Personal Loan of 4 Lakh

Features & Benefits of Rs. 4 lakh Personal Loan

Here are the features and benefits of availing a Rs. 4 lakh personal loan on Paisabazaar, typically useful for meeting short-term needs, such as wedding, travel, shopping, or medical emergencies:

• Loan Amount: Rs. 4 lakh (may exceed as per requirements)
• Interest Rate: 10.50% p.a. onwards
• Processing Fees: 0.50% to 4% of the sanctioned loan amount
• Repayment Tenure: Up to 6 years
• Instant approval and disbursal for pre-approved customers
• Pre-payment option: Allowed after minimum 6 months

Benefits of Rs. 4 lakh personal loan

• Unsecured loan: No collateral/security required
• No End-use restriction, besides speculation activities
• Easy Online, paperless and end-to-end digital process
• Joint applicant allowed
• Quick access to funds
• Instant approval and quick disbursal

Interest Rates for Rs. 4 Lakh Personal Loan

Lending institutions offer personal loans at an interest rate of 10.50% p.a. onwards with repayment tenue up to 6 years. To get the exact interest rate for Rs. 4 lakh personal loan, you shall need to check and compare from various lenders offering personal loan for the desired loan amount. The rate of interest offered to you would depend on factors like your credit history, income, employment stability, employer’s profile, etc.

Top Banks & NBFCs Offering Rs. 4 Lakh Personal Loan

Leading Public Sector Banks Providing Personal Loans at Attractive Interest Rates

Lender	Interest Rates (p.a.)	Loan Tenure	Processing Fees
Bank of Maharashtra	9.75%-14.55%	Up to 7 years	Up to 1% of the loan amount (Max. Rs 15,000)
Indian Bank	9.85%-15.25%	Up to 7 years	Up to 1% of the loan amount
SBI	10.30%-15.30%	Up to 7 years	Up to 1.50% of the loan amount (Min. Rs 1,000; Max. Rs 15,000)
Indian Overseas Bank	10.50%-13.90%	Up to 7 years	Up to 0.75% of the loan amount
Canara Bank	10.70%-16.15%	Up to 7 years	Up to 0.50% of the loan amount (Rs 1,000 to Rs 5,000)- 50% off on processing fee

Top Private Sector Banks Offering Personal Loans at Competitive Interest Rates

Lender	Interest Rates (p.a.)	Loan Tenure	Processing Fees
Bandhan Bank	9.47% onwards	Up to 5 years	Up to 3% of the loan amount
IndusInd Bank	10.49% onwards	Up to 7 years	Up to 3.5% of the sanctioned loan amount
ICICI Bank	10.85%-16.65%	Up to 6 years	Up to 2% of the loan amount
HDFC Bank	10.90% to 24.00%	Up to 6 years	Up to Rs 6,500
Kotak Mahindra Bank	10.99% onwards	Up to 6 years	Up to 5% of the loan amount

EMI on Rs. 4 Lakh Loan – Example by Tenure

Let’s look at the personal loan EMI amounts for various loan tenures (Calculate your EMI before you Apply)

EMI Calculation for Rs. 4 Lakh Loan @10.50% p.a. for Tenure of 1-5 Years. 

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

Note: The exact personal loan EMI is determined by the lender and will be specified in the loan agreement based on the interest rate, loan amount, and loan tenure.

Eligibility Criteria for Rs. 4 Lakh Personal Loan

Eligibility criteria for a Rs. 4 lakh personal loan shall vary and depends on the lenders, such as banks, NBFCs, or Fintech companies. However, here are the common eligibility factors set by most institutions in India:

• Age: Usually between 18 to 60 years
• Credit Score: Preferably 750 or above
• Employment: Salaried (working with a reputed employer) or Self-employed
• Net Monthly Income: Minimum Rs. 15,000 (varies as per geographic location)
• Work Experience: Salaried – At least 1 year in current job & Self-employed: Usually, 3 years of business continuity

Documents Required for Rs. 4 lakh Personal Loan

Below stated is a list of basic required documents for a Rs. 4 lakh personal loan in India. These documents are accepted across most Fintech lenders, banks and NBFCs:

• Identity Proof: PAN Card, Aadhaar Card, Passport, Voter ID, Driving License
• Address Proof: Aadhaar Card, Voter ID, Passport, Utility Bill (Electricity/Water/Gas), Rent Agreement
• Income Proof: Salary Slips, Bank Statements, Form 16, Previous Years’ ITR

How to Apply for Rs. 4 Lakh Loan via Paisabazaar

Follow the below mentioned simple steps for applying for a Rs 4 lakh personal loan at Paisabazaar:

Step 1: Visit the official website of Paisabazaar on web or app

Step 2: Enter your mobile number in the application form and enter the received OTP to authenticate

Step 3: Fill in your personal details

Step 4: Select the loan amount as per your requirement

Step 5: Check and compare the loan options available offers various banks and NBFCs

Step 6: Apply for the best-suited personal loan and proceed with the loan formalities

Fees & Charges

Below listed are the common fees & charges you might incur on a Rs. 4 lakh personal loan in India.

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	Rs. 3000 (Approx.) – As per lender
Penal Charges	Usually @ 2% per month; 24% p.a.
Prepayment/Part-prepayment/Foreclosure Charges	Nil – Floating Usually around 2% – 5% on the principal outstanding – Fixed
Documentation Charges	Depends on lender
EMI Bounce charge	Rs. 500 per instance

Note: The above-mentioned fees and charges are basic in nature and shall vary from lender to lender.

Where Can I use Rs. 4 Lakh Personal Loan

You can use Rs. 4 lakh personal loan for various purposes, such as buying gadgets and appliances, wedding expenses, medical emergencies, home renovation, education, debt consolidation, etc. The availed personal loans come with No End-Use Restrictions, however cannot be used for speculative activities.