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₹4 Lakh Personal Loan

Be it a medical emergency, a down payment, or any other urgent requirement, a personal loan of ₹4 Lakhs can help. 

...

You can get the ₹4 Lakh loan on Bajaj Markets through a quick digital application process, anytime, anywhere.

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Your Personal Loan EMI
₹ 13,286
Total Interest Amount
₹ 78,286
Principal Amount
₹ 4,00,000
Total Payable Amount
₹ 4,78,286
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months drop-down-img
  • Years
- +
Min value reached
Max value reached
Instant Approval

With minimal documentation and fast approvals, the ₹4 Lakh personal loan ensures that you receive the funds when you need them the most.

...

 It serves as a convenient and accessible financial solution for both planned and unexpected expenses.

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Overview

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.

Compare ₹4 Lakhs Personal Loan Interest Rates by Various Banks & NBFCs

You can check the interest rates offered by lenders that provide a ₹4 Lakh personal loan on Bajaj Markets:

Lender

Min. Loan Amount

Min. Interest Rate

Max. Tenure

Processing Fee

Privo (Credit Saison)

₹5 Lakhs

9.99% p.a.

60 months

1% to 3% of the loan amount + GST

Bajaj Finance

₹55 Lakhs

10% p.a.

96 months

Up to 3.93% of the loan amount (Inclusive of applicable taxes)

Kotak Mahindra Bank

₹40 Lakhs

10.99% p.a. 

72 months

Up to 1.50% of the loan amount + GST

Federal Bank

₹5 Lakhs

11% p.a.

48 months

2% to 3% of the loan amount + 18% GST

L&T Finance

₹15 Lakhs

12% p.a.

48 months

Up to 3% of the loan amount + GST

SMFG India Credit

₹25 Lakhs

12% p.a.

60 months

0% to 6% of the loan amount

YES BANK

₹50 Lakhs

12.50% p.a.

72 months

1.15% to 2.75% of the loan amount

Kissht

₹4 Lakhs

14% p.a.

24 months

3% to 5% of the loan amount

Fibe

₹5 Lakhs

14% p.a.

36 months

Up to 2% of the loan amount

KreditBee

₹5 Lakhs

14% p.a.

24 months

Up to 3% of the loan amount

Muthoot Finance

₹10 Lakhs

14.50% p.a.

60 months

2% to 4% of the loan amount

PaySense

₹5 Lakhs

14% p.a.

60 months

2% to 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher)

Finnable

₹10 Lakhs

15.95% p.a.

60 months

Up to 3% of the loan amount

moneyview

₹10 Lakhs

16% p.a. (1.33% p.m.)

60 months

Starts from 2% of the approved loan amount

InCred

₹10 Lakhs

16% p.a.

60 months

2% to 5% of the sanctioned amount

IIFL

₹5 Lakhs

18% p.a.

42 months

2% to 6% of the loan amount + GST

MoneyTap

₹5 Lakhs

18% p.a.

36 months

5% to 10% of the loan amount

Upwards

₹5 Lakhs

18% p.a.

36 months

Up to 4% of the loan amount

Zype

₹5 Lakhs

18% p.a.

12 months

2% to 6% of the loan amount

Disclaimer: The mentioned rates are subject to change at the lender’s discretion.

₹4 Lakh Personal Loan EMI for Different Tenures

Let’s assume you took a ₹4 Lakh loan at an interest rate of 9.99% p.a. The EMI for this loan across various tenures will be as follows:

Tenure

EMI Amount

Interest Rate 

Total Interest Payable

Total Repayment Cost

₹4 Lakh Loan for 1 year 

₹35,164

9.99% p.a.

₹21,974

₹4,21,974

₹4 Lakh Loan for 2 years 

₹18,456

9.99% p.a.

₹42,947

₹4,42,947

₹4 Lakh Loan for 3 years 

₹12,905

9.99% p.a.

₹64,580

₹4,64,580

₹4 Lakh Loan for 4 years 

₹10,143

9.99% p.a.

₹86,869

₹4,86,869

₹4 Lakh Loan for 5 years 

₹8,496

9.99% p.a.

₹1,09,810

₹5,09,810

₹4 Lakh Loan for 6 years 

₹7,408

9.99% p.a.

₹1,33,398

₹5,33,398

₹4 Lakh Loan for 7 years 

₹6,638

9.99% p.a.

₹1,57,626.19

₹5,57,626.19

₹4 Lakh Loan for 8 years 

₹6,067

9.99% p.a.

₹1,82,484

₹5,82,484

Disclaimer: Note that these are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

₹4 Lakh Personal Loan: Fees and Charges

Before applying for a ₹4 Lakh personal loan, you need to go through all the fees and charges involved. These include processing charges, prepayment fees, or foreclosure charges, which have the potential to increase your overall repayment amount. 

Fees and Charges

Details

Processing Fees

Up to 12% of the loan amount 

Foreclosure Charges

Up to 6% of the amount  

Part-payment Charges

Up to 25% of the amount

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

How to Calculate Your Personal Loan EMI

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.

Eligibility & Documents for a Personal Loan of ₹4 Lakhs

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

  • You must be an Indian citizen

  • The minimum age must be 18 years or older 

  • You must either be a salaried or self-employed individual 

  • You must have a minimum work experience of 1 year

  • Your CIBIL score must be 750 or more 

  • 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:

Identity Proof (any one of the following):

  • PAN Card

  • Aadhaar Card

  • Voter ID

  • Passport

  • Driving Licence

Address Proof (any one of the following):

  • Aadhaar Card

  • Voter ID

  • Passport

  • Driving Licence

  • Electricity Bill

  • Telephone Bill

Income Proof (any one of the following):

  • Bank statements

  • Salary slips for the last 3 months

How to Apply for a Personal Loan of ₹4 Lakhs

Ready to apply? Here are the steps you can follow to apply simply.

  • Click on ‘Apply for a personal loan’

  • Enter your basic details to fill the application form 

  • Choose a loan amount and comfortable tenure 

  • Submit the form to complete the application 

Once you've completed these steps, a representative will be in touch to guide you through the rest of the process.

Amortisation Table for a Personal Loan of ₹4 Lakhs

The amortisation table below provides a detailed breakdown of your loan EMI across the tenure. This enables you to track the outstanding balance after each payment. 

Months 

Payable Amount

Principal

Interest

Balance

Month 1

₹ 68,623

₹ 65,293

₹ 3,330

₹ 3,34,707

Month 2

₹ 68,623

₹ 65,836

₹ 2,786

₹ 2,68,871

Month 3

₹ 68,623

₹ 66,384

₹ 2,238

₹ 2,02,487

Month 4

₹ 68,623

₹ 66,937

₹ 1,686

₹ 1,35,550

Month 5

₹ 68,623

₹ 67,494

₹ 1,128

₹ 68,056

Month 6

₹ 68,623

₹ 68,056

₹ 567

₹ 0

Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

Impact of Pre and Post-Personal Loan Approval on CIBIL Score

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.

Uses of a ₹4 Lakh Personal Loan

A ₹4 Lakh 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.

Other Instant Personal Loan Options

Disclaimer

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.

 

Frequently Asked Questions

4 Lakh Personal Loan
How can I get a ₹4 Lakh instant personal loan?

Follow these steps to apply for a personal loan of ₹4 Lakhs on Bajaj Markets:

  1. Click on ‘Apply for a personal loan’

  2. Enter your personal and income-related details

  3. Choose a lender from the list provided

  4. Select a loan amount and tenure as per your preference

  5. Cross-check the details and submit the loan application

After this, a loan representative will reach out to you and guide you through the process ahead.

The EMI for a personal loan of ₹4 Lakhs is determined by the loan tenure and interest charged on the loan amount. The shorter the tenure, the higher the EMI becomes. Another factor affecting the EMI amount is the rate of interest. Use a personal loan EMI calculator to check the instalment amount of your loan on the basis of the loan terms offered to you.

The interest rate charged on a personal loan of ₹4 Lakhs differs from one lender to another. On Bajaj Markets, the rates offered by lenders start from just 9.99% p.a.

Yes, you can get the loan without having to submit any of your valuable assets as collateral.

Some leading lenders that offer personal loans of ₹4 Lakhs on Bajaj Markets include:

  • Privo

  • Bajaj Finance

  • Kotak Mahindra Bank

  • Federal Bank

  • L&T Finance

  • SMFG India Credit

  • YES BANK

  • Kissht

  • Fibe

  • KreditBee

  • Muthoot Finance

  • PaySense

  • Finnable

  • Moneyview

  • InCred

  • IIFL

  • MoneyTap

  • Upwards

  • Zype

In case you default on your loan, a hefty penal charge is levied. If the default continues over an extended period, the lender can take legal action against you under Section 138 of the Negotiable Instruments Act of 1881.

On Bajaj Markets, you can get a tenure of up to 96 months on a personal loan of ₹4 Lakhs.

Yes, you can prepay or foreclose your personal loan. However, you are required to pay a nominal charge for utilising this facility. The rate may differ from one lender to another, depending on their policies.

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