4 Lakh Personal Loan – Instant Approval & Low Interest Rates

Instant ₹4 Lakh Loan Offers from Paisabazaar Partner Banks & NBFCs

HDFC Bank

Max. Loan Amt.

Up to ₹40L

Rate of Interest

10.9% - 24%

Tenure up to

Upto 6 Years

Processing Fee

₹6,500

10 Second Disbursal* 100% Digital Process* Quick Disbursal

Axis Bank

Max. Loan Amt.

Up to ₹10L

Rate of Interest

10.49% - 22%

Tenure up to

Upto 6 Years

Processing Fee

Upto 2%

Low Processing fee

Kotak Mahindra Bank

Max. Loan Amt.

Up to ₹35L

Rate of Interest

10.99% - 16.9%

Tenure up to

Upto 6 Years

Processing Fee

Upto 5%

Lowest Income requirement 100% Digital Process*

IDFC FIRST Bank

Max. Loan Amt.

Up to ₹10L

Rate of Interest

10.7% - 23.99%

Tenure up to

Upto 5 Years

Processing Fee

Upto 2%

Max Loan Amount 100% Digital Process*

ICICI Bank

Max. Loan Amt.

Up to ₹50L

Rate of Interest

10.85% - 16.65%

Tenure up to

1-6 Years

Processing Fee

Upto 2%

100% Digital Process* Quick Disbursal

How to Get Rs. 4 Lakh Personal Loan Online

Before applying for a Rs. 4 lakh personal loan online, you need to check your loan eligibility and compare from multiple loan options as per your financial needs. The chances of your loan approval shall depend upon your credit score, income, employment stability, existing loan obligations, employer’s profile, etc.

Pre-approved Personal Loans at Paisabazaar

Pre-approved personal loans are instant loans offered by banks/NBFCs to its selected customers. At Paisabazaar, we offer pre-approved loans from Federal bank, Aditya Birla Capital, Axis Bank, TATA Capital and many more lenders. If you are a pre-approved customer, then you can avail personal loans at preferential interest rates with no documentation check. Let’s take a look at the interest rates available for pre-approved customers on Paisabazaar.

Pre-Approved Personal Loan Interest Rates Available on Paisabazaar

Lenders	Interest Rates (p.a.)
Aditya Birla Capital	12.99% onwards
Federal Bank	12.00% onwards
Axis Bank	14.00% onwards
SMFG India Credit	14.00% onwards
IndusInd Bank	15.00% onwards
Piramal Finance	16.00% onwards
Tata Capital	18.00% onwards
Hero Fincorp	20.00% onwards

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.

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.

FAQs on 4 Lakh Personal Loan

How much interest will I pay on a Rs. 4 lakh personal loan?

The total interest you need to pay on a Rs. 4 lakh personal loan depends on three main factors, such as loan interest rate, loan tenure and EMI frequency.

What is the EMI on Rs. 4 lakh personal loan for 5 years?

Assuming the personal loan interest rate of 10.50% p.a., your EMI on Rs. 4 lakh for 5 years shall be Rs. 8,598. The total interest payable will be Rs. 1,15, 854 and total payment (principal amount + interest) will be Rs. 5, 15, 854.

Can I get a Rs. 4 lakh loan without income proof?

Usually, banks/NBFC/Fintech lenders do require your identity, address and income proofs before loan approval. However, if you are a pre-approved customer of a respective lender, then you are not required to furnish any document(s).

What is the minimum CIBIL score for Rs. 4 lakh loan?

To qualify for a Rs. 4 lakh personal loan, your CIBIL score plays a crucial role in determining your eligibility. Therefore, the lenders generally prefer an ideal CIBIL score of 750 or above.

Which bank gives the lowest interest rate for Rs. 4 lakh loan?

Banks and NBFCs offer personal loans at competitive interest rates. However, the exact interest rate for your personal loan shall depend on factors, such as your credit score, income, employment status, and relationship with the bank.

What is the minimum salary required for Rs. 4 lakh personal loan?

The minimum net monthly salary required for your Rs. 4 lakh personal loan by most lenders is Rs. 15,000. However, the exact salary or income shall depend on the lender, your employment type, and location.

How long does it take to get Rs. 4 lakh personal loan approved?

The processing time to get a Rs. 4 lakh personal loan approved usually depends on your respective lender, eligibility; and how quickly you submit the required documents. For pre-approved customers the loan approval is instant with quick disbursals.

Can I take a Rs. 4 lakh loan for a wedding or medical emergency?

Yes, surely can take a Rs. 4 lakh personal loan for both a wedding or a medical emergency, as these two are the common and most acceptable reasons for availing personal loans.

What are the documents required for Rs. 4 lakh personal loan for self-employed individuals?

If you’re self-employed and applying for a Rs. 4 lakh personal loan, banks will require specific documents to assess your income stability and business continuity. The basic documents shall include your last 6 months’ bank statement, last years’ ITR, balance sheet and P&L account statement, business registration proof and office address proof.