Interest rates on a 40 lakh personal loan vary widely between lenders, usually ranging from 10.5% to 18% per annum. Your final rate depends on your credit score, income level, employment type, and banking relationship with the lender. Public sector banks often offer lower rates but stricter eligibility, while NBFCs may approve faster with slightly higher rates. Before choosing a lender, compare the annual percentage rate, not just the headline interest rate, since processing fees and other charges affect the true cost of borrowing. A small difference in rate can mean a large difference in total interest paid over a tenure of five to seven years. Always ask for the rate in writing before you sign anything.