₹4 Lakhs Personal Loan

During a financial requirement or while planning a large purchase, a personal loan of ₹4 Lakhs offers a practical option. This collateral-free loan allows you to utilise the funds as required, supported by an instant online application process.

For example, borrowing ₹4 Lakhs for a 3-year tenure at an interest rate of 9.99% per annum results in an approximate EMI of ₹12,905. The total interest paid during the loan tenure comes to about ₹64,579, and the total repayment amount is approximately ₹4.64 Lakhs. 

This structure enables easy management of monthly outgo while supporting your financial goals. Choosing a shorter tenure, such as 1 year, increases the EMI to around ₹35,164 but reduces the overall interest cost to approximately ₹21,973. 

With limited paperwork and no need for collateral, this loan offers a straightforward and efficient borrowing experience.

You can determine your personal loan EMI using the formula based on the loan amount, rate of interest, and loan tenure.

EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]

Where:

• P = Loan amount

• R = Monthly interest rate (Annual interest rate/12/100)

• N = Loan tenure in months.

For example, you borrow a personal loan of ₹4 Lakhs at an interest rate of 9.99% per annum for 60 months. In this case, your calculated EMI is ₹8,497. You have to pay a total interest of approximately ₹1,09,811 over the loan term. Your overall repayment amount reaches ₹5,09,811.

Some common requirements you need to fulfil to get a ₹4 Lakhs loan are as follows:

1. You must be an Indian citizen

2. The minimum age must be 18 years or older 

3. You must either be a salaried or self-employed individual 

4. You must have a minimum work experience of 1 year

5. Your CIBIL score to get a 4 Lakhs personal loan should be 750+. You can easily check your CIBIL score online if you are unaware of your recent score.

6. The minimum monthly income must be at least ₹10,000

This criterion may differ from one lender to another. So, ensure to get a complete list of the requirements from your lender before applying. 

Also, be sure to keep the documents listed here handy for a seamless application process and to avoid any delay. These include:

If you fulfil the required eligibility criteria and are ready to apply, then, here are the steps you can follow to apply both on App and website:

1. Click here to access the application page

2. From the dropdown menu, select your profession

3. Enter your mobile number and PIN code

4. Review and accept the terms and conditions

5. Click ‘Proceed’ to move forward

6. On the following screen, fill in the required details, such as, PAN number, name (as per PAN) and date of birth. Also, fill details for net monthly salary, employer category, company or employer name, email ID, gender, salary credit mode (whether through bank account or cash)

7. Once all information is entered, click ‘Submit’

8. You’ll be shown eligible loan offers based on your inputs

9. Select your preferred offer, choose the loan tenure, and submit your application

You’ll then be redirected to the lender’s website to complete the remaining steps, such as KYC, e-mandate, and disbursal.

Note: This process is only for salaried individuals. If you select self-employed under profession, you’ll be taken to a different page where you’ll need to provide details like monthly turnover. Please follow the instructions as prompted.

Your CIBIL score, which ranges from 300 to 900, serves as a key indicator of your creditworthiness. A personal loan can affect this score both before and after approval in the following ways:

• Pre-Approval Impact

When you apply for a personal loan, lenders carry out a hard inquiry on your credit report. This action can temporarily reduce your score, particularly when multiple applications are made within a short span. 

• Post-Repayment Impact

Timely EMI payments help enhance your credit score by reflecting responsible credit behaviour. Consistent repayment strengthens your credit profile, which increases your chances of securing loans on favourable terms in the future.

A ₹4 Lakhs personal loan provides flexible funding to address a wide range of needs. You can use the amount for urgent requirements, as outlined below.

• Business Expansion

Use the funds to invest in inventory, marketing, or upgrade infrastructure without affecting your working capital.

• Travel

Plan a domestic or international holiday, book flights and accommodations, or cover all related travel expenses.

• Home Renovation

Whether undertaking a minor makeover or a complete remodel, a personal loan supports improvements to your living space.

• Medical Emergency

Access funds promptly for hospital bills, surgeries, or treatments. This ensures financial preparedness during critical situations.

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.