4 Lakh Personal Loan

Applying for a ₹4 lakh personal loan is a quick and hassle-free process, as most lenders allow you to complete the application online within minutes. A loan of this amount can help you manage a wide range of expenses, including medical emergencies, education costs, weddings, home renovations, travel, or even debt consolidation.

Many banks and NBFCs offer ₹4 lakh personal loans at competitive interest rates with flexible repayment tenures ranging from 1 to 5 years. Approval is usually based on factors like your income, credit score, and repayment capacity. With minimal documentation and instant disbursal, a ₹4 lakh personal loan is an excellent choice when you need urgent funds without pledging any collateral.

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

Total Repayment = Principal + Interest

Monthly EMI

Rs. 0

Total Interest

Rs. 0

Total Repayment

Rs. 0

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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

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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 

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

  • ✔Step 1: Enter your mobile number in the application form
  • ✔Step 2: Provide your personal details
  • ✔Step 3: Enter OTP to verify your mobile number
  • ✔Step 4: Select the loan purpose and loan amount
  • ✔Step 5: Compare offers and apply for the best-suited loan
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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.

  1. Identity proof (PAN, Aadhaar, Passport, Voter ID)
  2. Address proof (Aadhaar, Passport, Utility Bills, Rent Agreement)
  3. Income proof (last 1–2 years’ ITR, audited financials, bank statements)
  4. 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.

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