Personal Loan on a salary up to Rs. 40,000

Personal Loan on a salary up to Rs. 40,000

A personal loan on a Rs. 40,000 salary can be your first step to building a credit history, if the equated monthly instalment (EMI) stays comfortable. See eligibility, documents and what a first loan costs.
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Rs. 40,000 - Rs. 55 lakh

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Key Takeways

 
 

Last updated: 13th October, 2026



In summary

A personal loan on a Rs. 40,000 salary is often a borrower's first loan. The amount you can get depends on your credit score, employer and existing obligations, and the way you repay shapes your credit for years.


  • Bajaj Finance Personal Loan amounts range from Rs. Rs. 40,000 to Rs. Rs. 55 lakh, subject to eligibility.
  • The interest rate ranges from 10% to 30.5% per annum.
  • A CIBIL score of 650 or higher is a listed criterion.
  • Rs. 1.5 lakh at 18% per annum costs Rs. 7,489 a month over 24 months (2 years).

  • Every on-time EMI adds to your repayment history.


Keep your first EMI well within your budget. The Bajaj Finance eligibility calculator shows what you may qualify for before you apply.

What does a Rs. 40,000 salary mean for a personal loan?

A personal loan is an unsecured loan you repay in EMIs, without collateral. On a Rs. 40,000 salary, the question is not only whether you qualify but how large an EMI you can carry every month without strain. The headline maximum of Rs. Rs. 55 lakh is the product limit, not the amount a Rs. 40,000 earner can expect.


Check your likely amount against the personal loan eligibility criteria, which consider your city and profile.

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Why does a first loan matter for your credit?

If you have never borrowed before, you may have a thin credit history. Lenders then have less to go on, which can affect the rate you are offered. A first personal loan, repaid on time, builds the record that future lenders look at.


The table shows how first-loan behaviour affects your credit profile.


What you doEffect on your credit profile
Pay every EMI on timeBuilds a positive repayment history
Miss or delay an EMICan lower your score and add bounce charges
Apply to several lenders at onceMultiple enquiries can lower your score
Borrow only what you can repayKeeps repayment comfortable, so you stay on time

The simplest way to protect your score is to choose an EMI you can always pay.

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What are the key features?

On a first loan, a few features matter more than the headline amount. These apply to a Bajaj Finance Personal Loan at any salary level:

  • Tenure: 12 months to 108 months (1 years to 9 years).
  • Online application: You can complete the application in about 5 minutes.
  • Documents: Proof of identity, income and employment.
  • Flexi variants: Withdraw from a limit and pay interest only on the amount used.
  • Disbursal: Funds may reach your account within 24 hours* of approval, subject to verification.
  • Pre-approved offers: Existing customers may have an offer; check yours online.

  • Online account management: Track EMIs and your balance in the My Account portal.


*Terms and conditions apply. 


For a first loan, the tenure choice matters most, as the next example shows.

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What will a first loan cost?

Worked example: Tanvi in Bhubaneswar

Tanvi is 24 and works as a salaried customer service executive in Bhubaneswar. She earns Rs. 40,000 a month, has no existing loans and a CIBIL score of 690 from one credit card. She needs Rs. 1.5 lakh for a skills course and a laptop. Her offer comes at an illustrative 18% per annum.


EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1], where R is the monthly rate and N is the tenure in months. All figures are rounded to the nearest rupee.


TenureMonthly EMITotal interestEMI as share of salary
24 months (2 years)Rs. 7,489Rs. 29,72718.7%
36 months (3 years)Rs. 5,423Rs. 45,22313.6%

The 36-month option lowers the EMI by Rs. 2,066 but adds Rs. 15,496 in interest. The processing fee on Rs. 1.5 lakh is up to Rs. 6,195. Tanvi picks 36 months because a smaller EMI makes it easier never to miss a payment on her first loan. She plans to part-prepay later if her salary rises.


What can delay approval: a CIBIL score below 650, high existing EMIs relative to income, mismatched document details or several recent loan applications.

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What are the eligibility criteria and documents required?

The Bajaj Finance Personal Loan eligibility criteria are listed below, as on the product page. MNC stands for multinational company.


CriterionRequirement
NationalityIndian
Age21 years to 80 years.
Employed withPublic, private, or MNC.
CIBIL Score650 or higher.
Customer profileSelf-employed or Salaried

*You should be 80 years or younger, at the end of the loan tenure.


Meeting these criteria does not guarantee approval, which depends on verification and credit assessment.


You may need the following documents, including Know Your Customer (KYC) documents and a Permanent Account Number (PAN) card, subject to your profile and application:

  • KYC documents: Aadhaar/ passport/ voter's ID/ driving license/ Letter of National Population Register/ NREGA job card
  • PAN card
  • Employee ID card
  • Salary slips of the last 3 months
  • Bank account statements of the previous 3 months
  • Piped gas bill
  • Pension order
  • Letter of Allotment of Accommodation Issued by Employer
  • Property / Municipal tax receipt
  • Utility bill
  • Phone bill

  • Real-time image / photograph


Confirm the final list during your application, since not every applicant needs every document.

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What interest rate and charges apply?

The table lists the main charges from the Bajaj Finance fees page.


ChargeAmount
Interest rate10% to 30.5% per annum
Processing feeUp to 4.13% of the loan amount, inclusive of applicable taxes
Bounce chargesRs. 700 to Rs. 1,200 per bounce
Part-prepayment (Term Loan)Up to 4.72% of the principal prepaid, inclusive of applicable taxes
Part-prepayment (Flexi Loans)No charge

Review the personal loan interest rates page for the full list, and read your Key Fact Statement before you accept.

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How do you apply?

You can apply for a Bajaj Finance Personal Loan online in five steps:

  1. Check loan eligibility: Enter the required loan amount and repayment period, then click "CHECK LOAN OFFER".
  2. Enter personal details: Enter personal, financial and employment details to receive a personalised offer.
  3. Loan offer: Review the offer details and adjust the amount or tenure to suit the applicant's needs.
  4. KYC verification: Complete KYC and verify bank details.

  5. Talk to loan specialist: The application is submitted and an executive contacts the applicant about the next steps.


The process may differ for new and existing customers, and some customers may need to provide additional documents. Keep your salary slips and bank statements ready, since first-time borrowers are often asked for them.

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What mistakes should first-time borrowers avoid?

First loans go wrong in predictable ways. Avoid these four:

  1. Taking the full offer: Borrow only what you need, even if your limit is higher.
  2. Choosing the shortest tenure by habit: A higher EMI you might miss costs more than a little extra interest.
  3. Ignoring the fee: The processing fee is up to 4.13% of the loan amount.

  4. Applying everywhere at once: Several enquiries in a short span can lower your score.


Getting these right on your first loan makes the next one easier to get, often at a better rate.

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How do you keep your first loan on track?

A first loan is easier to manage when repayments run on autopilot. These habits help:

  • Set up auto-debit: Link your salary account so each EMI is paid on the due date.
  • Keep a buffer: Hold at least one EMI in your account a few days before the due date.
  • Track the loan: Check your balance and schedule in the My Account portal every few months.

  • Check your CIBIL report: Confirm that each paid EMI appears correctly, and raise a dispute if it does not.


These habits protect your score and avoid bounce charges of Rs. 700 to Rs. 1,200 per bounce. Once your first loan closes on time, your stronger history can help with your next application.

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Key offerings: 3 loan types

  • Flexi Hybrid Loan
  • Flexi Dropline Loan
  • Term Loan

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    You can pay interest-only EMIs for up to 36 months, after which, the EMI will consist of both, the principal and the interest. EMI is applicable only on the withdrawn amount.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest on the loan amount you withdraw.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Amount disbursed in one go
    The entire loan amount is disbursed at the start.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest.

  • Flexi facility charges
    No Flexi facility charges.

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of interest per annum

10% to 30.5% p.a.

Processing fees

Up to 4.13% of the loan amount (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable

Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes)

Will be deducted upfront from loan amount.

Bounce charges

Rs. 700 to Rs. 1,200/- per bounce

“Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.

Part-prepayment charges

Full Pre-payment:

  • Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment

  • Flexi Term (Dropline) Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

  • Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

Part Pre-payment

  • Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.

  • Not Applicable for Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan.

Penal charge

Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term (Dropline) Loan:

Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.


Flexi Hybrid Term Loan:

Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure

Credit guarantee scheme feeUp to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount
Credit guarantee scheme renewal feeUp to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year.
*Renewal Fee to be collected only for 3 subsequent financial years.
 
**If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated.

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Frequently asked questions

First loan

Amount and cost

Can you get a personal loan with no credit history?

You can apply if you meet the eligibility criteria, but a thin or missing credit history gives lenders less to assess, which can affect the rate or amount. Bajaj Finance lists a CIBIL score of 650 or higher as a criterion. Using a credit card responsibly for a few months first can help build a score.

Each EMI you pay on time is reported to credit bureaus and adds to your repayment history, a major factor in your CIBIL score. Over the loan's tenure, a clean record shows future lenders that you repay reliably. Missing or delaying EMIs has the opposite effect and can also add bounce charges.

It depends on your credit score, existing obligations, employer and city, so there is no fixed figure. As a guide, Tanvi's Rs. 1.5 lakh loan costs Rs. 5,423 a month over 36 months (3 years), about 13.6% of a Rs. 40,000 salary. Use the eligibility calculator for an estimate based on your own details.

A longer tenure lowers the EMI, which makes it easier never to miss a payment while you build your credit history. It also raises total interest: Tanvi's 36-month (3-year) loan costs Rs. 15,496 more than 24 months (2 years). If your salary rises, a Flexi Loan lets you part-prepay without a charge to cut that interest.

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000