22 April, 2025 | 12:43 IST
A personal loan is one of the most convenient financial tools that help individuals meet various needs, from medical emergencies to home renovations, weddings, or even business expansions. When it comes to a high-value personal loan like Rs 40 lakh, many questions arise – who is eligible, what are the requirements, and how easy is it to get approval?
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The maximum personal loan amount one can get depends on several factors, primarily their monthly income, credit score and existing financial obligations. Most banks and financial institutions offer personal loans as a multiple of the borrower’s monthly income, typically ranging from 10 to 20 times their salary.
Suppose, if someone earns Rs 1 lakh per month, they may be eligible for a personal loan of up to Rs 20 lakh. Banks also impose upper limits, with some capping personal loans at Rs 25 lakh, while others may go as high as Rs 50 lakh. A strong credit score and low existing debt can increase loan eligibility, while high current loan obligations may reduce the approved amount.
You can get a Rs 40 lakh personal loan, but it will depend on several factors:
To check your eligibility, you can use a personal loan eligibility calculator. You can also explore multiple loan offers through digital lending platforms like Moneycontrol, which offers personal loans up to Rs 50 lakhs in partnership with eight lenders. The interest rates start at 10.5% per annum and it’s a 100% paperless process.
Interest rates vary depending on the lender, applicant’s credit profile and market conditions. Generally, personal loan interest rates range from 10% to 24% per annum. Applicants with excellent credit scores and a strong repayment capacity may get loans at lower interest rates, while those with lower credit scores may be charged a higher rate.
Most lenders offer repayment tenure ranging from 12 months to 84 months (1 to 7 years). A longer tenure reduces the EMI burden, but it also increases the total interest payable. Some lenders may allow prepayment or foreclosure after a certain period, though charges may apply.
Applying for a personal loan is a simple process, both online and offline.
If you don’t qualify for a Rs 40 lakh personal loan, consider these alternatives:
Getting a Rs 40 lakh personal loan is possible if you meet the eligibility criteria. Moneycontrol offers personal loans up to Rs 50 lakhs in partnership with eight lenders, with interest rates starting at 10.5% per annum. The entire process is 100% digital ensuring quick approval and release of the loan amount.
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