A personal loan with a 4-year tenure could be an excellent choice for managing medium-term financial needs. Whether it is for home renovations, higher education, or unexpected expenses, this tenure strikes the right balance between manageable EMIs and timely repayment.

You can apply for personal loans on Bajaj Markets and receive up to ₹55 Lakhs with competitive interest rates and simple documentation.

Why Choose a Personal Loan for 4 Years

A 4-year personal loan presents several advantages, making it a reliable solution for medium-term financial requirements. Consider the following benefits:

  • Reduced Financial Strain

Spreading repayments over four years allows for lower monthly instalments, making it easier to manage finances without stress.

  • Interest Savings Compared to Long-Term Loans

Although slightly longer than short-term credit, a four-year loan still helps limit total interest costs when compared to extended loan tenures.

  • Positive Impact on Credit Profile

Maintaining regular repayments throughout the tenure helps improve your credit score and establishes a consistent repayment record.

  • Convenient Digital Application

Bajaj Markets features a user-friendly online process with minimal paperwork and fast loan approval for added ease.

  • Quick Fund Disbursement

Loans with a 4-year term are processed efficiently, allowing you to address urgent expenses such as medical emergencies, education fees, weddings, or travel plans without delay.

EMI Calculator for a 4-Years’ Personal Loan

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Benefits of a 4-Years Personal Loan

Opting for a 4-year personal loan comes with a range of features and advantages, making it a reliable financial solution for your needs:

  • Apply with basic documentation for quicker loan approval

  • Save on total interest due to the shorter repayment duration

  • Repay the loan within two years and avoid long-term financial commitments

  • Effectively manage routine expenses without impacting your monthly budget

  • Support business cash flow during seasonal income changes

  • Access immediate funds for urgent medical, personal, or business-related needs

  • Well-suited for both salaried individuals and self-employed professionals

Drawbacks to Consider

Here are some drawbacks of a 4-year personal loan:

  • Processing fees and other associated costs may increase

  • Monthly instalments remain on the higher side

  • Interest rates on unsecured loans are comparatively high

  • Certain lenders have strict requirements for documentation, income, and credit score

  • Delayed or missed payments negatively affect your credit score

Interest Rates for 4-Years Personal Loans

The table below shows the interest rates offered by various lenders on $$%BrandName%$$. 

Available Offerings

Max. Loan Amount

Min. Interest Rate

Max. Tenure

Processing Fee

Privo Personal Loan

₹5 Lakhs

9.99%

60 months

1% to 3% of the loan amount + GST

Bajaj Finance Personal Loan

₹55 Lakhs

10.00%

96 months

Up to 3.93% of the loan amount

Kotak Mahindra Bank Personal Loan

₹40 Lakhs

10.99%

72 months

1.10% - 1.50% of the loan amount + GST 

KreditBee Personal Loan

₹10 Lakhs

12.00%

60 months

Up to 5.1% + GST

L&T Finance Personal Loan

₹15 Lakhs

12.00%

48 months

Up to 3% of loan amount + GST

YES BANK Personal Loan

₹50 Lakhs

12.50%

72 months

1.15% to 2.75% of the loan amount

Federal Bank Personal Loan

₹5 Lakhs

12.75%

48 months

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

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

Here are the main criteria that represent your creditworthiness for personal loan for a 4-year tenure.

  • Credit Score

Your credit score determines your personal loan interest rate. A score above 700 often reflects good creditworthiness, which helps in securing loans at reduced interest rates.

  • Income

Lenders pay close attention to your income when assessing your loan application. A consistent and increasing income enables you to qualify for lower interest rates. Lesser or irregular income attracts higher rates, as it indicates a higher lending risk.

  • Loan Amount

The interest rate also depends on the amount you plan to borrow. Lenders offer lower interest rates for higher loan amounts when your salary supports repayment. Higher rates apply when the loan amount goes beyond your repayment capacity.

  • Relation with the Lender

Your relationship with the lender can directly influence the personal loan terms you receive.

If you already hold a salary account or use other financial products with the lender, it shows consistency and reliability. Such existing ties often help you access lower interest rates and better loan offers.

  • Employer’s Reputation

Lenders consider your employer’s standing when evaluating your loan application.

Being employed by a reputable organisation or a government body reflects financial stability.

This can make you eligible for more attractive interest rates, as lenders view you as a lower-risk borrower.

EMI Calculation for a 4-Year Loan

Here is the table showing the EMIs and interests for different loan amounts at 7.99% for a 4-year loan tenure:

Description

EMI Amount

Total Interest Payable

Total Repayment Cost

₹5 Lakh Personal Loan EMI for 4 Years

₹12,678

₹1,08,586

₹6,08,586

₹6 Lakh Personal Loan EMI for 4 Years

₹15,214

₹1,30,304

₹7,30,304

₹7 Lakh Personal Loan EMI for 4 Years

₹17,750

₹1,52,021

₹8,52,021

₹8 Lakh Personal Loan EMI for 4 Years

₹20,286

₹1,73,738

₹9,73,738

₹9 Lakh Personal Loan EMI for 4 Years

₹22,822

₹1,95,456

₹10,95,456

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

Tips to Get a Personal Loan for 4 Years at a Lower Interest Rate

Here are some simple tips to get a personal loan for 4-year at the lowest interest rates:

  • Maintain a healthy credit score and good repayment history

  • Compare interest rates with different lenders to make an informed decision

  • Keep your debt-to-income ratio low to show low dependence on credit

  • Add a co-applicant if your credit score is low to increase the chances of approval

Frequently Asked Questions

Can you get a personal loan for four years?

You can easily get a personal loan for four years. The loan tenure depends on your income, credit score, and repayment ability.

What is the maximum loan one can get for a 4-year tenure?

You can get loan amounts ranging up to ₹55 Lakhs through lenders on $$%BrandName%$$.

Is 4 years the maximum tenure for a personal loan?

Lenders offer easy repayment tenure according to your income and repayment stability. The tenure can range up to 8 years.

Can I prepay or foreclose a 4-year loan?

Yes, you can prepay your 4-year loan. However, before doing so, contact the lender and get all the information to pre-close the loan. You may have to pay a foreclosure fee when closing the loan.

What happens if I miss EMI?

A single missed EMI on your loan can have a significant effect on your credit score, lead to increased fines, and restrict your future borrowing possibilities. Long-term credit damage and legal issues might ensue.

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