What documents are required to apply for a loan with a ₹40,000 salary?

You will only need to provide your PAN card during the video KYC process when applying for a personal loan with FIRSTmoney.

Can I foreclose the personal loan taken through FIRSTmoney?

Yes, FIRSTmoney allows you to foreclose the loan. You can make full payments at any time without any charges, helping you manage your finances better.

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Get Personal Loans approved instantly.

Online personal loan up to ₹10 Lakhs

Get approvals for personal loans up to ₹10 lakh in a flash
Multiple On-demand Loans & flexible EMI tenure
Repay anytime with ZERO foreclosure charges
100% digital process & 24x7 access to funds

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Get approvals for personal loans up to ₹10 lakh in a flash
Multiple On-demand Loans & flexible EMI tenure
Repay anytime with ZERO foreclosure charges
100% digital process & 24x7 access to funds

Overview
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Eligibility
How to apply
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Looking for loans with a ₹40,000 income? Apply for a personal loan online with FIRSTmoney

Q: Can I apply for a personal loan online with a ₹40,000 salary?

Yes, IDFC FIRST Bank allows you to apply online through FIRSTmoney. Simply scan the QR code and fill out the application form on the bank's website and get approval instantly.

Q: How soon can I receive funds after applying for a loan with FIRSTmoney?

Once your loan application is approved, the funds are typically disbursed within minutes, allowing you to access money almost immediately for urgent financial needs.

Q: What is the interest rate for a personal loan with FIRSTmoney?

Interest rates on personal loans through FIRSTmoney vary based on your credit score, loan amount, and repayment history.

With a monthly salary of ₹40,000, you can get reliable personal loans at competitive rates with IDFC FIRST Bank’s FIRSTmoney. FIRSTmoney loans offer instant access to funds without the hassles of extensive paperwork. Whether you need money for medical emergencies, education, or home renovation, FIRSTmoney offers competitive interest rates and zero foreclosure charges.

Features and Benefits of a FIRSTmoney Smart Personal Loan

Foreclosure benefits

Foreclose your loan anytime without concern with FIRSTmoney. You can use the personal loan and repay the used funds in full anytime without incurring a foreclosure charge.

Competitive interest rates

With FIRSTmoney, you enjoy one of the most affordable interest rates starting at just 9.99% per annum. Lower interest rates help you keep your overall loan cost within your budget and meet your financial needs without hassles.

100% digital journey

FIRSTmoney provides a fully digital journey with zero paperwork. You can customise your loan as per your financial requirement along the application process. Simply scan the QR code to start your application.

Flexible loan repayment options

Get the flexibility to choose a loan EMI plan that can be customised to suit your requirements. Opt for any tenure ranging between two months to 60 months to repay your loan without financial stress.

Swift disbursal

Enjoy a completely paperless application process. The advanced technology behind FIRSTmoney makes it easy to access a personal loan instantly with a completely online process.

Eligibility Criteria for Personal Loan on ₹40,000 Salary

Age requirements: Applicants must meet the minimum age criteria i.e., 21 years and should not exceed the maximum age limit of 60 years at the time of loan maturity.

Credit score: A good credit score is essential for getting loan approval. A credit score of 730 and above can help you secure a loan with favourable terms.

Employment status: You should be a salaried or self-employed individual with a stable income source.

Documents Required

No lengthy documentation with FIRSTmoney. All you need is to present your physical PAN card at the time of video KYC during the application process.

Loan Amount and Tenure

Loan Amount

For individuals earning ₹40,000 per month, personal loans are available in amounts ranging from ₹5,000 to ₹10 lakhs. The approved loan offer depends on the bank’s internal policy and your credit profile.

Flexible Tenure Options

You can choose a repayment tenure that ranges from 9 months to 60 months, depending on your financial situation. This flexibility allows you to structure your repayment schedule as per your convenience.

Overview of Interest Rates Offered for a ₹40,000 Salary Bracket

IDFC FIRST Bank offers the most competitive interest rates for ₹40,000 salary bracket, tailored to your financial needs.

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EMI Calculation for ₹40,000 Salary

The bank uses the reducing balance method to calculate the EMI for a personal loan through FIRSTmoney, this technique determines the interest based on the remaining loan balance. While the EMI remains constant throughout repayment, the portion allotted to principal repayment grows while the interest component diminishes over time. Read on for more

How to Apply for a Personal Loan on ₹40,000 Salary

Applying for FIRSTmoney instant personal loan is so easy. Just follow the steps below:

Step 1

Start by scanning the QR code or clicking loan from your smartphone

Step 2

Register using your mobile number and confirm basic/personal details to check your eligibility

Step 3

Choose your loan preferences, including the tenure and repayment terms

Step 4

Link your bank account where you wish the funds to be disbursed

Step 5

Complete the video KYC verification process with your physical PAN card

Get FIRSTmoney Smart Personal Loan of Different Amounts

₹5 lakh Personal Loan

₹4 lakh Personal Loan

₹3 lakh Personal Loan

₹2 lakh Personal Loan

Frequently asked questions

What is the loan eligibility for a ₹40,000 salary with FIRSTmoney?

With a monthly salary of ₹40,000, you can apply for IDFC FIRST Bank’s FIRSTmoney loans. The approved loan amount is based on factors like your credit score and repayment capacity, with loan offers going up to ₹10 lakhs.

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