Personal loan interest rates usually start from 9.99% p.a. onwards. Lenders offer interest rates depending on the credit profile and repayment capacity of the applicant. Applicants with an excellent credit profile and strong repayment capacity are usually offered lower personal loan interest rates and higher loan amounts. Some lenders also offer personal loan to applicants having a poor credit profile or no credit history, but at higher interest rate.
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How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
Personal Loan Interest Rates for Loan Amount of Rs 40 Lakh
Fees and Charges for Personal Loan of Rs 40 Lakh
| Particulars | Charges |
|---|---|
| Processing Fees | Up to 4% of the loan amount |
| Prepayment Charges | Up to 5% of the outstanding loan amount |
| Penal Charges | Up to 2% p.a. |
| EMI Bounce Charges | Rs 400 |
Who is Eligible for a Personal Loan of Rs 40 Lakh
Lenders usually set the personal loan eligibility of their applicants after factoring in their age, credit score, employment profile, employer’s profile, monthly income, EMI/NMI ratio, etc. Individuals who are eligible to avail a personal loan of Rs 40 lakh are mentioned below:
Documents Required During Personal Loan Application
Below-mentioned are the personal loan documents required during personal loan application.
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EMI Calculation for Personal Loan of Rs 40 Lakh
Below-mentioned is the EMI of personal loan of Rs 40 lakh offered @ 9.99% p.a. various tenures. Applicants can use online personal loan EMI calculators to calculate the same.
| Loan Amount (Rs) | Tenure | Interest Rate | EMI (Rs) |
|---|---|---|---|
| 4000000 | 1 year | 9.99% | 3,51,645 |
| 4000000 | 2 years | 9.99% | 1,84,561 |
| 4000000 | 3 years | 9.99% | 1,29,050 |
| 4000000 | 4 years | 9.99% | 1,01,431 |
| 4000000 | 5 years | 9.99% | 84,968 |
How to Apply for a Personal Loan of Rs 40 Lakh through Paisabazaar App
Step-by-step process of applying for personal loan of Rs 40 lakh though Paisabazaar app:
How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
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FAQs
On what factors does the loan amount offered to the applicants depends?
The loan amount offered to the applicants depends on the repayment capacity, credit score and monthly income of the applicant.
What is the offered on personal loan of Rs 40 lakh?
Lenders usually offer interest rates starting from 9.99% p.a. depending on the credit profile of the applicant. However, some PSU banks might offer lower interest rates to their personal loan applicants.
How can I calculate the total interest cost of my personal loan?
You can calculate the total interest cost of your personal loan with the help of personal loan EMI calculator. All you need to do is enter the loan amount, interest rate and loan tenure and get the total EMIs and interest cost instantly.
What is the interest cost of personal loan of Rs 40 lakh offered at 9.99% p.a. and for tenure of 7 years?
The total interest cost of personal loan of Rs 40 lakh offered at 9.99% p.a. and for tenure of 7 years would be Rs 15,76,262.
What is the total interest cost of personal loan of Rs 40 lakh offered at 9.99% p.a. and for tenure of 5 years?
The total interest cost of personal loan of Rs 40 lakh offered at 9.99% p.a. and for tenure of 5 years would be Rs 10,98,110.
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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