration Card/ Driving License/ Utility Bills of last 3 months (any one).
- Business proof: Form 26 AS, Income Tax Challan, TDS certificate (Form 16A) for income tax declared (any one).
- Proof of income: Last 3 years’ bank account statements, last 2 years’ ITR with P&L statement, and balance sheet & income computation of the last 2 years.
How to Apply for a ₹40,000 Loan Online
The best way to apply for a 40,000 loan online is through instant loan apps.
- Download and install a preferred loan app such as Stashfin, FlexSalary, SmartCoin, KreditBee, or mPokket from the Apple App Store/ Google Play Store.
- Sign up using your mobile number.
- Then, complete your profile by filling in some basic personal details.
- The next step is to complete a digital KYC process by uploading your Aadhaar and PAN card details within the app.
- Select ₹40,000 as the loan amount and a repayment tenure of your choice.
- On approval, the lender will disburse the loan amount directly to your bank account within minutes.
Common Uses for a ₹40,000 Personal Loan
Some common uses of a 40,000 personal loan are:
- Paying for medical expenses.
- Home repair/ decor/ renovation work.
- Education-related expenses.
- Going on a vacation.
- Booking last-minute flight/ train tickets.
- Gadget/ appliance purchase.
- Managing EMIs of another loan.
- Covering celebration costs.
- Buying gifts for family.
- Vehicle repair/ maintenance.
- Business-related expenses.
- Emergency fund top-up.
FAQs
The best way to get 40000 rupees urgently is through instant loan apps/ websites.
Yes, you can get a ₹40,000 personal loan with a low credit score from some fintech lenders and banks, if you have a steady income source and can provide the necessary documents.
For a ₹40,000 loan, you can receive the funds instantly within 24to 72 hours, depending on the lender and your eligibility.
Yes, a few lenders, including Prefr, L&T Finance, etc., may offer a 40000 loan without a salary slip or income proof.
Many apps, including KreditBee, FlexSalary, SmartCoin, Stashfin, and mPokket, offer ₹40,000 loans with instant approval.
EMI amount for a ₹40,000 loan for 12 12-month tenure depends on the applicable interest rate. For example, EMI for a 40000 loan for 12 months at an interest rate of 10% p.a. will be ₹3,517.
The minimum credit score required for a ₹40,000 loan is 600 or more.
Yes, some lending apps offer a ₹40,000 loan to students without income proof.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
Abhijeet Singh has comprehensive experience in business writing, content management, SEO, social media and user analytics. Key areas of expertise include stock markets and personal finance.