Get ₹4 Lakh Personal Loan – Instant Online Approval

Check Eligibility

Max. Loan Amt.

Up to ₹75.00 Lakh

Rate of Interest

9.98% - 24.00%

Tenure up to

1 - 6 Years

Processing Fee

₹0.50% to 5% + GST

Hassle-free processQuick Disbursal

Interest Rates for ₹4 Lakh Personal Loan

Banks and NBFCs generally offer personal loans starting from 9.98% p.a., with repayment tenures of up to 6 years. However, the exact rate you qualify for depends on multiple factors, including your credit history, monthly income, employment stability, and employer profile.

To secure the best deal, it is advisable to compare offers from different lenders before applying. Even a small difference in interest rates can lead to significant savings over the loan tenure.

₹4 Lakh Personal Loan: Fees & Charges

Particulars	Charges
Loan Processing Fees	0.50% to 5% of the sanctioned loan amount + GST
Foreclosure/Prepayment Charges	Nil to 4% of the principal outstanding
Loan Cancellation Charges	Around ₹3,000 (varies by lender)
Penal Charges	Usually 2% per month (24% p.a.) on overdue amount
Prepayment/Part-prepayment	- Nil for floating-rate loans - Around 2%–5% of outstanding principal for fixed-rate loans
Documentation Charges	As per lender’s policy
EMI Bounce Charges	Approximately ₹500 per instance

Note: These charges are indicative and may vary across lenders. Always review the loan agreement carefully before applying.

Personal Loan EMI Calculator

Principal Loan Amount *

Interest Rate (% p.a) *

Loan Term (Years) *

Total Repayment = Principal + Interest

Monthly EMI

Rs. 0

Total Interest

Rs. 0

Total Repayment

Rs. 0

Apply for Best 4 Lakh Personal Loan with MybankingTips

Apply Now

EMI Calculation for ₹4 Lakh Personal Loan @10.50% p.a. (1–5 Years)

Tenure	Interest Rate (p.a.)	Loan Amount	EMI	Total Interest	Total Payable
1 year	10.50%	₹4,00,000	₹35,259	₹23,113	₹4,23,113
2 years	10.50%	₹4,00,000	₹18,550	₹45,210	₹4,45,210
3 years	10.50%	₹4,00,000	₹13,001	₹68,035	₹4,68,035
4 years	10.50%	₹4,00,000	₹10,241	₹91,585	₹4,91,585
5 years	10.50%	₹4,00,000	₹8,598	₹1,15,854	₹5,15,854

Note: The actual EMI may vary based on the lender’s final offer, which depends on factors such as interest rate, loan amount, and tenure mentioned in the loan agreement.

Features & Benefits of ₹4 Lakh Personal Loan

A personal loan of ₹4 lakh is designed to meet short-term financial needs such as weddings, travel, shopping, medical expenses, or home renovation. Below are the key features and benefits:

Loan Amount: ₹4 lakh (can be higher, depending on eligibility and lender policies)
Interest Rate: Starting from 9.98% p.a.
Processing Fees: 0.50% to 4% of the sanctioned loan amount
Repayment Tenure: Flexible tenure of up to 6 years
Quick Processing: Instant approval and fast disbursal, especially for pre-approved applicants
Prepayment Option: Available after a minimum of 6 months, subject to lender terms

Eligibility Criteria for ₹4 Lakh Personal Loan

While exact requirements vary across banks, NBFCs, and Fintech lenders, the commonly accepted eligibility criteria include:

Age: Between 18 and 60 years
Credit Score: Preferably 750 or higher for smooth approval and better interest rates
Employment Type:
- Salaried: Should be employed with a reputed private company, MNC, PSU, or government organization
- Self-employed: Must show stable business income
Net Monthly Income: Minimum ₹15,000 (threshold may be higher in metro cities)
Work/Business Experience:
- Salaried: At least 1 year in the current job
- Self-employed: Typically 3 years of continuous business operations

Apply for Best 4 Lakh Personal Loan with MybankingTips

Apply Now

Documents Required for ₹4 Lakh Personal Loan

Applicants usually need to submit the following documents:

Identity Proof: PAN Card, Aadhaar Card, Passport, Voter ID, or Driving License
Address Proof: Aadhaar Card, Passport, Voter ID, Utility Bill (Electricity/Water/Gas), or Rent Agreement
Income Proof:
- Salaried: Salary slips, Form 16, recent bank statements
- Self-employed: Previous years’ ITR, audited financial statements, bank statements
Additional Documents: Passport-size photographs and duly filled application form

Amoun Wise Personal Loan

Lender Wise Personal Loan

Why Choose Mybanking tips?

Compare & Choose the Best Offer

Pre-approved Offers with Instant Disbursals

Know Your Chances of Approval

End-to-End Digital Process

Frequently Asked Questions

Everything you need to know about this personal loan

The total interest depends on the loan tenure and interest rate offered. For example, at 10.50% p.a., interest payable over 5 years would be about ₹1,15,854.

At 10.50% p.a., the EMI for 5 years is approximately ₹8,598 per month.

Most lenders require proof of income (salary slips, ITR, bank statements). Some may consider pre-approved or existing customers for a loan without additional proof, but this is rare.

A CIBIL score of 750 or above is usually preferred. Applicants with lower scores may still qualify but at higher interest rates.

Banks and NBFCs offer personal loans at competitive rates starting from 9.98% p.a. The exact rate depends on your profile, income, credit score, and relationship with the lender.

Most lenders require a minimum monthly income of ₹15,000–₹25,000, depending on the city and the lender’s internal policies.

With digital processing, approval can be granted within a few minutes to a few hours for eligible applicants. Disbursal may take 24–48 hours.

Yes, personal loans are multipurpose and can be used for weddings, medical bills, education, travel, or any personal need.

Identity proof (PAN, Aadhaar, Passport, Voter ID)
Address proof (Aadhaar, Passport, Utility Bills, Rent Agreement)
Income proof (last 1–2 years’ ITR, audited financials, bank statements)
Recent passport-size photographs

No, personal loans are unsecured, meaning no collateral or security is needed.

Yes, most lenders allow prepayment/foreclosure after a lock-in period (usually 6–12 months), with charges ranging from 1% to 5% of the outstanding loan amount.

You can check online through lender websites or trusted financial platforms by entering details such as income, age, employment type, and credit score.

4 Lakh Personal Loan

Interest Rates for ₹4 Lakh Personal Loan

₹4 Lakh Personal Loan: Fees & Charges