Personal Loan of Rs 4 Lakh

Do you need 4 lakh rupees urgently? Personal loans of Rs. 4 Lakh can fullfill your urgent cash need. You have to ensure that you qualify for the eligibility criteria specified by the bank to get hassle-free loan approval. Personal loans are designed in a very user-friendly manner that is easily accessible and comes along with flexible repayment options. The customers also get the option to choose the tenure of the loan, the maximum tenure of the loan can be 6 years. Go through the entire article to know more about the ₹4 Lakh personal loan.

Disclaimer: The rates mentioned above are subject to constant change. You must always check with the lender before applying. Additionally, the final interest rate applicable to you will depend on factors such as your repayment tenure, your age, your monthly income, and your CIBIL score.

A personal loan of ₹4 Lakhs can be used for various personal and professional reasons. These include -

• Medical Emergencies

• Working Capital Requirements

• Family Functions

• Asset Investment

• Educational Requirements

Before you apply for an ₹4 Lakh personal loan, it is important to check if you qualify for the mandatory eligibility parameters -

• The applicant must be an Indian citizen.

• The minimum and maximum age of the applicant must be 21 years and 67 years respectively.

• The applicant must have a stable source of income.

• In the case of a salaried individual, the applicant must be employed with either a public, private, or, MNC.

• The CIBIL score of the applicant must be 750 or higher.

• The minimum monthly income of the applicant must be at least ₹22,000 (The minimum amount differs from city to city.)

The application procedure for an ₹4 lakh personal loan differs from bank to bank. Generally, all the banks and financial institutions offering this service try to make the application procedure simple, quick and hassle-free. Here are a few standard steps that you can follow to apply for a personal loan of ₹4 Lakhs-

• Visit the official portal of the bank/institute which you wish to get a ₹4 Lakh loan from.

• Go to the loans section and select the ‘personal loans’ option.

• Choose the loan plan as per the requirements.

• You will be redirected to a new page where you have to enter all the information required and submit it along with the documents required.

• Next, you will have to fill in details related to the loan, EMI as well as tenure.

• Submit the form.

• Once the application details are verified, the executives will contact you for further details regarding the loan application.

The documentation procedure required for an ₹4 Lakh personal loan is basic and customer-friendly. It is different for salaried individuals and self-employed individuals. The list of documents required in the application procedure is mentioned below -

1. For Salaried Applicants

• Passport-size photographs

• Identity Proof - PAN Card, Aadhar Card, Driving Licence. Any of these can be used as identity proof.

• Address Proof - Passport, Aadhar Card, Driving Licence. Any of these can be used as address proof.

• Signature Proof

• Bank Statements (last 6 months)

• Income Tax Report/Form 16

• Salary Slips (last 3 months)

2. For Self-employed Applicants

• Passport-size photographs

• Identity Proof - PAN Card, Aadhar Card, Driving Licence. Any of these can be used as identity proof.

• Address Proof - Passport, Aadhar Card, Driving Licence. Any of these can be used as address proof.

• Verified Business Proof

• Income Tax Challan/ Form 16A

• Form 26 AS

• Income Tax Reports (last 2 years)

• Business Financials (P&L, Balance Sheet) of the last 2 years.