A 40,000 euro loan can be requested from a bank or other financial company, even without specifying the purpose of the loan. There is in fact an important distinction between various types of financing: personal loans allow the applicant to obtain a certain sum without linking it to a specific spending purpose, while the finalized loans are granted precisely in order to pursue a particular purpose, so that the money it cannot be used for other expenses. The typical example is consumer credit, that is those forms of financing that allow the purchase of a car or other durable goods, such as a household appliance.
However, it is possible to request a sum of around € 40,000 in the form of a personal loan
Usually, these loans are granted more easily to employees, who are able to present their salary as a guarantee of a stable income. In fact, the bank expects to be guaranteed about the repayment of the disbursed capital and the interest, at a fixed or variable rate. Obviously, the amortization plan will provide for repayment installments of a predetermined frequency, usually on a monthly basis.
Those who need this amount can apply to various banks or online lenders, each with their own promotions, which could include different deadlines, interest rates and repayment methods. The best way to find out is to compare the seemingly more advantageous offers to choose the right one.
However, we can give you some indication of a possible € 40,000 loan
When a similar amount is required, an amortization plan of 4-7 years can be expected. It may be that the banks are also exposed for longer periods, allowing the user to face lower monthly installments because they are spread over several years, but usually longer maturities are granted for more substantial loans.
As far as the interest rate is concerned, the TAN, nominal annual rate, can also be around 8.5 – 9%, while the APR, the annual percentage rate that also counts ancillary expenses, will be slightly higher. Assuming a deadline of 84 months, with a TAN of 8.80%, the monthly payment would be 639.44 euros. However, these are purely informative indications: always carefully examine the single offer that interests you.