4 Lakh Loan

You can apply for a Rs. 4 Lakh personal loan online through the websites and mobile apps of various banks and financial institutions. Alternatively, you can apply through online lending marketplaces like MyMoneyMantra, which provides access to the personal loans and other financial products of 100+ banks and NBFCs. Personal loans usually come with a repayment tenure of up to 5 years tenure. The online application procedure is simple and instant. All you need to do is access our website,

The first step to getting a personal loan up to Rs. 4 Lakhs is to meet the eligibility criteria of the lending institution. You should be aware that the personal loan eligibility norms may vary from lender to lender. Below are some common eligibility criteria for a personal loan of 4 lakhs at most lenders:

• Minimum age: You must be aged at least 21 years if salaried and 25 years if self-employed when applying for a personal loan. 
• Maximum age: You must not be aged above 60 years if salaried and 65 years if self-employed when your loan matures. That is because you have to complete the repayment of your Rs. 4 lakh personal loan EMI before your retirement.
• Occupation: To be eligible for a personal loan, you can be a salaried employee, a self-employed professional, or a self-employed non-professional. While most lenders offer personal loans to salaried individuals only, many lenders in India cater to the financial needs of non-salaried individuals too.
• Income: If you are a salaried employee, your minimum net monthly salary should be at least Rs. 25,000. For self-employed individuals, an annual income of Rs. 4 lakhs is required to be eligible for a personal loan.
• Credit score: The credit score of an applicant plays a crucial role in personal loan approval as it shows their creditworthiness. Most lenders require personal loan borrowers to have a credit score of at least 750 or above. However, some may also approve your loan request with a CIBIL score of 700 and above. The higher your credit rating is, the brighter your chances of getting loan approval.

On meeting the eligibility criteria given above, you will be required to submit the following documents for a Rs. 4 lakh loan:

• KYC documents: You will need to submit any government-issued photo identity document, including PAN Card, passport, aadhar card, driving license, voter's ID card, and so on as identity proof. Some lenders may provide you with a 4 Lakh loan on aadhar card only.
• Address proof: The address proof may include aadhar card, driving license, voter ID card, passport, and so on.
• Income proof: If you are a salaried person, the lender will require your last 2 months’ salary slips/ salary certificate issued by your current employer, Form 16, income tax returns, and the last 6 months’ bank statement of your salary account. Self-employed persons can produce their trade licenses, GSR registration certificates, income tax returns, and financial statements as income proof.
• Photograph: You will also be required to submit recent 2 passport-size photographs with the personal loan application form when applying for the loan.
• Processing fee cheque: You will be required to submit the processing fee cheque in favour of the lending institution. This fee is usually non-refundable.

“I need 4 lakh rupees urgently”, if you are thinking this but are confused about how to proceed, don’t worry. You can apply for a 4 Lakh loan by following the steps mentioned below:

• Visit our official website and go to the Personal Loan page. 
• Fill in the complete online application form by feeding in all the required details like your name, contact details, email address, residential address, income, required loan amount, repayment tenure, etc.
• Submit the required documents like your KYC documents, income proof, residence proof, etc.
• On approval by the concerned lender, you will get the Rs. 4 Lakhs loan credited to your bank account in a few hours or days (depending on case to case basis).

You can utilise a personal loan of Rs. 4 Lakhs for different purposes as mentioned below:

• Travel: You can get a personal loan for travel purposes and go to any destination you dream of across the world. The personal loan covers all your travel-related expenses including your visa and passport fee, round trip airfare, train tickets, local transportation, hotel accommodation, meals, activities, and so on.
• Wedding: You can take out a personal loan for the wedding of yourself or your children. In India, weddings can cost lakhs. A personal loan can help you with expenses like venue booking, accommodation of guests, shopping, gifts for relatives, jewelry, catering, and so on.
• Home improvement: A personal loan can be availed of for giving your house a new look. Home improvement work like renovation, extension, repairs, etc. can be done with a personal loan. You can utilise the loan amount for paint, repair work, modular kitchen, new furniture, remodeling, buying new household equipment, and so on.
• Balance transfer: You can opt for a personal loan balance transfer and transfer your existing high-interest personal loan to a new lender who is offering an attractive interest rate. This facility is offered by many banks and NBFCs in India and it can save you a significant amount in interest costs.
• Medical emergency: Medical emergencies like treatments, admission to hospital, medicines, etc. can be covered by personal loans instantly. Personal loans are of great help to cover any unexpected medical emergencies as they are instant and easy to get, making them a perfect choice during any medical emergencies.
• Debt consolidation: If you have many ongoing EMIs and credit card bills, opting for a Personal Loan for Debt Consolidation can be a great idea. By doing this you can conclude all your obligations under a single loan.

You can calculate your EMI for Rs. 4 Lakhs personal loan for different interest rates and tenures using the 4 lakh loan EMI calculator. Follow the steps given below for calculating the EMI with our online 4 lacks personal loan EMI calculator

• Open the Personal Loan EMI Calculator available on our website under the Financial Tools tab.
• Enter the required loan amount (i.e. Rs. 4 Lakhs in this case).
• Enter the interest rate as levied by the lender.
• Enter the required tenure to get the instant EMI for a 4 Lakhs personal loan along with the complete amortization schedule.

Following is the table for 4 lakh personal loan EMI for 5 years and 4 lakh loan for 3 years for different banks: